PSA, Globetrotters: Malaysia Offers 20-year Premium Visa for Rich Investors
by: The Beat Asia
May 14, 2023
Travelling to Malaysia soon? If you’re coming for business or tourism purposes for fewer than 90 days, you may enter the country without a visa.
However, if you have your heart set on settling down in the warm and welcoming nation of Malaysia, we have some good news for you. Last Oct. 1, 2022, Malaysia introduced its Premium Visa Programme (PVIP) dedicated to wealthy foreigners.
It is also referred to as the “residency through investment” scheme, which provides the holder with the opportunity to invest and reside in the country for 20 years (which may be extended for another 20 years).
If you are considering moving to the "lucky country" or starting a business here, here’s some information about the PVIP that will be helpful to you.
Investments: Interested applicants must deposit a fixed placement of RM1,000,000. During the first 12 months, withdrawals are not allowed. Thereafter, investors may withdraw up to 50% of the principal value.
Proof of foreign income: Offshore income must be at least RM40,000 a month or RM480,000 per year.
Letter of Good Conduct: This is also known as the clearance letter from your local police department. It confirms that you have no criminal history.
Medical: Applicants and their dependents must submit a medical report issued by a registered hospital or clinic in Malaysia, together with a valid local medical insurance or coverage.
Participation fee: A one-time participation fee in the amount of RM200,000 must be paid by the principal applicants, and a one-time participation fee in the amount of RM100,000 must be paid by each dependent applicant.
Compared to the Malaysia My Second Home (MM2H) visa, there is no minimum age restriction for PVIP applicants. This means everyone is welcome to apply as long as they are able to meet the aforementioned requirements.
Proof of liquid assets and a minimum day of stay in Malaysia are also not required for the PVIP. Moreover, applicants are eligible to engage in business, seek employment, and enroll in educational programmes in the country. However, the viability of property investment is contingent on the state government's minimum purchase price for foreign buyers.
How to Apply
The application process for the PVIP involves six steps. First, principal applicants are required to attend an engagement meeting, which can take place in person or virtually. Appointing a processing agent is a must.
For the pre-screening, you should prepare the essential documents to be submitted to the visa consultant. Then, proceed with the payment of the processing fee.
Upon finishing the first three steps, you may proceed to the submission of a formal application subject to conditional approval (with an estimated period of 60 business days).
If your application is approved, you must travel to Malaysia to submit supplementary documents, such as proof of fixed deposit (RM1,000,000), a medical check-up report, and proof of Malaysian medical insurance. Finally, a valid passport will be requested and collected.
To see the checklist of required documents for the PVIP, go here
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