PUTRAJAYA: The government expects to collect RM206 million after approving applications from 16 agencies and companies to participate in the Malaysia Visa Premium Programme (PVIP) with an approved quota of 10,300.

Immigration director-general Datuk Seri Khairul Dzaimee Daud said all applications received from Oct 1 to yesterday (Oct 11) had been approved by the Home Ministry's PVIP Programme Approval Committee.

He added that each agency or firm appointed to handle the PVIP programme must pay a deposit of 10 per cent of the RM200,000 participation fee for each principal (client).

"The deposit must be paid within 30 days of receiving the approval letter from the Immigration Department," he said in a statement today.

On Sept 1, Home Minister Datuk Seri Hamzah Zainuddin launched the Premium Visa Programme (PVIP) to attract wealthy foreigners to invest in Malaysia and reside in the country for 20 years,

Hamzah said the Residency Through Investment concept programme was introduced to drive the country's economic growth, generate national income and open more job opportunities for the people.

According to Khairul Dzaimee, the PVIP will be implemented in phases so that a proper assessment can be carried out. In the first phase, only a quota of 20,000 will be opened for eligible participants

"After this quota is met, the participation fee of RM200,000 for each principal will be reviewed. The PVIP is a highly effective programme to attract foreign investors and global business tycoons," he said.

Khairul Dzaimee said the appointed agents and participants must meet strict conditions before being given the nod by the approval committee.

Among the requirements is that the appointed agents or companies must have a paid-up capital of RM1 million and be able to pay a deposit of 10 per cent of the total approved quota.

As for the participant, he also said they need to have a monthly income of at least RM40,000 a month and RM1 million in a fixed account in local banks.

He added the list of the appointed agents will be displayed on the Immigration Department website and social media platforms to help potential participants submit their applications.

-- BERNAMA