In a move similar to other countries like Singapore, Thailand, and Portugal, Malaysia has launched the Premium Visa Programme (PVIP) aimed at drawing in affluent individuals seeking long-term residency. The program was officially opened on October 1, 2022
Eligibility Requirements:
- Global Reach: Open to individuals from virtually all countries except those without diplomatic relations with Malaysia.
- Wealth Thresholds: Applicants must demonstrate a minimum monthly offshore income of RM40,000 (approximately US$9,000) or an annual income of RM480,000 (approximately US$108,000). They also need to maintain at least RM1 million in a Malaysian bank account.
- Dependents: Spouses, children, parents, in-laws, and domestic workers can be included as dependents, subject to standard immigration regulations. Adult children over 21 are considered independent applicants and must apply separately for PVIP status.
Benefits and Activities:
- Long-Term Residency: PVIP grants residency for 20 years, with renewals possible every five years.
- Investment Freedom: Participants can invest in Malaysian businesses and properties (subject to state regulations).
- Education & Healthcare: Access to quality education and healthcare facilities within Malaysia.
- Lifestyle Options: Enjoy the diverse culture, cuisine, and attractions that Malaysia offers.
Renewal Process:
To renew their PVIP after five years, applicants must:
- Maintain a valid passport.
- Have valid health insurance.
- Provide updated personal information.
- Undergo police clearance checks in their home country.
- Complete medical examinations in Malaysia.
Fees:
- One-Time Participation Fee: RM200,000 (approximately US$45,000)
- Dependent Fee: RM100,000 (approximately US$22,500) per dependent
Overall Impact:
The PVIP is intended to stimulate economic growth by attracting foreign investment and boosting various sectors. However, careful planning is needed to manage potential social impacts and ensure equitable benefits for all Malaysians.
