A Malaysian program to attract wealthy foreigners to live in the Southeast Asian...
KUALA LUMPUR - A Malaysian program to attract wealthy foreigners to live in the Southeast Asian nation has drawn 251 applications from Hong Kong residents this year, compared with 193 approved last year from the Chinese-ruled city, a government official said.
Real estate agents expect Malaysia and Thailand to benefit the most from some Hong Kong residents’ frustration over the second bout of lengthy demonstrations in five years in the former British colony, which returned to Chinese rule in 1997. Sharifah said the program had received this year a total of 3,500 applications by Tuesday, versus 6,279 in 2018. None of this year’s applications had been approved, she said.
Those approved get renewable multiple-entry resident visas and are allowed to buy property valued at 1 million ringgit or more, and own vehicles. But they cannot work full-time without an employment pass, the program website shows. Disquiet over Chinese investment pouring into Malaysia was a factor seized on by Malaysian Prime Minister Mahathir Mohamad to pull off a stunning upset in an election last year.
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