Whether you’re a foodie with your eyes set on Penang or a diving enthusiast looking to get your feet wet in Sipadan, moving to Malaysia just got easier, as long as you have the money to invest.
On April 1, the Malaysia Investment Development Authority (MIDA) launched the Investor Pass, the so-called golden visa that allows international entrepreneurs to reside in the Southeast Asian country for up to one year. The program is designed to attract global entrepreneurs and investors by streamlining the process for them to enter Malaysia, to the point where the application only has a processing time of five business days, according to MEASURE.
The one-year visa is a significant increase in duration compared to the country’s Social Visit Pass, which is only valid for up to three months. But before you rush to apply, make sure you hone your business acumen and have your finances in order.
Visa holders must fall into one of three categories: newcomers to the Malaysian market, existing investors or partners of local businesses, or those in active discussions with the government. There is no minimum spending requirement, but potential applicants are expected to be “high-level decision makers” in sectors such as manufacturing, education and hospitality, MIDA says. Condé Nast Traveler. They will be required to submit proof of employment and plans for potential investments or businesses, in addition to a fee of 1,296.00 Malaysian ringgit (approximately $307), including taxes but without additional immigration fees.
Designed to boost the country’s economy, this new Investor Pass marks another bid by the Malaysian government to attract high-income international individuals with unique visa options. Earlier this year, the country updated its 29-year-old Malaysia My Second Home (MM2H) programme. The multi-level residency initiative aims to target digital nomads, business professionals and wealthy individuals, depending on the country. Ministry of Tourism, Arts, and culture and is a popular option for expats looking to retire abroad.
Requirements for the lowest five-year (but renewable) silver tier include a fixed deposit of $150,000 in one of the country’s financial institutions and the purchase of a house costing at least 600,000 ringgit (around $142,940). The 15-year gold tier requires investments such as a $500,000 deposit and a home of at least 1 million ringgit (around $238.40), while the higher 20-year platinum tier requires a $1 million deposit and a home of 2 million ringgit (around $473,490).
