Berita Gerakan

Be discerning when welcoming high-net foreign individuals to reside in Malaysia.

Sep 7, 2022

1. As Malaysia readies itself to roll out the red carpet for a new visa scheme to attract foreign tycoons and wealthy businessmen to invest and give the national economy a further boost, it should do so with great caution.

2. The Malaysia Premium Visa Programme was reported to attract at least 1,000 participants in its first year, of which the government expects will add RM200milllion to the national coffers, with RM1billion in deposits.

3. It is all very well that this “residence by investment programme” which is targetted at high-net individuals from outside the country, may have succeeded in countries like Singapore, Thailand and Portugal.

4. What types of checks and screening mechanisms have been put in place before the so-called premium visitors are given resident status here?

5. Do we have all the necessary measures to ensure that Malaysia does not earn a tag as a preferred option for unscrupulous activities like crime and money-laundering?

6. We have come across enough “global tycoons” and supposedly wealthy individuals who have ended up causing enough embarassment to their host and birth countries.

7. Has enough thought been given to the fact that our own Malaysians may end up with the short end of the stick with the entry of international tycoons?

8. Property prices for one, are bound to shoot up as would medical and a host of other services.

9. As the world is recovering from the ravages of the Covid-19, please let us first get our own domestic issues in order, by ensuring a sound economy and helping Malaysians back on their feet.

10. There is no need to roll out the Premium Visa Programme in such haste by Oct 1, without ensuring that it is not only guarding all local interests, but also putting all the right “filters” in place in keeping those with questionable reputations at bay.

Baljit Singh
Gerakan Vice President

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