Foreigners usually are not stirred up to reside in Pakistan. However, they might be more interested in investment in Pakistan. They don’t feel at ease investing in real estate. The process is lengthy and complicated and takes several months to complete. Real estate is one of the fastest-growing industries in Pakistan.
In this blog post, we elaborate on the process and how Government needs to give relief to invest in Pakistan’s real estate industry. Property investment for overseas Pakistanis is safer now they can invest without the fear of scams. Government policies give confidence to the investors and they are inclined to invest more in the industry.
Since the government of Pervez Musharraf, Pakistan’s real estate industry has been growing. However, it has been regulated only when the government of Pakistan Tehreek-i-Insaf started regulating this sector.
Imran Khan’s inclination and special attention to the construction industry and a pledge to eliminate the housing crisis in Pakistan further emphasized the need to enact laws to protect buyers, sellers, and brokers. Moreover, it multiplied the opportunities for earning high returns on their investments (ROI) in real estate, particularly in metropolitan cities of Pakistan.
Further, the China Pak Economic Corridor (CPEC) increased the opportunities by developing the infrastructure and providing proximity to the developing projects. As a result, many investors provided the idea of developing housing societies and commercial zones around the CPEC route.
Overseas Pakistanis and many foreigners took advantage of the economic situation and showed their interest in the real estate investment in Pakistan. Consequently, many laws were developed and passed to provide relief and convenience to the interested investors, at home and abroad.
How Foreigners Can Invest In Pakistan Real Estate
The home or interior ministry and relevant departments are responsible for maintaining law & order and the protection of property of citizens.
All this information gives financial and legal guidelines for overseas Pakistanis. Foreigners are required the following documents to submit to the home department if they are willing to buy or rent a property in Pakistan.
- Show an employment letter from the company currently you’re working for, mention the job’s nature, and share the duration of the job and the company’s contact.
- A copy of their passport, along with a copy of a valid visa with six recent passport size photographs.
- A copy of the landlord/realtor’s CNIC.
- Besides all this, the owner of the land will be questioned and also need the attested copies of ownership.
- Lastly, a new tenant is legally bound to draft and sign a new contract, specifically when the property is transferred to him. If he fails to create a contract, the relevant authorities will take strict action against him.
In case of violation of the above procedure, it may lead to the prosecution of the tenant, landlord, or both.
Property Investment in Pakistan for Overseas Pakistanis
Overseas Pakistanis Foundation and Roshan Digital Account (RDA) were much appreciated by all the overseas Pakistanis. OPF facilitates the overseas Pakistanis and they can invest in the real estate industry, avoid scams,s and lose money.
Moreover, the tax liabilities and showing the financial assets, and disclosing the source of income were also removed.
So, investing in real estate has become pretty convenient and they have shown their satisfaction with the services delivered by the OPF and the RDA.
The government established an organization of OPF, specifically for the overseas Pakistanis. If they want to invest their hard-earned money in their own country, they are required to get registered with OPF.
Digital banking is a comfort for the investors they can take payments without any hassle.
Government policies and reliefs ensure the investors the advantage of investing in Pakistan real estate. Moreover, the Roshan Digital Account has further enabled overseas to invest in commercial, residential real estate, and stock exchange.
The minimum period to invest in real estate, set by the SBP is three years. Following the completion of the given period, investors will be able to repatriate the full amount of sale proceeds of the property investment.
However, in case an investor wants to withdraw before the completion period, they can repatriate funds up to the lower amount of sale proceeds, or the principal investment amount in Pakistani rupee on the date of investment.
The whole conversation is on investment in Pakistan real estate and foreign’ investors, they should follow the given procedure to invest in Pakistan without any hurdles. It doesn’t mean government gives a free hand to foreign investors.
Government should supervise them by enacting proper laws and rules & regulations. There are many hitches in our security system. Government is responsible for all doomed elements relevant to foreigners’ law.
To wrap up, we can say the government should take action if required in case of violation of the rules & regulations and facilitate the other overseas Pakistani and foreigners to keep investing in Pakistan real estate.
Now it’s easy property investment for overseas Pakistanis to invest in Pakistan real estate. The recent government encouraged investors to invest in real estate. Favorable policies grab the investor’s attention in Pakistan real estate that policies particularly made for overseas Pakistani. It’s an easy process to buy and invest in Pakistan real estate.
To wrap up the whole conversation we see that it’s a highly profitable field to invest in Pakistan real estate. Many lucrative residential and commercial projects are in progress. Foreign investors feel at ease investing in Pakistan because they are offered lucrative opportunities by the government to invest in Pakistan with confidence.
Following all of the rules and regulations, they can thrive in this growing economy. Policies are in favor of overseas Pakistanis and foreigners so they are holding projects and making investments in Pakistan.