The costs of living in Hong Kong is always on the rise and your savings, which looks sufficient now, may just fall short for your whole retired life. To maintain your living standards after retirement, you might want to consider migrating to Taiwan or Malaysia where the costs of living are lower, and the weather, food and culture are closer to that of Hong Kong.
“20% to 30% of our clients are preparing for retirement. In recent years, emerging regions like Taiwan and Malaysia are 2 of the most preferred destinations, and they require less capital to make things happen.” said Ian Hung, Director of Centaline Immigration Consultants (HK) Limited. Adaptability to a new living environment is one of the major concerns for retiring migrants, and Taiwan and Malaysia just have the edge.
Firstly, the weather in these 2 regions is similar to that of Hong Kong. Secondly, the Chinese language is being used in Taiwan and the large Chinese communities in Malaysia, such as those in Kuala Lumpur and Penang. Admittedly, you can use Cantonese in everyday life in Malaysia. Together with frequent flights between these 2 regions and Hong Kong, migrating to Taiwan and Malaysia is simply easier.
Malaysia vs Taiwan
The 2 most welcomed migration plans for retirement are “Malaysia My Second Home” (MM2H) and “Taiwan Citizenship by Investment Program”. Let’s see what their requirements are:
MM2H | Taiwan Citizenship by Investment Program | |||
Investment amounts | ||||
Investment amounts | Investment amounts | Applicants below age 50 Over MYR300,000 (HKD600,000) of savings in a local bank in Malaysia | NTD6,000,000 (HKD1,660,000) of assets, not including property | NTD6,000,000 (HKD1,660,000) of assets, not including property |
Investment amounts | ||||
Investment amounts | Applicants above age 50 Over MYR150,000(HKD300,000) of savings in a local bank in Malaysia | NTD6,000,000 (HKD1,660,000) of assets, not including property | ||
Permanent residence requirements | ||||
Permanent residence requirements | N/A | To meet either one requirement: Reside 1 year upon application without leaving more than 30 days Resided over 270 days for each of 2 consecutive years | ||
Personal financial requirements | ||||
Personal financial requirements | Personal financial requirements | Applicants below age 50 Asset: Liquidity proof of over MYR500,000(HKD1,000,000) Income: Monthly income proof of over MYR10,000(HKD20,000) | N/A | N/A |
Personal financial requirements | ||||
Personal financial requirements | Applicants above age 50 Asset: Liquidity proof of over MYR350,000(HKD700,000) Income: Monthly income proof of over MYR10,000(HKD20,000), or equivalent amount of monthly pension for retired applicants | N/A | ||
Certificate of No Criminal Conviction | ||||
Certificate of No Criminal Conviction | Required | Required | ||
Family members application | ||||
Family members application | Applicant's spouse and children can be included in the application | Applicant's spouse and children can be included in the application | ||
Application for naturalisation | ||||
Application for naturalisation | N/A The program offers a 10-year Residence Pass (applicant should also possess a valid passport) that accepts lifelong renewal | Fulfilling investment and residence requirements means naturalisation |
Source: Centaline Immigration Consultants (HK) Limited
Outstanding health care series for peace of mind
Healthcare means a great deal to the retired, and Taiwan and Malaysia are just renowned for their medical system. Malaysia was rated No.1 in the “Best Healthcare in the World” for 3 consecutive years by International Living magazine, U.S., mainly due to her affordable medical expenses, advanced medical facilities and hospitals with recognition from the Western world and short waiting time for medical services.
Meanwhile, Taiwan also has an international-grade medical system to offer. CEOWORLD Magazine of New York placed her top at the ‘Health Care Index 2019”, where well-developed countries like Korea and Japan only came in 2nd and 3rd place. This means Taiwan excelled in health care infrastructure, medical professionals, costs, quality medicine availability, and more.
But then again, there would still be expenses no matter how advanced the medical facilities are or how easy you can get these services. Especially for the elderly who are more prone to critical illnesses, a comprehensive insurance plan that could release a lump-sum payment to cover both treatment and rehab expenses, should be considered. After all, who doesn’t want a care-free retired life
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