According to Mah Sing Group Bhd and Juwai IQI, the Premium Visa Programme (PVIP) would attract affluent international investors to Malaysia and help the local property market.
The PVIP complements the present Malaysia My Second Home initiative (MM2H). Unlike MM2H, the PVIP allows members to stay for 20 years and study, buy property, invest, work, and run businesses.
According to official pre-Covid figures for the MM2H visa, Chinese citizens made up approximately 31% of participants. Approximately 11% of MM2H participants were Japanese, 10% were Bangladeshis, and 6% were UK citizens.
Asian countries, including Japan, as well as Europeans, North Americans, and Gulf nationals, are expected to be among the PVIP’s most active participants.
PVIP candidates must have at least RM1 million in their bank accounts and can only take 50% of that amount after a year to pay for property purchases or medical and educational expenses.
PVIP residence criteria include an RM40,000 monthly income and an upfront participation cost of RM200,000 each candidate and RM100,000 per dependant.
The government intends to target 1,000 participants in the first year of the newly announced program, who will contribute RM200 million to the economy and make RM1 billion in fixed deposits.
Tan Sri Leong Hoy Kum, Mah Sing’s founder and group managing director, stated that the PVIP will aid the company’s property development projects throughout the country.
Leong also believes that it will attract more foreign direct investment and create job opportunities for locals, thereby increasing the value of the ringgit.
“We are fully aware that the impending Budget 2023 announcement would prioritize the welfare of Keluarga Malaysia (Malaysian Family), while also preparing the country for a more difficult global economic crisis next year. Mah Sing believes that the government’s plan to make house ownership more accessible to Malaysians, particularly first-time purchasers, is a good one. Mah Sing anticipates that additional goodies would be disclosed in the next Budget 2023, which will be released on October 7 “He stated yesterday in a statement.
According to Kashif Ansari, co-founder and CEO of Juwai IQI Group, the PVIP will likely attract 1,000 migrants in its first year and will open the door to wealthy migrants with enticing terms that clear any ambiguities they may have had following the recent reform of MM2H.
According to him, the initiative is open to foreigners with sufficient overseas income and assets to be net contributors to society and the economy.
According to him, the PVIP is the latest phase in Malaysia’s immigration policy shift from quantity to quality.
“We anticipate the new visa programme will be a success and will attract close to 1,000 participants in its first year. The conditions are not difficult, and the advantages of living in Malaysia on a long-term visa are very appealing. Foreigners want to be able to live and work in the country, send their children to local international schools, and avoid having to renew their visas every six or twelve months “He stated.
For more information about PVIP Program Malaysia, please visit https://mypvip.com/
