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Malaysia

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Dec 19, 2020
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What are your thoughts on Malaysia? How's the future going to look like?

Not so long ago, Malaysia used to tax its residents and non-residents only on their Malaysia-sourced income. However, during the tabling of budget 2022, the government announced it would begin taxing the foreign-sourced income of Malaysian tax residents. Thus, all foreign-sourced income remitted to Malaysia, regardless of its nature, including employment income, interest, dividends, rent and pension income, became taxable. The foreign income tax exemption was one of the most significant attraction points for foreigners moving to Malaysia, so naturally, the announcement came as a major blow to many. However, the government recently announced a tax exemption on foreign-sourced income that provides temporary relief. According to the latest amendment, foreign income received in Malaysia will not be taxed, provided it has been taxed in its country of origin. This tax exemption will be valid from January 1, 2022, until December 31, 2026.


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Hadn't they messed up the tax system, I guess the situation would have been more hopeful.
 
Only remitted income is taxed, so that's already a big plus. Also, the "exemption" that last until 2026 is pretty generous. It also says that income that is not taxed in the source country because of the tax system in the source country can also benefit from the exemption.

On the new MM2H terms (silver plan) they write no tax for offshore income, so MM2H might have some additional tax breaks.
 
What are your thoughts on Malaysia? How's the future going to look like?
Good. bc its in southeast asia. A corrupt and mismanaged area but with lots of personal freedom and growth (gov can be kept in check) if you know how to play it and in the case of Malaysia a rather good infrastructure, great food but not that great of a nightlife (like Thailand, just has better nightlife).

The bad thing is their currency which is weak and a direct outcome of incompetence, nepotism and corruption. Sadly they force you to be a holder of their fiat shitcoin and be dumped upon.
Otherwise great spot.
 

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