The cost of living in Malaysia is exceptionally low considering that it was newly referred to as a newly industrialized country. Taxation is kept at a minimum with no inheritance tax and no capital gains on assets. The Malaysian Ringgit is currently struggling to keep up with other currencies, which is the main reason why commodities and housing are cheaper in the country. Its capital city, Kuala Lumpur, has become a sort of shoppimg mecca for clothes, electronics and other consumer goods. Expatriates from the United Kingdom will enjoy the very affordable living conditions since remittances coming from other countries are not taxed.
Foreigners are actually welcome to invest in Malaysia since the government has just recently banned short selling of properties. More opportunities for business and employment are more open and present in the country. Homes are relatively sold lower than expected with the intent to boost the inflow of foreigners bringing pounds and dollars.
The Malaysian government is doing very well in providing for the needs of expatriates. Buying new cars or items will not be taxed including the ones brought from outside the country. Banks also give loans for housing and business. Malaysia now has a GDP amounting to over 300 billion euros. The Malaysian economy is projected at a GDP growth rate of 5.3%.
Food and Drinks Costs in Malaysia
Beef, poultry, pork and mutton are the most common meat products in Malaysia. These are sold widely, fresh and at very low rates. Most communities have wet markets that sell all types of meat products, sheep, goose and duck in addition to fish like tuna and sardines. These are all sold by weight. Most seafood like squid, cuttlefish and octopus are exported to other countries.
The price of meat and fish in the UK can only cost half as much in Malaysia. Fruits and vegetables are also present all-year round such as lettuce, bell pepper, papaya, kiwi, lychee, durian and mangosteen. These are also generally harvested for export purposes. In general, it is one of the most inexpensive countries in the world to live in yet despite the cheap costs, it is also home to the fanciest five star hotels in the world.
The average Malaysian spends around 150 euros every month on food. Eating out is very affordable although there are also high-class restaurants that are rather expensive. Curry, noodles, stew and dried fish are just some of the common delicacies eaten by the average family in Malaysia. These meals could cost only around 2 euros but if homemade and ingredients are bought from local markets, overall price could go down to less than one Euro per dish depending on the meat or fish. Tea and milk are common beverages and are also very affordable.
Clothing and Accessories Costs in Malaysia
Silk and cotton is cheap in Malaysia. The batik is a traditional piece of clothing made of cotton which is sold at very affordable rates or in bulk. Shopping in Malaysia can be fun since there are several types of places that sell various items, wares and trinkets. Expatriates can visit night markets and flea shops where there are traditional and modern accessories at very competitive prices. Malls and shopping centers also house several designer labels that cost significantly less compared to the ones in the UK, again mainly due to the lower costed Malaysian Ringgit. Malaysia is ranked 96th out of 143 cities in terms of expense and cost of living.
Even if expatriates shop in Kuala Lumpur, they will most likely find prices very fair or cheap. The same item in the UK can cost around 20% less in Kuala Lumpur. Other accessories such as electronic devices, footwear, computers, household items and the like are also very affordable. Locally made products are usually of good quality. The Chinese market has not yet entered the scenes but once it does, prices are expected to plummet.
Housing Costs in Malaysia
Malaysian housing costs are low even in big cities like Kuala Lumpur. One can enjoy more space at very affordable rates in medium-sized homes or two-bedroom apartments. Apartment rentals average around 100 to 150 euros every month. House rentals range about the same.
Most of the locals prefer to live in suburban areas since these have more space, is still close to the city plus they get to have the opportunity to permanently own the property. Foreigners are encouraged as well to migrate into Malaysia. There are housing authorities and banks willing to give loans and taxes on property ownership are almost nonexistent.
Expatriates are eyeing on quality apartments and condominiums deep in the heart of the city. These are currently in shortage but the Malaysian government is actively making efforts to quickly make up with the intent to increase the influx of foreign investors. At present, the country wants more foreign investors to own land and property that help boost overall GDP and the real estate market. Penang and Johor have great scenic locations with very exceptional rates on rental and ownership.
Services Costs in Malaysia
Internet rates, telephone bills and other technological service providers are excellent in terms of quality and price. There is good internet connectivity in nearby provinces and the city outskirts which relatively costs 8 to 10 euros every month. Transportation is also good especially in the major cities. Other smaller areas still need more improvement in terms of road accessibility and transport routes.
Insurance schemes are popular especially for foreign investors and expatriates. Most policies offer very low rates with the widest selection of benefits possible in addition to the almost nonexistent Malaysian tax.
Health care is also advantageous since the government is currently investing a lot in improving facilities and services with the main objective of enforcing medical tourism. Public schools are partly subsidized by the government while there are also private schools offering quality education at higher tuition fees. Child care services are available in Kuala Lumpur while other cities are also beginning to build more.
Employment Costs in Malaysia
Expatriates and foreign investors will not have a problem seeking employment in Malaysia. Especially if their specific fields cover business, technology, trade and the stock market, most companies are willing to hire immediately. There are also a number of business owners who are looking for partners to start companies and prototypes.
Ever since the lifting of the ban on short selling of properties, the Malaysian market is beginning to improve constantly. Growth rate was estimated to be around 6% during the past year. Medical doctors are also needed for the budding healthcare enterprise. At present, the employment rate in Malaysia is estimated to be 96%. This is a testament to the burgeoning economy and the growth of Malaysia in the Far East.