Malaysia’s Home minister perceives the Premium Visa Programme will attract affluent individuals from all countries. This new premium visa programme will draw rich investors to settle in the country, similar to Golden Visa initiatives in Singapore, Thailand and Portugal.
The number of applicants will be capped at 1% of the Malaysian population. This limit includes the number of participants under the Malaysia My Second Home (MM2H) programme. The PVIP does not replace the MM2H programme aimed at retired foreigners seeking to settle in Malaysia. Participants are not eligible for citizenship.
Applicants must have at least RM1 million in their bank account and are only allowed to withdraw 50% of that amount after a year for the purchase of property or to pay for medical and educational expenses.
Successful applicants are allowed to bring their spouses, children, parents, in-laws and domestic workers as dependents subject to existing immigration laws.
Applications for the PVIP open on Oct 1. Those eligible are individuals of all ages with an offshore income of at least RM40,000 a month or RM480,000 a year.
Applicants will have to pay a one-off RM200,000 participation fee. A one-off RM100,000 fee will be levied for each dependent. Children of participants over the age of 21 are not considered dependents and must apply to be a PVIP participant to remain in the country.
Applicants and dependents will also need to submit a Letter of Good Conduct from the authorities of the country they are currently residing in.
The PVIP is applicable for 20 years, with renewals granted once every five years. This process includes having a valid passport, updating personal information, screening by the police and medical checks in Malaysia. Applicants and dependents must also have health insurance.
As part of the benefits of the PVIP, participants will be allowed to buy properties (subject to state laws), study, invest and conduct business.
The Government is targeting 1,000 participants in the first year that will contribute RM200 million to the economy and fixed deposits of RM1 billion.
Meanwhile, Sarawak invites qualified citizens of foreign countries to retire and reside there. It is open to citizens of countries recognized by Malaysia, regardless of race, religion and gender.
All main applicants are to fulfill certain personal and financial criteria set by the Sarawak Government. Successful applicants are granted multiple-entry social visit pass for a period of 10 years and this is renewable. They are allowed to bring with them their spouses and unmarried children below the age of 21 as dependents.
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