Malaysia rolls out premium visa to draw investors

Malaysia is rolling out a new visa scheme to attract foreign tycoons and wealthy businessmen to invest and give the national economy a further boost.

The Malaysia Premium Visa Programme is expected to attract at least 1,000 participants in its first year, which the government expects will add RM200mil to the national coffers, with RM1bil in deposits, according to local media.

This “residence by investment” programme, which will begin on Oct 1, is modelled on the Golden Visa initiatives introduced by other countries such as Singapore, Portugal and Thailand.

Home Minister Datuk Seri Hamzah Zainudin, who made the announcement yesterday, said the government had received proposals and suggestions to introduce a programme to allow applicants to study, work and conduct business here.

He said the scheme differed from the Malaysia My Second Home (MM2H) initiatives in which participants were barred from working or studying.

“The premium visa programme will spur economic growth, generate income, and open up more job opportunities. We are confident it will attract global tycoons and wealthy businessmen to not just reside in Malaysia but to also invest and run their businesses here,” he told a press conference.