Before you relocate to Malaysia, you must familiarise yourself with the wide range of costs you are likely to encounter as a homeowner or tenant in the country. This can differ depending on the country you intend to travel from, how long you are planning to stay, and how many parties will be joining you on your travels. Continue reading to familiarise yourself with the fees involved with moving to Malaysia as a foreigner or first-time buyer.
When it comes to relocating overseas, you must research the average price of a number of common food items. This can allow you to budget for essential and non-essential products and put plans in place to ensure you don’t overstep your budget. In Malaysia, the cost of food tends to be relatively lower than that of neighbouring Asian countries. The price tends to be even lower if you purchase from local sellers, independent businesses, or food stalls. If you are looking to tantalise your tastebuds, Malaysia is home to a wide range of cuisines from all over the world including traditional Malaysian, Thai, Chinese, Indian, and even British dishes. It is, however, worth noting that the cost of alcohol can be quite expensive. As a result, it is typically only consumed on special occasions or when indulging in a sit-down meal.
Before you make the move to a brand-new country, you must familiarise yourself with any taxes that you may be required to pay upon arrival. With each country adopting a different policy when it comes to its taxation principle, ensuring you are clued up from the very onset can streamline your entire move and prevent you from being hit with an unexpected bill or invoice down the line. If you have resided in Malaysia for 182 days or more within an assessment year, you are considered a tax-paying resident. You will be required to pay between 0% and 30% depending on your annual income and are also eligible for tax deductions. The tax year in Malaysia runs from January 1 until December 31. As a result, all tax-paying residents must file their tax returns on or before April 30th the following year. You may also be required to pay land or property tax. To find out everything you need to know and to familiarise yourself with average annual costs, check cukai pintu online.
If you are looking to up sticks and move to Malaysia, there is a wide range of accommodation options available to you. Whether you are on a budget or are in a position to splash the cash, the country’s housing market caters to homeowners from both ends of the financial spectrum. Whilst viewing a potential property, it may benefit you to ask as many questions as you can relating to outdoor traffic, local amenities, and upcoming construction plans. By doing so, you are unlikely to make a decision you may regret down the line. Another important factor to consider during this time is the property’s proximity to public transport links. If you rely on the bus, train, or monorail to get to and from work, this may end up saving you a considerable amount of time and money in the long run.
- Electrical goods
If you are relocating overseas for your upcoming move to Malaysia, you will more than likely require electrical goods at some point during your stay. As with most Asian countries, electrical goods tend to be fairly affordable and of good quality. For example, you should be able to source a camera, computer, and mobile phone for a relatively low price. During the process of shopping around for electrical goods, it may also benefit you to seek out any sales or offers that are available for first-time buyers or brand-new customers. This tends to occur during public, national, or religious holidays. By taking the time to find the best deal for you, you may end up saving a considerable amount of time and money in the process.
Before you move to a foreign country, you should familiarise yourself with average healthcare costs ahead of time. This can allow you to plan ahead and organise private health insurance if and when necessary. Malaysia is home to a public healthcare system, but most ex-pats tend to seek out private health insurance and opt for private clinics to ensure they are treated to the best healthcare available to them. With a short course of antibiotics costing between $5.50 and $7.00, fees can quickly add up.
If you are planning on, or are in the process of, moving to Malaysia, there are a number of costs you must familiarise yourself with ahead of time. This includes food, taxes, accommodation, electrical goods, and healthcare. By planning ahead, you can ensure you are sticking to your budget and are unlikely to spend more than you initially bargained for.