Capital flight has become a serious concern for Bangladesh's struggling economy. Silently but enormously, money is being laundered to safe destinations worldwide. Latest data shows Bangladeshis' deposits with Swiss banks rose by 36pc last year. In a three-part series, The Daily Star will try to reinforce why people and money are flying away from home.

Many Bangladeshis are rushing to get Malaysian business visas with hopes for a secure future for themselves and their families, as this type of visa is less costly and easier to get than the one under the Malaysia My Second Home (MM2H) programme.

The number of Bangladeshi beneficiaries of this facility has already crossed that of Bangladeshi nationals who availed themselves of the MM2H programme launched in 2002, according to consultants and businesspeople. 

Malaysian business visa named 

Labuan Visa and resident permits were not available for Bangladeshis until 2013 when Kuala Lumpur decided to offer them this facility.

However, there is no official data on how many Bangladeshis have obtained Labuan Visa since it was made available.

"A lot of Bangladeshis are taking the opportunity by opening a company in Malaysia," said Akhtarul Amin, a consultant who runs three offices in Dhaka city to render services to a growing number of clients.

Several immigration consultants told The Daily Star that many Bangladeshis -- from businesspeople to politicians -- are going to Malaysia on Labuan Visa to start businesses there.

"Getting a business visa is less costly than a visa under the MM2H programme. It is also hassle-free. A two-year visa is given on condition that the applicant opens a firm in Malaysia," said Dewan Maruful Kabir, director of Visa Global Express, an immigration consultancy firm in Dhaka.

There is also a big difference between Labuan and MM2H visas in terms of requirement and facilities.

One needs to have Tk 1.22 crore (RM 500,000) in a Malaysian bank account in addition to a monthly income of Tk 2.45 lakh for a MM2H visa, while around Tk 5 lakh and a business plan to open a company in Malaysia are enough for getting a Labuan visa, said immigration consultants.

A MM2H visa holder cannot run a business in Malaysia. But a Labuan Visa holder can run multiple businesses with 100 percent ownership. And tax rate for trading companies is only three percent while long-term investments are tax-free.

Some consultancy firms offer Labuan Visa packages that include visa arrangement, registration of company, and vat and tax for a year. They even help their clients transfer money to Malaysia through unauthorised channels such as hundi.

"We take Tk 7 lakh a person under the package. It hardly takes three months to arrange a visa," said Kabir.

He said they also provide services for the clients' wives and kids for Tk 1.5 lakh per person.

Malaysian government data shows more than 3,005 Bangladeshis availed themselves of the MM2H facility until December 2014, securing the third position after Chinese and Japanese citizens on the list of foreigners enjoying the MM2H facility.

Under the MM2H programme, one needs to deposit liquid assets worth RM 500,000 (Tk 1.22 crore) and show offshore income of RM 10,000 (about Tk 2.45 lakh) a month.

It means the Bangladeshis have already taken around Tk 3,500 crore (nearly $500 million) to Malaysia.

Now, more lucrative facilities of Labuan Visa are attracting many Bangladeshis to the Southeast Asian country.

Immigration consultants said they also offer their clients assistance in transferring money to Malaysia.

"Yes, we can help you transfer your money, if needed," an official of a consultancy firm in the capital's Uttara area told The Daily Star on condition of anonymity.

One way, he said, is that expatriates working in Malaysia deposit money with clients' bank accounts there, and the clients pay the expatriates' beneficiaries in Bangladesh.

According to the consultants, apart from Bangladeshis, many Indians, Pakistanis, Chinese and Iranians are going to Malaysia on Labuan Visa.