Malaysia announced its Premium Visa Program (PViP) which will be granted to wealthy foreign expats and investors wishing to stay, invest, or buy property in the country.
This residency scheme, which was introduced last year by Home Minister Hamzah Zainudin, will allow premium visa holders to reside in Malaysia for up to 20 years. The applications opened on October 1, 2022.
This first scheme of its kind in Malaysia is expected to drive economic growth. The Malaysian government hopes its premium visa program for foreigners to stay up to 20 years will generate up to 200 million ringgit (US$44.8 million) this year.
To apply for this visa, Investors must meet several conditions as explained below:
According to Malaysiamyvisa.com, Malaysia’s Premium Visa is an exclusive residence permit for wealthy investors. It is available to wealthy foreigners from every country, except Israel and countries that do not have diplomatic ties with Malaysia.
Participants can include dependents – children (up to 21 years of age), spouses, parents, and parents-in-law on their application.
Foreign investors of all ages can apply provided they meet the Residence through Investment requirements.
These are the conditions travelers must meet to be eligible for the Premium Visa:
- Deposit MYR1 million (around US$223,000) in a Malaysian bank. No withdrawals for the first year, up to 50% after one year for the purchase of the real estate, education, or medical expenses.
- Have an offshore monthly income of at least MYR40,000 (around US$9078) or an annual income of at least MYR480,000 (around US$107,000)
- Have valid local health insurance, coverage not yet specified.
- Submit a Letter of Good Conduct supplied by the home country’s government.
The visa application must be also accompanied by documentary proof that the applicants meet the above requirements to be considered eligible for the Residency through the Investment scheme. For example, proof of the required annual income and the Letter of Good Conduct.