What are the financial criteria?
- To provide bank statement(s) showing proof of having an offshore income of at least RM 40,000 monthly, or RM 480,000 annually.
- To have a fixed deposit account of RM 1,000,000 with no withdrawals allowed on the principal in the first year.
- To pay the participation fees of RM 200,000 for the Principal Applicant and RM 100,000 for each dependant upon application submission
Is partial withdrawal from the fixed deposit allowed after one (1) year from the date of the first PVIP endorsement?
Withdrawal of 50% from the fixed deposit after one (1) year is allowed with a letter of recommendation from the Immigration Department for the purpose of real estate investment, medical and educational expenses only.
Can I use the RM 1 million investment to invest in property instead of pledging as fixed deposit with bank?
Cannot, the RM 1 million must be placed as fixed deposit in the bank with no withdrawal allowed for the first year. However, you can withdraw RM 500,000 after a year, it could only be used for medical, education and purchasing real estate purposes. Interest issued by bank are allowed to withdraw for daily use.