Malaysia has launched a new Premium Visa Programme (“PVIP”) in September, 2022 to attract foreigners to invest, work or study in Malaysia and reside in the country. This programme based on the concept of “Residency Through Investment” was introduced to drive economic growth, generate national income and create more job opportunities for locals. PVIP will not be replacing the existing Malaysia My Second Home (MM2H) programme.
Kensington Corporate Services (Malaysia) Sdn. Bhd. is a management services company in Malaysia that is able to assist you with incorporation and administration of your company. We would also be pleased to assist you with the application for the PVIP in Malaysia through an authorized agency appointed by the Immigration Department of Malaysia.
This document covers the summary of PVIP’s details and requirements.
COMMENCEMENT OF APPLICATION
- October 1, 2022.
- The processing time will take at least 30 to 60 working days.
ELIGIBILITY OF APPLICANT
- Citizens of all countries (except Israel and those not having diplomatic relationship with Malaysia) are eligible to apply to participate in this program
AGE LIMIT OF MAIN APPLICANT (i.e. THE PRINCIPAL APPLICANT)
- No age limit.
DURATION OF VISA
- Approval for a period of twenty (20) years, with Multiple Entry Visa granted.
BENEFITS OF PROGRAMME PARTICIPANTS IN MALAYSIA
- Allowed to work and carry on legal business activities in accordance with laws in Malaysia.
- Permitted to study.
- Permitted to purchase real estate for residential, commercial or industrial purposes.
- Permitted to undertake active investments in allowable fields.
INCOME REQUIREMENTS OF PRINCIPAL APPLICANT
- Minimum offshore monthly income of MYR40,000 or MYR480,000 annually.
LIQUID ASSETS REQUIREMENTS OF PRINCIPAL APPLICANT
- Minimum MYR1 million (or equivalent) deposited in a fixed deposit account in Malaysia..
- The Principal applicant would be allowed to withdraw up to 50% of the fixed deposit amount for the purpose of purchasing real estate, education fees and medical expenses after one (1) year of participation in this programme with letter of recommendation from the Immigration Department of Malaysia
ACCOMPANIMENT (i.e. DEPENDANTS)
- Principal applicant is allowed to bring along spouse, children, parents, parents-in-law and domestic workers.
- Children of participants over the age of 21 years are not considered dependents. They must apply for a separate PVIP application or other eligible visa to stay in Malaysia
- Applicant and dependents must submit a Letter of Good Conduct issued by the relevant authorities from their countries of origin.
MEDICAL INSURANCE REQUIREMENTS
- Both the Principal applicant and dependants are required to have medical insurance during the approved period of the programme.
FEES PAYABLE TO IMMIGRATION DEPARTMENT
- One-off participation fee of MYR200,000 for Principal applicant.
- In addition, each individual dependent will be subject to a one-off participation fee of MYR100,000.
- Annual pass fee of MYR2,000 for each of the participants.
- Visa and security bonds (based on existing payment rates by country)