New Premium Visa Programme Aims to Attract Rich Investors to Malaysia
The Government will roll out a new premium visa programme in Malaysia targeted at rich investors. The programme aims to entice investors and encourage them to settle down in Malaysia.
The new premium visa programme is similar to that of the Golden Visa initiatives that are available in Thailand, Singapore, and Portugal. Affluent individuals from countries with diplomatic ties to Malaysia will be able to lodge an application.
Applications are capped at 1% of Malaysia’s population, including those who are participating in Malaysia My Second Home (MM2H) programme. The new visa will not replace the MM2H programme, as the latter targets retired foreigners and those wanting to settle in Malaysia.
Applications Commence 1 October
Applications for the new premium visa programme will commence on 1 October. You must earn an offshore income of RM40,000 minimum or RM480,000 annually to be eligible.
Applicants must also have a minimum of RM1 million in their bank accounts. The applicants will only be able to withdraw 50%of that amount after a year if they want to purchase property or make payments for education and medical expenses.
If successful, applicants can bring along their children, spouses, parents, in-laws, or domestic workers. Dependents will be subject to Malaysia’s existing immigration laws and pay a one-off fee of RM200,000. Each individual dependent will be subject to a one-off levy of RM100,000.
If the child is above the age of 21 years, they are not considered dependents. They will have to lodge an individual application under the new premium visa programme. Applicants and dependents must submit a Letter of Good Conduct from the country they are residing in. The relevant authorities must issue this.
Other Eligibility, Requirement Factors and Benefits
Applicants of the new premium visa programme must have health insurance. Each visa issued is valid for a period of 20 years. Furthermore, the visas will need a renewal every 5-years.
Applicants will have the benefit of purchasing property, investing, studying, and conducting business if they wish. The Government is confident this programme will help them draw more foreign direct investment into the country.