In Sarawak, Malaysia’s largest state, 406 applications for its 10-year visa program were approved by July, almost matching last year’s total of 411.
The state aims to approve around 700 applications for the Malaysia My Second Home program by year-end, a substantial increase from previous years. Kashif Ansari, from Juwai IQI, mentioned this significant rise, anticipating a 25-fold increase from 2021.
Kashif attributed the program’s robust growth in Sarawak to its more lenient criteria compared to federal standards. Sarawak demands a minimum bank deposit of RM150,000 ($32,000), significantly lower than the federal program’s RM1 million ($212,000) requirements reported by Borneo Post.
Sarawak’s residency and income prerequisites for their program are less stringent than the federal standards, making it more attractive, as noted by Kashif. Compared to other Malaysian states, Sarawak is increasingly becoming a preferred destination for the visa program, having established its own conditions when adopting the Malaysia My Second Home visa program back in January 2007.
Sarawak mandates participants to maintain fixed deposits in local banks of RM150,000 for individuals and RM300,000 for couples.
Additionally, applicants aged between 40 and 50 must invest a minimum of RM600,000 in residential properties as part of the program’s requirements.
Applicants above 30 years old might qualify if they accompany children studying in Sarawak or require extended medical treatment.
Successful applicants are obliged to spend a minimum of 30 days annually in Sarawak to maintain their approval status.
SOURCE: Growing Trend of 10-Year Visa Applications in Malaysia
