Malaysia recently established the Premium Visa Programme (PVIP) in hopes of enticing wealthy foreigners to invest and reside in the nation for 20 years.
According to Datuk Seri Hamzah Zainudin, the ‘Residency Through Investment’ programme is an initiative by the government to boost the country’s economy. It has received a great response, with 20,000 applications received within the first 24 hours of its launch on September 1st, 2022.
“I would like to inform that for the first phase, we have set a limit of no more than 25,000 applications,” he says
He further explained that the PVIP would be offered to international business magnates, excluding Israel and countries that are not diplomatically affiliated with Malaysia.
In a recent press conference, to which the Immigration director-general Datuk Seri Khairul Dzaimee Daud was present, Hamzah stated that the “Programme participants are also allowed to work and carry out legal business activities following the laws of the country.”
To ensure that the PVIP would not jeopardize national security or the country’s sovereignty, he added that his ministry had instituted a control policy, including imposing a limit on the number of participants. This includes the principals and dependents not to exceed one percent of the total population of Malaysian citizens.
For example, he stated, “if there are 30 million citizens now, this means there should only be 300,000, including the ceiling number, participants of Malaysia My Second Home (MM2H) programme.”
In light of the terms and conditions, Hamzah declared that the initiative would be opened to participants of all ages, provided they have proof of possessing an offshore income of at least RM40,000 per month, or RM480,00 annually.
That said, applicants must also have at least RM1 million in a fixed deposit account. For the first year, no withdrawals on the initial value are permitted. However, up to 50% of withdrawals from the primary value are allowed to acquire property investment, healthcare, and educational purposes.
The ministry aims for at least 1,000 participants in the initiative’s first annum, with approximately RM200 million in revenue and RM1 billion in fixed savings.
He ends by stating that the ministry is confident that this programme will entice many international direct investors, contributing to a more robust economy and increasing local job opportunities. This will be a chain reaction, hopefully strengthening the Malaysian ringgit currency.
That said, he reminded the public that the Immigration Department and police officers would continue to ensure that the policies of this programme are both complied with and implemented.
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