Number of Bangladeshi takers of Malaysian residency offer falls
According to the MM2H official statistics, 1867 Bangladeshi citizens so far have taken the offer until February 2011. Though the programme was launched in 1996, Bangladeshi citizens started taking the offer since 2003.
For the first time 32 Bangladeshi citizens listed their names under the programme in 2003, followed by 204 in 2004, 852 in 2005, 341 in 2006, 149 in 2007, 68 in 2008, 86 in 2009, 74 in 2010 and 61 until February in 2011 and availed the offer.
Under the programme, some 16,000 foreign citizens availed the offer for settling down in the newly industrialised country because of the high living standards at comparatively lower cost.
Beside Bangladesh, other top ten countries are China, the United Kingdom, Japan, Iran, Singapore, Taiwan, India, Pakistan and Indonesia.
Local people who accepted the offers told the FE that the reasons behind the declining rate of Bangladeshi citizens taking the offer are government’s rigid monetary policy, tougher money laundering law and also strict rules enforced by Malaysian authority.
Two-thirds of the Bangladeshi citizens who sought Malaysian citizenship recently under the programme have been refused due to their bad law-abiding records in Malaysia, said one person, preferring anonymity, who himself took the offer and helped many to follow him.
The individual who owns two travel agencies in Bangladesh, said mostly politicians, businesspersons and government officials, have made substantial investments under ‘Malaysia My Second Home Programme’.
He said some Bangladeshi citizens availed themselves the offer have breached the Malaysian laws frequently. As a result Malaysian authority is now reluctant to select Bangladeshi citizens under the programme.
According to the programme criteria, applicants up to 50-year old are required to open a fixed deposit account in Malaysian ringit of 300,000.00 (Tk 72,82,771.36) with any local branch of an international bank.
After a period of one year, the participant can withdraw up to RM150,000.00 (Tk 36,41,385.68) for approved expenses relating to house purchase,education for children in Malaysia and medical purposes. However, a minimum balance of RM150,000.00 must be maintained from the second year onwards and throughout stay in Malaysia under this programme.
Applicants of 50 years old and above fall in different category. They have to open a fixed deposit account of RM150,000.00 (Tk 36,413,85.68) with a local branch; or show proof of monthly off-shore government pension of at least RM10,000.00 (Tk 2,42,759.05).
The applicants aged below 50 years are required to show proof of liquid assets worth a minimum of RM 500,000 and offshore income of RM 10,000 (Tk 2,42,759.05) per month. For certified copy(s) of Current Account submitted as financial proof, applicants must provide the latest 3 months’ statement with each month’s credit balance of RM 500,000.
In addition to the above, all applicants are required to show that they have sufficient funds to bear expenses for the duration of the 10-year visa. In practice this means showing at least RM 500,000 (Tk 2,42,759.05) in the bank, and a monthly income of RM10,000.
He said most Bangladeshis who took the offer invested large amount of money exceeding the limit. “Some of them own garments and different factories there. Their spouses and children are leading a very luxurious life. They study in most expensive schools and colleges there,” he added.
