PUTRAJAYA: The government is planning to extend the length of the multiple entry visa from one year to a minimum of five years, with the option of extending another five years.
Prime Minister Datuk Seri Anwar Ibrahim said this was part of the government's efforts to ease matters for investors and boost Malaysia's attractiveness as an investment destination.
He said Bank Negara Malaysia had been given the full authority to decide on the entry requirements for professionals.
Previously, applicants approved by Bank Negara would need to be vetted again by the Home Ministry.
"At the end of 2023, MITI (Investment, Trade and Industry Ministry) will take the lead to reduce duplication among agencies that manage investments and strengthen the focus on domestic and foreign investors.
"MIDA (Malaysian Investment Development Authority) will coordinate the goal of turning approved investments into realised domestic and foreign direct investments," he said in his keynote speech at the 2024 Budget engagement session at the Finance Ministry today.
To address the critical skills shortage, Anwar said the government would expand the scope of the digital nomad professional visit pass to include manufacturing-related skills.
He said eligible professionals could move to Malaysia and work freelance for up to two years with the pass.
He said one of the goals under one of the key elements of the Madani concept, empowerment, is to establish Malaysia as a globally competitive investment destination.