( Kuala Lumpur /Bangkok Comprehensive News) The Malaysian government has launched a new "Malaysia Quality Visa Program" to attract financially capable foreigners to live and invest in Malaysia.
Malaysian Home Affairs Minister Han Sha Zai Nudin held a press conference on Thursday (September 1) to announce that the "Program Visa Premium Malaysia" will be open to citizens of all diplomatic countries from next month.
Malaysia launches new visas to attract financially-capable foreigners to live and invest. The picture shows pedestrians on the streets of Kuala Lumpur. (AFP)
He pointed out that the cabinet approved the plan at its meeting on August 17. According to the plan, those who meet certain conditions can obtain a residence permit for up to 20 years, including proof of income, offshore income at least RM40,000 per month (about S$12,000), or annual income at least RM480,000, and fixed deposits of at least RM1 million. This deposit can only withdraw 50% of the principal on the grounds of medical care, education or real estate purchase one year after the application is approved.
He said that foreigners who obtain residence rights through the new plan can study, invest, find employment, do business in Malaysia, and can also purchase real estate, including private residences, commercial or industrial buildings, according to local authorities' policies. The government expects the plan to attract at least 1,000 people in the first year, bringing about RM200 million in revenue and RM1 billion in fixed deposits to the country.
Malaysia's landmarks Twin Towers and other commercial buildings, pictures taken on July 21. (AFP)
Hansha Zainudin mentioned that this plan is not to replace Malaysia's second home plan; the upper limit of the number of people in the high-quality visa program includes the number of people in the second home plan, that is, the total number of people in the two plans cannot exceed 1% of Malaysia's total population.
He also said that like the Second Home Plan, high-quality visa holders cannot apply for citizenship.
According to the details released by Hansha Zainudin, the high-quality visa program is open to foreigners of all ages (except Israel and non-diplomatic countries). Successful applicants are allowed to live in Malaysia for 20 years, and the visa is issued every five years. The government allows high-quality visa holders to live in Malaysia with their spouse, children, themselves and their spouse's parents, and can also apply for foreign servants, but they must comply with the regulations of the Immigration Bureau.
The application fee for this plan is RM200,000, and if you bring relatives, each relative will be RM100,000. After obtaining a visa, a visa fee of RM2,000 will be paid annually; the applicant must also have a certificate of good conduct issued by the country of residence.
Thailand has opened a 10-year residence visa application
Thailand officially launched a 10-year residence visa, hoping to attract 1 million rich or highly skilled people to move to Thailand within the next five years to help promote the economic development of Thailand after the COVID-19 epidemic.
In order to drive economic recovery, the Thai government has introduced a number of policies to attract the rich to live and travel to Thailand. The picture shows Bangkok International Airport. (AFP)
Thailand's 10-year residence visa program was announced more than a year ago and online applications were officially launched on Thursday (September 1). Prime Minister's adviser Chayoti said at an event in Bangkok that the residency introduced by this new visa will invest in and buy property in Thailand, and the estimated annual economic activity generated is equivalent to 1 trillion baht (about S$37.8 billion). The new visa will also help attract professionals to find jobs in Thailand and attract talents for the electric vehicles, smart electronic products, digital technology, and other industries that Thailand is currently vigorously developing.
Asawa Chin Taji, Secretary General of the Thailand Investment Bureau, said: "This long-term residence visa program can help Thailand's economy recover after the epidemic... There are many expatriates working in Thailand for a long time, and this visa can meet their long-term needs."
Long-term residence visa targets four target groups:
· Rich world citizens: application qualifications include having assets of at least US$1 million; investing at least US$500,000 in Thailand; average annual income of individuals in the past two years shall not be less than US$80,000;
· Rich retirees: application qualifications include having stable pension income; the average annual income of individuals shall not be less than US$80,000 at the time of application; if less than 80,000 but more than US$40,000, you must invest at least US$250,000 in Thailand;
· Professionals who are interested in working in Thailand: application qualifications include being employed by large foreign companies; the average annual income of individuals in the past two years shall not be less than US$80,000. If you have a master's degree or above, have intellectual property rights, or obtain a Series A financing, the average annual income standard can be reduced to US$40,000;
·High-skilled professionals: Applying for qualifications includes having high-tech work experience; will work in industries, universities, research centers or government agencies that are developing in Thailand.
Tourism industry focuses on high-consumption tourists
Thailand's economic pillar Tourism industry has also actively developed customers after the epidemic. Deputy Director of Tourism Bureau Sri Pakong told Reuters on Tuesday that Thailand will focus on high-consumption tourists, such as attracting Indian newlyweds to Thailand for weddings or honeymoons.
Indians usually hold weddings in Thailand for several days or even a week, spending 10 million to 30 million baht (about 380,000 to 1.14 million SGD). Sri Pakong said: "The data from the past two years shows that many Indians get married but cannot find their honeymoon location... or postpone their marriages because they hope to go abroad, including Thailand. ”
He revealed that Thailand’s tourism bureau representatives in Mumbai, India and New Delhi will expand cooperation with local wedding companies to attract Indian newlyweds to choose Thailand as a wedding venue.
Thailand received 4.2 million foreign tourists in the first eight months of this year, creating tourism revenue of 186 billion baht.
