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Pakistan unveils permanent residency scheme for foreigners

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May 1, 2015
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Federal Minister for Information and Broadcasting Fawad Chaudhry announced on Friday that government has decided to allow permanent residency scheme for foreign nationals and linked it with their investment in the real estate sector.
In line with the country’s first-ever National Security Policy, Fawad said that Pakistan has declared geo-economics as core of its national security doctrine, which has led to the new policy allowing foreigners to get permanent resident status in lieu of investment.
In line with new Nat Security policy through which Pak declared GeoEconomics as core of its Nat security doctrine,Government has decided to allow Permanent residency scheme for foreign nationals,new policy allows foreigners to get permanent resident status in lieu of investment
— Ch Fawad Hussain (@fawadchaudhry) January 14, 2022
Following in the footsteps of Turkey, sources in federal cabinet said, Pakistan Tehreek-e-Insaf (PTI)-led government has decided to open permanent residency scheme for foreign nationals provided that they invest from $100,000 to $300,000 in the real estate sector.
While sharing the background, a key federal minister said that the one of the purposes of opening PR scheme for foreigners was to attract rich Afghans, who were moving to Turkey, Malaysia and some other countries following the fall of Kabul last August. “They needed to be incentivised,” he said.
Also read: Pakistan's first-ever security policy a step in right direction: COAS
In addition, the minister said, the PR scheme targets the Sikhs living in Canada and USA, who were willing to invest in religious sites, especially in Kartarpur Corridor but had no option to do so. He said that the third objective of the scheme was to incentivise the Chinese nationals, who wish to move or establish industry in Pakistan.
“It’s a historic step… for the first time in the history of Pakistan foreigners are being allowed to invest in real estate sector,” he said.
On Tuesday, the cabinet had directed the finance and interior ministries to sit with the Board of Investment and deliberate upon a scheme where foreign citizens could be facilitated in buying properties in Pakistan. In just three days, the government has given a go ahead to the scheme in an attempt to bring in billions of dollars in foreign exchange.
Citing Turkey’s example, which recently allowed foreigners to buy properties in the country, the information minister had termed the project a “game-changer,” saying that the foreigners would be able to buy houses, hotels and invest in real estate once the scheme was approved. Giving an example of Sikh pilgrims, the information minister had said that they would be able to buy property in Kartarpur, assuring that both the projects will have complete legal protection.
Housing projects for overseas Pakistanis
Sources in the cabinet while referring to the federal cabinet’s decision taken in its last meeting to launch a housing project in the capital for the overseas Pakistanis said that it has now been decided that two more such projects would be launched in Lahore and Karachi.
Also read: PM Imran launches first-ever National Security Policy
In the post cabinet press briefing, the information minister had shared that a housing project stretching on 400 kanals land was being launched for the overseas Pakistanis, saying it would have roughly 6,000 apartments and houses.
While sharing the purpose of the scheme, Fawad had said that all the overseas Pakistanis who have Roshan Digital Accounts would be able to invest in the housing project, hoping that the government would fetch roughly $2 billion from the project in the capital.
Opening new opportunities for foreigners looking to get into the country’s real estate market, it was reported that the Turkish government had enacted a law in 2017 allowing foreigners investing a minimum of one million dollars in property to get citizenship.
Though the move was projected as a means to lure foreign investment, the opposition in Turkey had alleged that the scheme was designed to shore up Turk president’s friends, many of whom are in the construction business.

 

Genghis khan1

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$100,000 to $300,000 in the real estate sector.
While sharing the background, a key federal minister said that the one of the purposes of opening PR scheme for foreigners was to attract rich Afghans, who were moving to Turkey, Malaysia and some other countries following the fall of Kabul last August.
#1. $100k is a joke amount.
#2. Afghans are living for free, why would the waste $100k, when they can just cross borders.
#3. Former Afghan govt officials hate Pakistan. Do Pak govt really thinks they will spend $100k from their corruption Money to do any good for Pakistan.
 

PakSarZameen47

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#1. $100k is a joke amount.
#2. Afghans are living for free, why would the waste $100k, when they can just cross borders.
#3. Former Afghan govt officials hate Pakistan. Do Pak govt really thinks they will spend $100k from their corruption Money to do any good for Pakistan.
What is wrong wit the this gov, always appeasing Afghans who hate us, don't accept our borders, don't accept our existence. Afghans are indoctrinated to hate us. The fact that we have no self respect when it comes to them is quite sickening.
 

