More
Japanese home buyers drawn to Malaysia
PETALING JAVA - More and More Japanese are snapping up second
homes in the Klang Valley and other urban areas, as part of a
Malaysian government
scheme for well-to-do foreign retirees.
Applications from Japanese citizens to the Malaysia My
Second Home programme doubled from 195 in 2010 to 423 last year. A
total of 787 Japanese applications were approved from 2009 to last
year.
The numbers made Japan the top participating country in
the programme, which allows foreigners to stay in Malaysia on a
renewable 10 year multiple entry visa.
The Chinese were in second place, with 405 applications
approved. The Iranians, who topped the list from 2008 to 2010,
dropped to third place last year and fourth this year, just behind
the Bangladeshis.
Malaysia 's Tourism Ministry, which manages the
programme, has made a concerted effort to woo retiress from
Japan.
In 2010, Tourism Minister Ng Yen Yen said that with
Japan's ageing society, some might find living in Malaysia ideal
due to its strategic location, advances in medicine and cheaper
living costs.
According to the Japanese Embassy, last year's earthquake
and tsunami was another "push factor" for the jump in applications
from Japanese citizens.
Applicants aged below 50 years are required to show proof
of liquid assets worth a minimum of RM500,000 (S$200,800) and
offshore income of RM10,000 per month. Those aged 50 and above
should show financial proof of RM350,000 in liquid assets and
offshore income of RM10,000 per month, according to information on
the Malaysia My Second Home website.
THE STAR/ASIA NEWS NETWORK
Asia, The Straits Times, Saturday, June 16, 2012, Pg A26
