Pakistan reveals permanent residency scheme for foreigners

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The government of Pakistan has decided to permit a permanent residency scheme for foreign nationals while connecting it with investment in the real estate sector of the country. Federal Minister for Information and Broadcasting Fawad Chaudhry in his Twitter message revealed that the government has decided to open a permanent residency scheme for foreign nationals on condition that they invest from $100,000 to $300,000 in the real estate sector. one of the purposes of opening a PR scheme for foreigners is to attract foreign investment in Pakistan. The PR scheme will also target the Sikhs living in Canada and USA, who are keen to invest in religious sites, particularly in Kartarpur Corridor but had no option previously. The scheme will also incentivize the Chinese nationals, who desire to move or establish industry in Pakistan. The cabinet has directed the finance and interior ministries to collaborate with the Board of Investment and discuss a scheme where foreign citizens could be facilitated in purchasing properties in Pakistan. After that in no time, the government has given a go-ahead to the scheme in an effort to bring in billions of dollars in foreign exchange. Quoting Turkey’s example, which lately permitted foreigners to purchase properties in the country, the information minister termed the project a “game-changer,” saying that the foreigners would be able to buy houses, hotels to invest in real estate once the scheme is approved. The overseas Pakistanis who have Roshan Digital Accounts would be able to invest in the housing project. The government has high hopes that the government would fetch roughly $2 billion from the project. Opening new prospects for foreigners for the development of the country’s real estate market is indeed a positive step. The timely execution while planning all the allied requirements or prerequisites is needed to get it done.

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