Ten-year visa applications in Malaysia state growing rapidly

By the end of this year, the Malaysian state expects to approve a total of 700 applications for the Malaysia My Second Home program, nearly double last year's figure, and a 25-fold increase against 2021, Kashif Ansari, co-founder and group chief executive officer of Juwai IQI, a global Asian real estate technology group, said as cited by New Strait Times.

Kashif said the strong growth was thanks to easier requirements for the visa program in Sarawak compared to federal requirements.

In Sarawak, the minimum bank deposit is RM150,000 ($32,000), while the current federal program requires a minimum deposit of RM1 million ($212,000), Borneo Post reported.

The residency and annual income requirements for the Sarawak program are also lower than those for the federal program.

Kashif said Sarawak is becoming a more appealing destination for the visa program compared to other Malaysian states.

Sarawak adopted the Malaysia My Second Home visa program in January 2007, with its own conditions.

The state requires participants to have fixed deposits in local banks of at least RM150,000 for individuals and RM300,000 for couples.

Applicants who are between 40 and 50 years old are required to invest in properties specifically for residential purposes worth a total of at least RM600,000.

Applicants above 30-years of age may also be considered if they are accompanying children studying in Sarawak, or seeking long term medical treatment.

Approved applicants are required to stay in Sarawak for at least 30 days each year.