Malaysia has introduced a 20-year premium visa programme for affluent foreigners for their permanent residency in the country. The visa application process began on October 1. 

Under the Malaysia Premium Visa Programme (PVIP), the Immigration Department has approved 16 agencies in the country to conduct the application process of visa-seeking foreigners.

The list of agencies was published on the immigration department's website -- http://www.imi.gov.my -- and on social media.

Director General of the Malaysian Immigration Department Khairul Dzaimee Daud at a press conference in Kuala Lumpur on Wednesday (October 12, 2022) gave details of the premium visa scheme including the conditions, application process, and agency approval.

Applicants have to open a fixed bank account of 10 lakh ringgit (about BDT 2.17 crore) in Malaysia. A one-time fee of two lakh ringgit has been fixed for the main applicant and 1 lakh ringgit for the dependent applicant.

"An agent must make a deposit within 30 days of receiving the letter of approval from the immigration department," he added.

In the first phase, the Malaysian government allowed a quota of 20,000 people. Among them, the Malaysia Immigration Department has set a target of giving the premium visa to 10,300 foreigners this year. From this, the department are expecting to earn 206 million ringgit of revenue.

The PVIP will be implemented in phases so that an accurate assessment can be carried out.

In the first phase, after the quota permits of 20,000 applicants are fulfilled, the two-lakh ringgit fee will be re-evaluated, he said.

Under the premium visa facility, the foreigners will be allowed to buy property, study, invest and conduct businesses in Malaysia.

The foreign applicants can bring their spouses, children, parents, father-in-law and domestic help to Malaysia as dependents.

Children over 21 years will not be considered dependent and must apply to become PVIP participants in order to stay in the country.

The applicants must submit a letter of good behaviour from the authorities of the country in which he is currently residing.

The applicants and dependents must have health insurance. Every five years of visa renewal will require a passport, personal information update, police screening and medical examination in Malaysia.

Earlier, Malaysia Home Minister Hamzah Zainudin announced the premium visa scheme at a press conference on September 1. 

"The Premium Visa Programme (PVIP) will be open to the rich people of all countries except those which do not have diplomatic relations with Malaysia," the home minister said at the conference.

The number of applicants will be limited to 1 percent of Malaysia's population.

The author is expatriate journalist in Malaysia