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More than 6,000 Bangladeshis have joined the country’s second home project to buy flats and houses in Malaysia. Another 4,000 applications from Bangladesh have been submitted for the project. Bangladeshis are the third among foreigners who choose Malaysia as their second home.
Under the second home program, foreigners are joining the country’s national economy as real estate and income, officials say. Many Bangladeshis are seizing this opportunity, as there is no question about the source of the money. Apart from safety of life and investment, Malaysia’s education and communication system is also one of the reasons for making them a second home. Malaysia launched the project six years ago to attract foreigners.
In addition to Bangladesh, around 60,000 people from more than 50 countries, including China, Singapore, Saudi Arabia, the United Arab Emirates, Kuwait, India, Pakistan, Japan, the United States, and the United Kingdom, have chosen Malaysia as their second home. More than 50,000 applications are in process. There are 4,000 more applicants from Bangladesh. They will be included in the second home project in December. 90% of the Bangladeshis who have applied for the project are businessmen, importers and exporters and industrialists. The rest are former bureaucrats, politicians, diplomats, and various professionals. However, no one from Bangladesh legally took the money required for the second home. The Bangladesh Financial Intelligence Unit is also aware of the matter. However, money laundering does not stop.
In 2015, a committee was formed with the Bangladesh Central Intelligence Cell. The committee was asked to prepare a list of those who illegally smuggled undisclosed money abroad without income tax or built a second home and to determine the strategy for taking action. A three-member task force also conducted an investigation into the matter. The work was supposed to start after the Immigration Department compiled a list of Malaysian visa holders for 10 years, but none of them actually saw the light of day. It is known that foreigners aged 50 and over must maintain a fixed deposit of Rs 1.5 million in the country’s bank for permanent residence in Malaysia. The applicant’s monthly income is 2 lakh 10 lakhs. Those under fifty have to show a fixed income of Tk 3 crore and a monthly income of Tk 4 lakh 20 thousand.
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