TNT

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I dont think it's a good idea. There are other ways to make the country attract foreign investment.
Also the solution is not to strive for foreign investment. I know PTI is a gang of morons and someone mentioned foreign investment and all the zombies are yapping foreign investment. Foreign investment can be a rope in the neck as well. What we really need to focus on is a self sustained economy. If we are self sustained, it won't matter if we r not rich.
 

peagle

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View attachment 808785 Federal Minister for Information and Broadcasting Fawad Chaudhry announced on Friday that government has decided to allow permanent residency scheme for foreign nationals and linked it with their investment in the real estate sector.
In line with the country’s first-ever National Security Policy, Fawad said that Pakistan has declared geo-economics as core of its national security doctrine, which has led to the new policy allowing foreigners to get permanent resident status in lieu of investment.

Following in the footsteps of Turkey, sources in federal cabinet said, Pakistan Tehreek-e-Insaf (PTI)-led government has decided to open permanent residency scheme for foreign nationals provided that they invest from $100,000 to $300,000 in the real estate sector.
While sharing the background, a key federal minister said that the one of the purposes of opening PR scheme for foreigners was to attract rich Afghans, who were moving to Turkey, Malaysia and some other countries following the fall of Kabul last August. “They needed to be incentivised,” he said.
Also read: Pakistan's first-ever security policy a step in right direction: COAS
In addition, the minister said, the PR scheme targets the Sikhs living in Canada and USA, who were willing to invest in religious sites, especially in Kartarpur Corridor but had no option to do so. He said that the third objective of the scheme was to incentivise the Chinese nationals, who wish to move or establish industry in Pakistan.
“It’s a historic step… for the first time in the history of Pakistan foreigners are being allowed to invest in real estate sector,” he said.
On Tuesday, the cabinet had directed the finance and interior ministries to sit with the Board of Investment and deliberate upon a scheme where foreign citizens could be facilitated in buying properties in Pakistan. In just three days, the government has given a go ahead to the scheme in an attempt to bring in billions of dollars in foreign exchange.
Citing Turkey’s example, which recently allowed foreigners to buy properties in the country, the information minister had termed the project a “game-changer,” saying that the foreigners would be able to buy houses, hotels and invest in real estate once the scheme was approved. Giving an example of Sikh pilgrims, the information minister had said that they would be able to buy property in Kartarpur, assuring that both the projects will have complete legal protection.
Housing projects for overseas Pakistanis
Sources in the cabinet while referring to the federal cabinet’s decision taken in its last meeting to launch a housing project in the capital for the overseas Pakistanis said that it has now been decided that two more such projects would be launched in Lahore and Karachi.
Also read: PM Imran launches first-ever National Security Policy
In the post cabinet press briefing, the information minister had shared that a housing project stretching on 400 kanals land was being launched for the overseas Pakistanis, saying it would have roughly 6,000 apartments and houses.
While sharing the purpose of the scheme, Fawad had said that all the overseas Pakistanis who have Roshan Digital Accounts would be able to invest in the housing project, hoping that the government would fetch roughly $2 billion from the project in the capital.
Opening new opportunities for foreigners looking to get into the country’s real estate market, it was reported that the Turkish government had enacted a law in 2017 allowing foreigners investing a minimum of one million dollars in property to get citizenship.
Though the move was projected as a means to lure foreign investment, the opposition in Turkey had alleged that the scheme was designed to shore up Turk president’s friends, many of whom are in the construction business.

On the face of it, it may seem a bit funny. But, I've met few people in my life who would have taken up this option, especially Afghans.
 

313ghazi

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What a stupid plan. Why real estate?are they trying to make the market hot? Its the stupidest thing to do. It'll mean first time buyers will struggle to buy homes as outsiders will be buying them.

Open Pakistani nationality to anyone willing to invest 100k in a business Other than property.
 

Falconless

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Congratulations, now all those CPEC workers will become Permanent Residents of Pakistan.
 

RealNapster

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$100,000 is too low. With this policy you can purchase a flat in posh area of Islamabad or a farm house in bahria town and easily get PR. It's too easy. You have to invest atleast 60-70 million PKR in Canada to get PR status, $100,000 is just 17 million PKR. Even in Turkey you need to invest $250,000 which is almost 43 million PKR. The lowest base should be $200,000 and 3 years stay, only then you get PR or invest more and you can get PR quickly.
 

El Sidd

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Is this one of the IMF bill passed by the Majlis i Shura?

The picture suggest this is Punjab centric policy of the government targeting a specific diaspora.

Netiziens should consult the constitution and conclude if this is infact legal and if they have learned anything from their colonial history.
 

Great Janjua

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What in the world is this bs there are a hundred ways of attracting foreign investment this is not one of them. This "PLAN" will just attract all the nincompoops and provide them with permanent residence on a platter. The Biggest blunder by this government yet.
 

Azadkashmir

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dumb bastrd run this country. just fix your land laws and remove corruption move towards digitization, ppl will invest.
 

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