Premium Visa Programme aims to draw global tycoons

PUTRAJAYA- The government has come up with an initiative to attract global tycoons to take an interest in the country through the Premium Visa Programme (PVIP).

Home Minister Datuk Seri Hamzah Zainudin said the Premium Visa Programme was similar to Golden Visa introduced in Thailand, Singapore and Portugal which will be open for application on Oct 1.

“The programme is the first to be introduced to accelerate the economic growth of the country through residence by investment (premium visa) or also known as Golden Visa as introduced in Thailand, Portugal and Singapore which aims for the global tycoon,” he said at the Malaysia Premium Visa Programme (PVIP) press conference at his ministry on Thursday.

Hamzah said the programme would be open for individuals from all countries except those that had no diplomatic ties with Malaysia but would carefully be screened not to exceed one per cent of Malaysians, which was the quota fixed.

This number also includes the participants under Malaysia My Second Home (MM2H) programme.

“The PVIP does not replace the MM2H programme aimed at retired foreigners seeking to settle in Malaysia.

Participants are not eligible for citizenship,” he said.

Hamzah added individuals of all ages were allowed to apply to the programme but with an offshore income of at least RM40,000 a month or RM480,000 a year.

“Applicants must have at least RM1 million in their bank account and are only allowed to withdraw 50 per cent of that amount after a year for the purchase of property or to pay for medical and educational expenses.

“Successful applicants are allowed to bring their spouses, children, parents, in-laws and domestic workers as dependents subject to existing immigration laws with RM100,000 levied for each dependent.

“Meanwhile, the applicants themselves will have to pay a one-off of RM200,000 participant fee,” he added.

However, Hamzah said the children of participants over the age of 21 would not be considered dependents and must apply to be a PVIP participant to remain in the country as it was capped at the age of 18.

Hamzah also included that the application approval procedure revolved around applications being processed through the Immigration Department and would be refined by the Visa programme committee.

The PVIP was applicable for 20 years with renewals granted once every five years.

This process included having a valid passport, updating personal information, screening by the police and medical checks in Malaysia.

“The applicants and dependents will also need to submit a Letter of Good Conduct from the authorities of the country they are currently residing in,” he said.

Hamzah further said that the ministry aimed for over 1,000 participants for the first year as the government would gain over RM200 million revenues from it.

"We also believe that the programme is able to attract foreign direct investment (FDI) into the country and our currency will be increased and strengthened compared to foreign currencies.

"The ministry will work together with the police from time to time to ensure the programme achieves its objective," he said.