Authorities in Sarawak, Malaysia’s largest state, have approved 406 applications for its 10-year visa programme as of July this year, almost matching last year’s total of 411.
By the end of this year, the Malaysian state expects to approve a total of 700 applications for the Malaysia My Second Home programme, almost double last year’s figure and a 25-fold increase by 2021, said Kashif Ansari, co-founder and group chief executive officer of Juwai IQI, a global Asian real estate technology group, as quoted by the New Strait Times.
Kashif said the strong growth was due to Sarawak’s easier visa programme requirements compared to the federal requirements.
In Sarawak, the minimum bank deposit is RM150,000 ($32,000), while the current federal programme requires a minimum deposit of RM1 million ($212,000), Borneo Post reported.
The Sarawak programme also has lower residency and annual income requirements than the federal programme.
Kashif said Sarawak was becoming a more attractive destination for the visa programme compared to other Malaysian states.
Sarawak adopted the Malaysia My Second Home visa programme in January 2007 with its own requirements.
The state requires participants to have fixed deposits in local banks of at least RM150,000 for individuals and RM300,000 for couples.
Applicants between the ages of 40 and 50 are required to invest in properties specifically for residential purposes with a total value of at least RM600,000.
Applicants over the age of 30 may also be considered if they are accompanying children to study in Sarawak or for long-term medical treatment.
Approved applicants are required to reside in Sarawak for a minimum of 30 days each year.
