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—so long as you have money to invest.
On April 1, the Malaysian Investment Development Authority (MIDA) launched the Investor Pass, a so-called golden visa that allows international businesspeople 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—so much so that the application only has a five-business-day processing time, according to MIDA.
The year-long 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 scramble to apply, be sure to sharpen your business acumen and have your finances in order.
Visa holders are required to fall into one of three categories: newcomers to the Malaysian market, existing investors or partners of local companies, or those in active discussions with the government. There’s no minimum spend requirement, but potential applicants are expected to be “senior decision-makers” in sectors such as manufacturing, education, and hospitality, MIDA tells Condé Nast Traveler. They’ll be asked 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), inclusive of tax but exclusive of additional immigration fees.
Designed to bolster the country’s economy, this new Investor Pass marks another bid by the Malaysian government to entice international high earners with unique visa options. Earlier this year, the country updated its 29-year-old Malaysia My Second Home (MM2H) program. The multi-tier residency initiative aims to target digital nomads, business professionals, and the affluent, according to the country’s 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 $150,000 fixed deposit in one of the country’s financial institutions and purchasing a home that costs at least RM 600,000 (about $142,940). The 15-year gold tier requires investments such as a $500,000 deposit and a home of at least RM 1 million (about $238,40), while the highest 20-year platinum tier mandates a $1 million deposit and a RM 2 million (about $473,490) home.