Malaysian Home Minister Hamzah Zainudin said the country has established a premium visa program (PVIP) to entice wealthy foreigners to invest in the nation and live there for 20 years.
The minister declared that applications would be accepted starting from October 1, 2022, for the government’s groundbreaking “Residency through Investment” program, which is intended to spur economic growth in the nation, Malaysian National News Agency Bernama reported on September 1, 2022, reports UNB.
Business tycoons from all countries, with the exception of Israel and those without diplomatic connections with Malaysia are welcome to apply for PVIP, said Hamzah.
Participants in the scheme would receive advantages such as visa approval for up to 20 years, permission to study, permission to buy real estate for residential, commercial, or industrial use, and permission to make active investments in industries that are allowed, the Bernama report said.
At a news conference in Putrajaya on Thursday, the minister said, “Program participants are also allowed to work and carry out lawful commercial activities in compliance with the rules of the country.” Immigration director-general Khairul Dzaimee Daud was also present at the event.
Participants from all age groups who can show documentation of an offshore income of at least USD 8,920 per month are eligible for the scheme, Bernama quoted Hamzah as saying.
Bd-pratidin English/Tanvir Raihan
