PUTRAJAYA, Sept 1 — The Home Ministry has launched the new Malaysia Premium Visa Programme (PVIP) to attract global tycoons to Malaysia.

Home Minister Datuk Seri Hamzah Zainudin said the programme will commence on October 1.

He also said that PVIP, conducted in conjunction with the Immigration Department, will be based on the concept of "Residency Through Investment”, with one of the main criteria being that applicants must have at least RM1 million in a fixed deposit account.

He said that the programme will be available to citizens of all countries except Israel and those that have no diplomatic ties with Malaysia.

"The Cabinet meeting on August 17, 2022 agreed to the proposed creation of a new programme with the concept of Residency Through Investment called the Malaysia Premium Visa Programme (PVIP) to drive economic growth, generate national income and open up more job opportunities for locals,” he said during the programme’s launch at the Home Ministry here today.

To ensure the scheme would run smoothly and not endanger national security, Hamzah said the Home Ministry established several measures such as limiting the number of participants to no more than one per cent of the country’s population at any time.

The scheme did not have age restrictions but the principal applicant must demonstrate a minimum monthly income of RM40,000 or RM480,000 annually.

"The principal needs to have a fixed savings account of at least RM1 million and withdrawals of 50 per cent for the purpose of purchasing real estate, health and education are allowed after one year of participating in this programme,” he said.

Under the PVIP, participants may bring in dependents such as spouses, children, parents, parents-in-law, and housekeepers.

The principal will incur a one-off participation fee of RM200,000 while additional dependents will be charged at a rate of RM100,000 each.

There will also be an annual fee of RM2,000 for the pass and all participants and dependents must produce a certified Letter of Good Conduct (LOGC) from their countries of origin.

He said, the government is targeting at least 1,000 participants in the first year of the PVIP.

"The estimated revenue to the country is RM200 million and fixed savings of RM1 billion,” he said.

According to Hamzah, the immigration department and the police will ensure regular enforcement of the programme’s policies and requirements.

"In addition to having to pass a health screening test in Malaysia, participants and dependents will also be screened by the police,” he said.