The rainmakers, in other words, the “rainmakers” – highly qualified professionals, business leaders, wealthy retirees or investors: that is to say, all those who are likely to make a significant contribution to local economies – are increasingly welcome to Asia, note Bloomberg.com :
“One after the other, countries in Southeast Asia in particular are sending the same message to candidates for expatriation: if you have money or a well-paid job, we will let’s open our doors wide.”
The ONE Pass for Singapore, the Premium visa for Malaysia, the CM2H for Cambodia or the Long Term Resident Visa (LTR) for Singapore: these are some of the new sesames offered by the countries of the region.
More or less demanding income criteria
In Singapore, from January 1, 2023, it will be enough to prove an annual income of 30,000 Singapore dollars (21,000 euros) to obtain a five-year residence permit. But foreigners who excel in sports, artistic or scientific disciplines or in business sectors such as new technologies and who do not meet this income criterion will have their application considered sympathetically, the government said.
In Cambodia, you have to be ready to invest the equivalent of 100,000 dollars in a real estate project approved by the authorities to take advantage of the new program called Cambodia My Second Home (CM2H). In return for this, the new ten-year visa is likely to open the way to citizenship for foreign entrepreneurs, but also for researchers and experienced professionals. “Rather than publishing a long list of criteria, we will judge each application on its merits,” says a government spokesperson.
In Thailand, about ten days after the official launch of the new long-stay visa (ten years), the government announced that it had already received 400 applications, mainly from digital nomads and wealthy retirees – you have to earn the equivalent of more than $80,000 a year.
Malaysia has decided to select newcomers according to more demanding criteria. The new Premium visa (PViP) is aimed at applicants with at least 480,000 ringgits (106,350 euros) in annual income and they must also be prepared to deposit in a Malaysian bank the tidy sum of 1 million ringgits (221 500 euros). In exchange, they will be able to benefit from a residence permit valid for twenty years – without any obligation of effective residence.
Other “golden visas” in preparation
In order not to be outdone by neighboring countries, governments do not hesitate to reform their immigration policies, underlines Bloomberg.com. “Malaysia takes into account what Thailand offers and vice versa, notes Philippe May, immigration adviser in Singapore. I wouldn’t be surprised if Indonesia comes up with something more interesting soon [que le permis de travail de deux ans actuellement en vigueur]. The Philippines could also come up with new programs.”
Already, several of these new visas offer significant benefits to the lucky recipients. Like the Cambodian CM2H, which comes with a work permit and guarantees access to health care, translation services and assistance in opening bank accounts or applying for business licenses. In short, “if you have the money to spend and fancy a change of scenery, there have never been so many options in the area”, confirmed Bloomberg.com.