Govt rolls out premium visa programme to draw rich investors

The government has launched a new premium visa programme to attract wealthy investors to settle in Malaysia, in the same vein as Golden Visa schemes in Singapore, Thailand and Portugal.

Home Minister Hamzah Zainudin said the Premium Visa Programme (PVIP) will be open to affluent individuals from any country with diplomatic ties to Malaysia. Applicant numbers are capped at 1% of the Malaysian population, a limit that also includes participants under the Malaysia My Second Home (MM2H) programme. PVIP doesn't replace MM2H — which remains aimed at retirees seeking to settle in Malaysia — and doesn't carry a path to citizenship.

Eligibility and financial requirements

Applications open on 1 October, open to applicants of any age with offshore income of at least RM40,000 a month or RM480,000 a year, plus:

• At least RM1 million in a bank account, only 50% of which may be withdrawn after a year, and only for property purchase or medical/education expenses
• A one-off RM200,000 participation fee, plus RM100,000 for each dependent
• A Letter of Good Conduct from the applicant's current country of residence

Successful applicants may bring spouses, children, parents, in-laws, and domestic workers as dependents, subject to existing immigration law. Children over 21 no longer count as dependents and must apply as PVIP participants in their own right to remain in the country.

Programme terms and benefits

PVIP runs for 20 years, renewed every five years, with renewal requiring a valid passport, updated personal information, police screening, and medical checks in Malaysia. Applicants and dependents must carry health insurance. Participants can buy property (subject to state law), study, invest, and run businesses.

"The ministry is confident that the PVIP will draw global tycoons," — Home Minister Hamzah Zainudin

Hamzah said the government is targeting 1,000 participants in the programme's first year, expected to contribute RM200 million to the economy plus RM1 billion in fixed deposits, and said the government expects the programme to draw further foreign direct investment, strengthen the economy, create jobs, and boost demand for — and the value of — the ringgit.

Source: Free Malaysia Today