Malaysia

MalaysiaKualaLumpurAsia's Hub

Showing the bias of our perspective, we refer to Malaysia as Asia's Panama. That is to say, this country is a regional and a global hub--for trade, for business, for cultures.

The cost of living is affordable (though Thailand is cheaper).

Kuala Lumpur is clean, efficient, and well functioning, with shopping, restaurants, and all the other trappings of a modern metropolis. For this reason, it attracts big numbers of expats both from all over Asia and, to a lesser extent, the West.

Malaysia in general welcomes foreign retirees with its My Second Home program, making retiree residency easy to obtain.

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Population 29 million (July 2012 est.)
Gross Domestic Product (GDP) $447 billion (2011)
GDP Per Capita $15,600 (2011 est.)
Inflation Rate 3.3%  (2011 est.)
Currency Ringgit (MYR)
Exchange Rate Versus U.S. Dollar 3.006 ringgits = 1 U.S. dollar (2011 est.)
Languages Bahasa Malaysia (official), English, Chinese
Capital Kuala Lumpur
Population of Capital City 1.493 million (2011)
Time Zone GMT plus 8
Seasons Equatorial tropical; very warm, wet season year-round
International Dialing Code 60
Electricity 240V / 50 Hz; Plug Type: G
System of Government Constitutional Monarchy
Name and Party Affiliation
of Current Leader		 Prime Minister Mohamed Najib bin.
Income Tax Rate for Residents 0% to 26%
Property Tax 6% of assessed value
Capital Gains Tax No, but Real property gains tax is between 5% - 10%
Inheritance Tax No
Rental Income Tax 22% to 28%
Transfer Tax Between 1% - 3%
Sales Tax 5% - 10%, Service tax: 6%
Restrictions on Foreign
Ownership of Property		 Certain areas limited to buyers of Malay descent
Local Chamber of Commerce www.nccim.org.my
6A, 6th Floor
Menara BGI Plaza Berjaya
12 Jalan Imbi 55100
Kuala Lumpur
Tel: (60-3) 2141-9600
American Chamber of Commerce www.amcham.com.my
11.03-11.05 Level 11
AMODA Building
22 Jalan Imbi 55100
Kuala Lumpur
Tel: (60-3) 2148-2407
Primary Exports Electronics, petroleum, liquified natural gas, wood, wood products, palm oil, rubber, textiles, chemicals
Residency and Visa Requirements Tourist Visa: 90 days upon entry
Residency: employment, dependent, student, and visit Passes; Malaysia My Second Home program grants 5-year renewable visas with privileges; permanent residency requires 5 years of continuous living within the country
Citizenship: 12 years of residency, renouncement of foreign citizenship, and adequate understanding of Malay language
Special Benefits for Foreign Residents or Retirees Malaysia My Second Home Program: granted 5 year visa, to which a permanent visa can be applied for afterwards; tax-free imports of home goods; tax-free import or purchase of an automobile; no income tax on pension or other overseas income
National Airline Malaysia Airlines
www.malaysiaairlines.com

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