According to Home Minister Hamzah Zainudin, Malaysia has established a premium visa program (PVIP) to entice wealthy foreigners to invest in the nation and live there for 20 years.

The Malaysian home minister declared that applications would be accepted starting from October 1, 2022, for the government’s groundbreaking “Residency Through Investment” program, which is intended to spur economic growth in the nation, Malaysian National News Agency Bernama reported on September 1, 2022.

Business tycoons from all countries, with the exception of Israel and those without diplomatic connections with Malaysia, are welcome to apply for PVIP, according to Hamzah.

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Participants in the scheme, according to him, would receive advantages such as visa approval for up to 20 years, permission to study, permission to buy real estate for residential, commercial, or industrial use, and permission to make active investments in industries that are allowed, the Bernama report said.

At a news conference in Putrajaya yesterday, the minister said, “Program participants are also allowed to work and carry out lawful commercial activities in compliance with the rules of the country.” Immigration director-general Khairul Dzaimee Daud was also present at the event.

Participants from all age groups who can show documentation of an offshore income of at least RM40,000 (USD 8,920) per month or RM480,000 (USD 107,047) yearly are eligible for the scheme, Bernama quoted Hamzah as saying.

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Other requirements include a fixed savings account with a deposit of at least RM1 million and a one-year restriction on principle withdrawals. After that, one may withdraw up to 50% of the principle amount for home purchases, medical expenses, or educational pursuits.

Hamzah stated that his ministry was aiming for at least 1,000 participants in the program’s first year, which would bring in an estimated RM200 million in revenue and RM1 billion in fixed savings for Malaysia, the Bernama report added.

The Malaysian ringgit’s value will be strengthened by rising demand, he predicted.

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He further guaranteed that the Malaysian police and the immigration department would monitor and enforce the Malaysia premium visa program’s adherence to its policies and objectives.