PUTRAJAYA (Sept 1): Malaysia has introduced a Premium Visa Programme (PVIP) to attract wealthy foreigners to invest in Malaysia and reside in the country for a period of 20 years, says Home Minister Datuk Seri Hamzah Zainudin. Hamzah said PVIP is being offered to business tycoons from all countries, except Israel and those that do not have diplomatic ties with Malaysia. "We have to set a ceiling so that it does not exceed 1% of the total number of Malaysians. "If there are 30 million citizens now, then it means that there should only be 1% (300,000) and the ceiling number also includes (participants) of Malaysia My Second Home (MM2H) programme," he said. "The Home Ministry is confident that this programme will be able to attract more foreign direct investment that will strengthen the economy and increase job opportunities for locals.

Source: The Edge Markets September 01, 2022 22:01 UTC