The Business Times
business-time-50
Asean Business logo
SPONSORED BYUOB logo

Malaysia’s premium visa scheme draws thousands of applications ahead of Oct 1 launch

google-preferred-sourceAdd BT as a preferred source
Tan Ai Leng

Tan Ai Leng

Published Wed, Sep 28, 2022 · 05:50 AM
    • Malaysia's Home Affairs Ministry is looking at attracting at least 1,000 participants in the first year after the Premium Visa Programme kickstart on Oct 1, 2022.
    • Malaysia's former deputy minister of international trade and industry Ong Kian Ming said: "The lack of clarity also raised the concerns on whether PVIP will be attractive enough to draw wealthy investors"
    • Kartina Abdul Latif, people and organisation tax services leader of PwC Malaysia, said PVIP considered the varied needs of foreigners who are exploring the potential of living in Malaysia.
    • Malaysia's Home Affairs Ministry is looking at attracting at least 1,000 participants in the first year after the Premium Visa Programme kickstart on Oct 1, 2022. AFP
    • Malaysia's former deputy minister of international trade and industry Ong Kian Ming said: "The lack of clarity also raised the concerns on whether PVIP will be attractive enough to draw wealthy investors" ONG KIAN MING
    • Kartina Abdul Latif, people and organisation tax services leader of PwC Malaysia, said PVIP considered the varied needs of foreigners who are exploring the potential of living in Malaysia. PHOTO: PWC MALAYSIA

    WHILE the application process for Malaysia’s new premium visa programme (PVIP) only begins on Saturday (Oct 1), the government said it has already received thousands of applications from interested parties from all over the world.

    Home Minister Hamzah Zainudin noted that 20,000 applications came in within the first week after the government announced the visa earlier this month. The special visa scheme, aimed at attracting global tycoons to come to Malaysia, is expected to be granted to at least 1,000 individuals in the first year, with the estimated revenue to the country being RM200 million (S$62.4 million) and fixed savings of RM1 billion.

    The government hopes the PVIP, also known as the “Residency through Investment” programme, can attract these wealthy foreign investors to invest and reside in Malaysia for a period of 20 years.

    MalaysiaVisaAsean BusinessAsean

    TRENDING NOW

    Eugene Lai (left) says that he was sharing a view with Tan Chian Khong that the board needed a refresh and that it was not an explicit direction to resign.

    CSE Global independent director quits after clashes with chairman Eugene Lai over board refresh

    Some industry watchers wonder if Orchard Road can hold its own next to competing retail destinations, both global and local.

    What’s wrong with Orchard Road? Experts weigh in on the street’s cachet and its future

    Siranudh Scott had caused an internet sensation with a video accusing his brother of allegedly abusing him during his childhood years.

    ‘I felt like dying’: Thai Singha beer scion speaks up after disclosure of alleged sexual abuse

    The exterior (left) and interior (right) views of Waterwall House, featuring glass interfaces, open voids, split levels and raw concrete walls.

    Rare brutalist Singapore house opens to the public before changing hands

    Latest T-bills Treasury Bills Results & Interest NewsLatest SSB Singapore Savings Bonds NewsLatest COE Certificate of Entitlement News
    Latest Johor-Singapore SEZ NewsLatest BTO Build To Order & Sales of Balance NewsLatest STI Straits Times Index NewsLatest SGX Dividends, Share Price NewsLatest Bonds Market NewsLatest Singapore Stocks To Buy NewsLatest Singapore Economy News
    View More