Let's discuss the practicalities of long-term immigration: taxation, retirement, and social rights. It's crucial to understand these aspects for anyone considering a move abroad.
Absolutely. Let's start with Belize. For those 45 and older, the Qualified Retired Person (QRP) program offers tax-free foreign income. It's a significant incentive.
Tax-free foreign income? That's enticing. But what about local taxes like sales tax or property tax?
You'll still pay general sales tax (GST) and property taxes, but these are generally low compared to other countries. The QRP is a major advantage if your primary income is from overseas investments. Regarding retirement, the QRP is straightforward; demonstrate a stable income, and you're in. Social rights and safety nets, however, are less comprehensive. It's more of a self-reliance model.
A self-reliance model. So, for those not in the QRP or working in Belize, how does healthcare and social support work?
If you're employed, you contribute to the social security system. However, the social safety net is less extensive than in many developed nations. Expect to rely more on private healthcare, and public education outside major areas may be basic.
Now let's consider Malaysia. How does its system compare?
Malaysia's approach differs. Generally, foreign-sourced income isn't taxed unless brought into the country. Keeping your earnings in an offshore account might mean no local tax liability. However, always consult a professional for specific circumstances. For long-term stays, the Malaysia My Second Home (MM2H) program is designed to attract financially stable individuals. It requires demonstrating substantial liquid assets and offshore income, often involving a fixed deposit in a Malaysian bank.
So, Malaysia's program emphasizes financial stability rather than tax avoidance. What about social rights?
Malaysia's social safety net is more developed than Belize's. If contributing to the social security fund, you'll have access to public healthcare, particularly in urban areas. Private healthcare is also readily available and often more affordable than in Western countries. Education options include public and private schools, plus many international schools.
It seems Belize prioritizes attracting retirees with the QRP, while Malaysia focuses on financially secure long-term residents through MM2H. The choice depends on individual circumstances and preferences.