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The Malaysia Premium Visa Programme is expected to attract at least 1,000 foreigners in its first year, which the government expects will add 200 million ringgit (1.62 billion baht) to the national coffers, with 1 billion ringgit in deposits.
Launching on October 1, this “residence by investment” programme is modelled on the Golden Visa initiatives introduced by countries such as Singapore, Portugal and Thailand.
Home Minister Hamzah Zainudin, who announced the visa scheme this week, said the government had received proposals and suggestions to introduce a programme to allow applicants to study, work and conduct business here.
He said the scheme differed from Malaysia My Second Home (MM2H) initiatives, which bar foreigners from work or study.
“The premium visa programme will spur economic growth, generate income and open up more job opportunities. We are confident it will attract global tycoons and wealthy businessmen to not just reside in Malaysia but to also invest and run their businesses here,” he told a press conference.
Hamzah said the programme would not pose a threat to the country’s security and sovereignty as there were conditions to be met by foreign applicants, adding that the number of Premium and MM2H visa holders would not exceed 1 per cent of the national population.
He added that holders would not be eligible for Malaysian citizenship.
The premium programme is open to foreign businesspeople and tycoons, except from countries with which Malaysia has no diplomatic relations.
The premium visa programme has 15 conditions, including proof of offshore income of at least 40,000 ringgit per month or 480,000 ringgit per year.
Applicants must also have 1 million ringgit in fixed deposits and pay a one-off participation fee of 200,000 ringgit for the principal holder and 100,000 ringgit for each dependent.
Participants can list their spouses, children, parents, and in-laws as dependents and will be allowed to bring in their maids. They will have to show proof of good behaviour, pass a police check, and get their health checked.
Hamzah expressed confidence the programme would attract more foreign direct investment into the country and strengthen the ringgit.
He said the businesses the participants could be involved in were as per the sectors listed by the International Trade and Industry Ministry as well as the Economic
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