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

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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. 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

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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.

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