Thu, 18 April 2024
The Daily Ittefaq

Bangladeshis rank 5th in setting up second home in Malaysia

Update : 01 Apr 2024, 10:39

The Bangladeshis are fifth in the list of participants in the country’s “Malaysia My Second Home (MM2H)” programme. They are following the citizens of China, Australia, South Korea and Japan.

As of 31 January this year, as many as 3,604 Bangladeshis have set up their second home in Malaysia, Malaysian tourism, arts and culture Minister Datuk Seri Tiong King Sing recently told the country's parliament, reports the Malay Mail.

In his written speech in parliament, Datuk Seri Tiong said that there were 56,66 active “second home” pass holders in Malaysia as of 31 January, 2024. Among them there are participant passholders as well as dependent passholders.

Minister Datuk Seri Tiong King Sing on 11 March told the parliament that China held the highest number of active MM2H pass holders, at 24,765. They are followed by Australia (9,265), South Korea (4,940), Japan (4.733), Bangladesh (3,604) and the United Kingdom (2,234). 

The report further said as for Taiwan, the United States, Singapore and India, each have over 1,000 active MM2H pass holders.

The Bangladesh Bank has so far allowed only a handful institutions to invest outside the country. But establishing so-called second homes by Bangladeshis in Canada and Malaysia, taking ownership of upscale hotels in Singapore and depositing money in Swiss banks - such issues have been discussed for a long time.

There are allegations that money smuggled out of the country is being invested in these cases. The position of Bangladeshis in Malaysia’s second home programme was once third; now it has come down to the 5th place.

Earlier, the government had provided a scope to bring back money smuggled abroad to the country in return for a nominal tax. But no one grabbed the opportunity.

Analysts believe that the government should increase the enforcement of the law to prevent money laundering abroad.

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