Stakeholders share their views on the premium visa program

PETALING JAYA: Clearer guidelines are needed to ensure the success of the new Malaysia Premium Visa Program (PVIP), say industry players.

They say that aside from the multilingual nature and warmth of Malaysians, the country’s diplomatic relations with countries such as China and Japan have also provided opportunities to attract applicants to the program.

CLICK TO ENLARGE

Malaysia My Second Home Consultants Association President Anthony Liew said Malaysia is a favorable choice for Malaysia My Second Home (MM2H) or PVIP applicants given the diversity of the country.

“Almost everyone can speak English here, with many members of the Chinese community able to speak Mandarin and other dialects.

“It makes communication easier here for Westerners and also those from Chinese-speaking countries.

“Similarly, the warmth of the Malaysian people will also attract MM2H or PVIP candidates,” he said.

He, however, felt that the target of 1,000 participants for the PVIP program was “high”, given the already slow participation rate for MM2H itself,” he said.

On Thursday, Home Minister Datuk Seri Hamzah Zainudin announced the PVIP to attract global tycoons to Malaysia.

He added that the PVIP was expected to attract at least 1,000 participants in its first year, which the government says will add RM200mil to national coffers, with RM1bil in deposits.

The program is open to foreign businessmen and tycoons, except those from countries with which Malaysia does not have diplomatic relations.

This “residency by investment” program, which will start on October 1, is inspired by Golden Visa initiatives launched by other countries such as Singapore, Portugal and Thailand.

Zerin Properties group chief executive Previndran Singhe said Malaysia’s strengths stem from its favorable diplomatic relations with countries like China and Japan, whose investors were already used to the economic and social environment of the country. Malaysia.

He said it was essential for Malaysia to have clear guidelines backed by effective governance to protect the interests of candidates.

“A conducive, relevant and highly attractive environment for wealthy global investors is essential to compete with other countries rolling out similar initiatives,” he said.

He noted, however, that the highly competitive market meant that it would take some time to effectively plan and implement the program for wider reach, which made the targeted 1,000 participants in the first year a very ambitious goal.

“For context, in June 2017, the Singapore Global Investor Program (GIP), which offers permanent residence to those who qualify, granted 1,826 applicants permanent resident status since its inception in 2004.

“Of them, 67 were granted citizenship,” he said.

Previndran said the premium visa program, which will allow high net worth individuals to buy properties, will bode well for the high-end real estate segment.

“Demand for these properties is expected to increase, especially for residential properties such as upscale bungalows in affluent neighborhoods.

“Commercial and industrial properties in well-planned, quality development programs will also generate demand from investors under this program who will be looking for capital appreciation and attractive rental gains,” a- he declared.

The CEO of the Center for Market Education, Dr. Carmelo Ferlito, felt that PVIP was not the best way to compete with other countries offering similar programs.

“Malaysia should focus on business incentive programs, including offering advantageous packages for managers and a possible jump into the MM2H program after retirement.

“Although the PVIP is aimed at business people and tycoons, its features seem to be designed for those who intend to retire, which I think creates a mismatch between the target and the program” , did he declare.

He also said that the goal of reaching 1,000 PVIP participants for the first year seems rather ambitious.

Comments are closed.