Malaysia seeks investment from tourists, offers 10-yr visa

Chandigarh, Nov 21 (UNI) Malaysia has undertaken a new tourism policy, inviting well-off investors to visit the country and freely invest in real estate, stock market and other specified areas of investment under the 'Malaysia-My Second Home Programme'.

To begin with Punjab, the Malaysian tourism department has identified Gujarat and Maharashtra as well, attracting tourists for a single time ten-year visa under its new tourism policy.

''Punjab is the state with the most potential area for the programme,'' Tourism Malaysia (India chapter) Director Roslan Abdullah told reporters here today.

Malaysia- My Second Home Programme, being promoted by the Malaysian government, allowed people from all over the world who fulfill certain criteria to stay in Malaysia as long as possible on a social visit pass, he said.

''The booming Indian disposable income can have another offshore opportunity to invest in Malaysia and our target for this programme would be selective high potential states of India, which as per our study, has Punjab on the top,'' Mr Abdullah said.

Each participant is allowed to purchase up to two units of residential houses at a minimum price of above RM 150,000 each, except for certain states like Johor, Malacca and Penang.

He, however, made it clear that there would be no work permit for such investor-cum-tourist under the programme.

UNI PS KR KN1710