Malaysia has just launched a Premium Visa Program (PViP). The new initiative, introduced by Home Minister Hamzah Zainudin, aims to entice affluent overseas investors.
Malaysia’s Residency by Investment programme allows visa holders to stay in the country for up to 20 years. The application period began on October 1, 2022.
It is Malaysia’s first scheme of its kind, and it is expected to drive economic growth. To be eligible for the Malaysia Premium Visa Program, investors must meet a number of criteria, which are outlined below.
Who Is Eligible for a Malaysia Premium Visa?
Malaysia’s Premium Visa is a residency visa reserved for rich investors.
It is open to wealthy foreigners from every country except Israel and those with no diplomatic ties with Malaysia.
On their application, participants may include dependents such as children (up to the age of 21), spouses, parents, and parents-in-law.
Foreign investors of any age can apply as long as they meet the requirements for Residence through Investment.
Application requirements for the Malaysia Premium Visa programme
The following are the requirements for passengers to be eligible for the Premium Visa:
- Put MYR1 million (about US$223,000) in a Malaysian bank.
No withdrawals for the first year, then up to 50% after that for real estate, education, or medical costs.
- Have an annual offshore income of at least MYR480,000 (about US$107,000).
- Have legitimate health insurance with unspecified coverage.
- Submit a Letter of Good Conduct from the government of your home country.
What Documents Do I Require to Participate in the Malaysia Premium Visa Program?
To be considered qualified for the Residency via Investment initiative, applicants must provide documentation confirmation that they satisfy the preceding conditions.
Proof of the requisite yearly income, for example, and the Letter of Good Conduct.
Activities Permitted with the Malaysia Premium Visa
Foreigners can stay in Malaysia for up to 20 years under the Malaysia Premium Visa program. Visas are valid for 5 years and can be renewed up to 4 times in that time.
Participants in the scheme can study, invest, run businesses, and work in Malaysia.
How many Malaysia Premium Visas will be issued?
The total number of participants cannot exceed 1% of Malaysia’s total population. This 1% comprises both Premium Visa Program participants and Malaysia My Second Home (MM2H) programme participants.
There are currently slightly more than 30 million Malaysian citizens, resulting in a total of 300,000 PViP and MM2H participants.
This limit was established to protect national security and sovereignty. Around 1,000 investors are expected to join the programme during the first year.
Why Did Malaysia Create a Premium Visa?
This visa is intended to promote international investment. The following are the primary advantages of Malaysia’s Premium Visa program:
- Improve the economy
- Increase the number of job opportunities for locals.
- Increase demand for the ringgit and strengthen it
For more information about PVIP Application Malaysia, please visit https://mypvip.com/