News Desk :
A total 8,000 Bangladeshis have availed the “Malaysia My Second Home” (MM2H) facility since its inception in 2002, and 4,000 more applications on the process for getting the facility, according to the Kuala Lumpur authority.
The MM2H programme issues social visit pass that enables beneficiaries to stay in Malaysia for 10 years. The Malaysian government is now promoting its country as a ‘retirement destination’ through the programme.
According to the ministry of tourism, arts and culture Malaysia (Motac), around 60,000 citizens from more than 130 countries received the facility between 2002 and July 2020.
90 per cent Bangladeshis are businessmen,
exporters and importers and industrialists. Rest are ex. bureaucrats, politicians, diplomats and others professionals.
Chinese citizens topped the position, while Bangladeshi stands third.
To avail a second home in Malaysia under the programme, any Bangladeshi aged below 50 years has to present his/her proof of liquid assets worth a minimum of RM 0.50 million or around US$ 0.12 million along with an offshore income of RM 10,000 or at least US$ 2,450 per month.
For the applicants aged 50 years or above, there is a relaxation. He or she has to show a proof of RM 0.35 million or around $ 86,000 along with an offshore income of RM 10,000 per month.
Thus, a Bangladeshi citizen has to invest at least Taka 7.20 million to get the 10-year residency permit in Malaysia.
Bangladeshis availing the MM2H are believed to have stashed a good amount of money from the country as there is no legal scope to transfer funds to the second country investing in real estate.
According to the Foreign Exchange Regulatory Act 1947 Section 5 (1), no one can send money from the country abroad without Bangladesh Bank approval.
There are allegations that violating the rule, the Bangladeshi people transferred the money for the second home programme illegally, as none was required to take approval from the competent authority in Bangladesh.
A total 8,000 Bangladeshis have availed the “Malaysia My Second Home” (MM2H) facility since its inception in 2002, and 4,000 more applications on the process for getting the facility, according to the Kuala Lumpur authority.
The MM2H programme issues social visit pass that enables beneficiaries to stay in Malaysia for 10 years. The Malaysian government is now promoting its country as a ‘retirement destination’ through the programme.
According to the ministry of tourism, arts and culture Malaysia (Motac), around 60,000 citizens from more than 130 countries received the facility between 2002 and July 2020.
90 per cent Bangladeshis are businessmen,
exporters and importers and industrialists. Rest are ex. bureaucrats, politicians, diplomats and others professionals.
Chinese citizens topped the position, while Bangladeshi stands third.
To avail a second home in Malaysia under the programme, any Bangladeshi aged below 50 years has to present his/her proof of liquid assets worth a minimum of RM 0.50 million or around US$ 0.12 million along with an offshore income of RM 10,000 or at least US$ 2,450 per month.
For the applicants aged 50 years or above, there is a relaxation. He or she has to show a proof of RM 0.35 million or around $ 86,000 along with an offshore income of RM 10,000 per month.
Thus, a Bangladeshi citizen has to invest at least Taka 7.20 million to get the 10-year residency permit in Malaysia.
Bangladeshis availing the MM2H are believed to have stashed a good amount of money from the country as there is no legal scope to transfer funds to the second country investing in real estate.
According to the Foreign Exchange Regulatory Act 1947 Section 5 (1), no one can send money from the country abroad without Bangladesh Bank approval.
There are allegations that violating the rule, the Bangladeshi people transferred the money for the second home programme illegally, as none was required to take approval from the competent authority in Bangladesh.
