Malaysia introduced the Malaysian premium visa program (PVIP) to attract the interest of global tycoons to invest and reside in this country for a period of 20 years.
Home Minister Hamzah Zainudin said the “Residency Through Investment” concept program, the first of its kind introduced by the government, aims to drive economic growth, generate national income and open more job opportunities for the people.
He said the program will be open for applications from 1 October 2022.
Hamzah said PVIP Malaysia is targeted at global tycoons from all foreign countries except Israel and countries that do not have diplomatic relations with Malaysia.
He said program participants will be given benefits in the form of approval for up to 20 years, permission to study, permission to buy real estate such as residential buildings, commercial or industrial buildings and make active investments in permitted fields.
“Program participants are also allowed to work and carry out legal business activities according to the laws of the country,” he said in a press conference here today, which was also attended by Director General of Immigration Khairul Dzaimee Daud.
In order to ensure that the implementation of Malaysia’s PVIP does not undermine aspects of national security and sovereignty, Hamzah said the Ministry of Home Affairs (KDN) set a control policy including the introduction of a ceiling on the number of participants, i.e. principals and dependents at any one time not exceeding one percent of the total number of Malaysian citizens.
“If there are 30 million citizens now, that means only 1% (participants) must be there and it is a ceiling number that also includes (participants) of the Malaysia Second Home Program (MM2H),” he said.
Regarding the conditions of participation, Hamzah said PVIP Malaysia is open to all age categories and has proof of income (offshore income) of at least RM40,000 per month or RM480,000 annually.
Another condition is the ownership of a fixed savings account of at least RM1 million and no withdrawals are allowed on the principal value, while withdrawals of 50% of the principal value are allowed after one year of participating in the program for the purpose of purchasing real estate, health and education.
He said the KDN is targeting at least 1,000 participants in the first year the program is implemented, with an estimated revenue to the country of RM200 million and fixed savings of RM1 billion.
“KDN is confident that this program can attract more foreign direct investment that will strengthen the economy and increase employment opportunities for local people.
“In addition, demand for the Malaysian Ringgit currency will also increase and its value will strengthen compared to foreign currencies,” he said.
He said the Ministry of Home Affairs gave assurances that the Malaysian Immigration Department and the police will always carry out monitoring and enforcement periodically from time to time to ensure that the Malaysian PVIP program complies with its policy and implementation goals.
For more information about Malaysia PVIP, please visit https://mypvip.com/
