Only two applications for Malaysia's 20-year visa program approved

Malaysian home minister Saifuddin Nasution Ismail said the remaining applications were still being vetted by the police, Free Malaysia Today reported.

The premium visa program that allows foreigners to stay in Malaysia for up to 20 years was announced in September last year with the hopes of drawing rich investors to settle in the country, similar to the Golden Visa initiatives in Singapore and Thailand.

The government hoped the premium visa program would bring in 200 million ringgit (US$44.8 million) to state coffers this year.

To be eligible for the program, foreigners are required to have at least 1 million ringgit in their bank account and are only allowed to withdraw 50% of that amount after a year for the purchase of property or to pay for medical and educational expenses.

In addition, they must have an offshore income of 480,000 ringgit a year.

Successful applicants are allowed to bring their spouses, children, parents, in-laws and domestic workers as dependents.

However, they will have to pay a one-off 200,000 ringgit participation fee, and a one-off 100,000 ringgit fee will be levied for each dependent.