DeVere said it believes that it will be the first advisory business to establish a presence in this populous and commercial part of Malaysia.
Although not one of Southeast Asia’s main expat destinations, Penang is nevertheless an important centre for tourism and industry, and has a relatively benign personal tax environment.
A key attraction for many expatriates, though, is a scheme known as the Malaysia My Second Home programme, which was first introduced ten years ago, and which enables foreigners who meet certain criteria to remain in Malaysia on a "multiple entry social visit pass". This pass is initially good for 10 years, after which it may be renewed.
DeVere already has an office in Kuala Lumpur, which it opened in 2005.
The company did not say where in Penang it plans to open its office, or who it has lined up to oversee it. The state of Penang consists of an island, named Penang, as well as an area on the main Malay peninsula. The main city in Penang is George Town, which is located on the island, and which has been awarded World Heritage site certification. Expatriates are said to favour the city’s pre-World War II residences.
Terry Howes, deVere country manager for Malaysia, said the new office would "enable us to grow deVere’s business in Malaysia and continue to service our growing client-base in the region".
