Leong: The Premium Visa Program is a boon to the real estate industry

The Premium Visa Programme (PVIP) will attract wealthy overseas investors to Malaysia and assist the local property business, says Mah Sing Group Bhd and Juwai IQI.

The PVIP is an addition to the current Malaysia My Second Home programme (MM2H). Unlike MM2H, the PVIP provides for a 20-year stay and allows members to study, acquire property, invest, work, and operate businesses.

MM2H participant nationalities

According to official pre-Covid figures for the MM2H visa, participation broke down as follows:

• Chinese citizens: around 31 per cent of participants
• Japanese: about 11 per cent
• Bangladeshis: 10 per cent
• UK citizens: 6 per cent

Asian countries, including Japanese, as well as Europeans, North Americans, and Gulf nationals, are projected to be among the top PVIP participants.

PVIP eligibility requirements

PVIP applicants must meet the following conditions:

• A minimum of RM1 million in their bank account, of which only 50 per cent can be withdrawn after a year to pay for property purchases or medical and educational expenditures
• A monthly income of RM40,000
• An upfront participation fee of RM200,000 per candidate and RM100,000 per dependent

In the first year of the newly announced programme, the government plans to target 1,000 participants who would contribute RM200 million to the economy and make RM1 billion in fixed deposits.

Industry reaction

Tan Sri Leong Hoy Kum, founder and group managing director of Mah Sing, said that the PVIP will help the company’s property development projects around the country.

Leong also believes that it will attract more foreign direct investment and provide job opportunities for locals, hence enhancing the ringgit’s value.

“We are well aware that the upcoming Budget 2023 announcement will continue to prioritise the welfare of Keluarga Malaysia (Malaysian Family), while also preparing the country for a more challenging global economic crisis next year. Mah Sing supports the government’s initiative to make home ownership more accessible to Malaysians, particularly first-time buyers. Mah Sing hopes that more goodies will be announced in the upcoming Budget 2023 on Oct 7,” he said in a statement yesterday.

Juwai IQI group co-founder and chief executive officer Kashif Ansari said, the PVIP would 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.

He said that the initiative is open to foreigners who have enough overseas income and assets to be net contributors to society and the economy.

The PVIP is the latest phase in Malaysia’s immigration policy shift from quantity to quality, he said.

“We believe the new visa programme will be a success and succeed in attracting close to its target of 1,000 participants in the first year. The conditions are not demanding, and the benefits of living in Malaysia under a long-term visa are very attractive. Foreigners want to be able to live and work here, send their children to local international schools, and not have to worry about renewing their visas every six or 12 months,” he said.

Source from – https://www.nst.com.my/property/2022/09/828836/leong-premium-visa-program-boon-real-estate-industry