Govt eyeing RM206mil from premium visa programme

 

Immigration department director-general Khairul Dzaimee Daud said all applications received from Oct 1 to yesterday had been approved.

PUTRAJAYA: The government expects to collect RM206 million after approving applications from 16 agencies and companies to participate in the premium visa programme (PVIP) with an approved quota of 10,300.

Immigration department director-general Khairul Dzaimee Daud said all applications received from Oct 1 to yesterday had been approved by the home ministry’s PVIP approval committee.

He added that each agency or firm appointed to handle the PVIP programme must pay a deposit of 10% of the RM200,000 participation fee for each principal (client).

“The deposit must be paid within 30 days of receiving the approval letter from the immigration department,” he said in a statement today.

On Sept 1, home minister Hamzah Zainuddin launched the PVIP to attract wealthy foreigners to invest in Malaysia and reside in the country for 20 years.

Hamzah said the “residency through investment” programme was introduced to drive the country’s economic growth, generate national income and open more job opportunities for the people.

Khairul said the PVIP would be implemented in phases so that a proper assessment could be carried out. In the first phase, only a quota of 20,000 will be opened for eligible participants.

“After this quota is met, the participation fee of RM200,000 for each principal will be reviewed. The PVIP is a highly effective programme to attract foreign investors and global business tycoons,” he said.

Khairul said the appointed agents and participants must meet strict conditions before being given the nod by the approval committee.

Among the requirements is that the appointed agents or companies must have a paid-up capital of RM1 million and be able to pay a deposit of 10% of the total approved quota.

As for the participants, they need to have a monthly income of at least RM40,000 a month and RM1 million in a fixed account in local banks.

Khairul said the list of the appointed agents would be displayed on the immigration department’s website and social media platforms to help potential participants submit their applications. - FMT