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Monday, October 3, 2022
HomeSocial NewsM'sian govt introduces Premium Visa Programme to attract the super-rich into investing...

M’sian govt introduces Premium Visa Programme to attract the super-rich into investing in the country

The Home Ministry has announced a new Malaysia Premium Visa Programme (PVIP) to attract the super-rich to invest in Malaysia and make the country their second home.

According to Bernama, Home Minister Datuk Seri Hamzah Zainudin said the “Residency Through Investment” programme will be open for applications starting 1 October this year.

The programme is similar to the Malaysia My Second Home (MM2H) programme, with the main criteria being that applicants must have at least RM1 million in a fixed deposit account.

Source: Kosmo

Hamzah said the programme will be open to citizens of all countries except Israel and those that have no diplomatic ties with Malaysia.

Under this programme, applicants will be given benefits in the form of visa approval for up to 20 years, permission to study, permission to purchase real estate for residential, commercial or industrial purposes, and make active investments in permitted fields.

“Programme participants are also allowed to work and carry out legal business activities in accordance with the laws of the country,” he said.

Source: Tripsavvy

Meanwhile, to ensure the scheme will run smoothly and not endanger national security, Hamzah said the ministry had established a control policy that limits the number of participants to no more than 1% of the country’s population at any time. This includes both principals and dependents.

“If there are 30 million citizens now, then it means that there should only be 1% (300,000) and the ceiling number also includes participants of the MM2H programme,” he said.

According to Hamzah, the programme does not have age restrictions but the principal applicant must demonstrate a minimum monthly income of RM40,000 or RM480,000 annually.

Other conditions include having a fixed savings account with a deposit of at least RM1 million, with no withdrawals allowed on the principal value for the first year, while up to a 50% withdrawal from the principal value will be allowed after that for the purchase of real estate, or health and education purposes.

Meanwhile, Hamzah said the ministry is targeting at least 1,000 participants in the first year of the PVIP.

“The Home Ministry is confident that this programme will be able to attract more foreign direct investment that will strengthen the economy and increase job opportunities for locals. In addition, demand for the Malaysian Ringgit will also increase, strengthening its value,” he said.

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