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Pakistan to offer permanent residency program to wealthy foreign nationals to boost weak economy

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This is a historic step, foreigners are allowed to invest in the real estate sector, said Fawad Chaudhry, Minister of Information

Archive image of Imran Khan. [email protected]

Islamabad: Pakistan has decided to offer a permanent residence program to wealthy foreign nationals, including Sikhs living in the United States and Canada, Afghans and Chinese, to attract investment and boost its declining economy and its national growth, he revealed on Saturday.

Information Minister Fawad Chaudhry announced in an overnight tweet that the new program was in line with the new National Security Policy, which was officially launched by Prime Minister Imran Khan on January 14, 2022.

In line with the New National Security Policy, by which Pakistan has declared geo-economy at the core of its national security doctrine, the government has decided to allow permanent residence scheme for foreign nationals, the new policy allows foreigners to ‘get permanent resident status instead of investment,’ the tweet read.

The Express Tribune newspaper reported that while sharing the background of the program, a key federal minister said that one of the goals of opening the PR program was to attract wealthy Afghans, who were moving to Turkey. , Malaysia and some other countries after the fall of Kabul last August.

They had to be instigated, Chaudhry said.

In addition, said the minister, the program targets Sikhs living in Canada and the United States, who were willing to invest in religious sites, especially in the Kartarpur corridor, but did not have the opportunity to do so. .

He said the third objective of the program is to attract Chinese nationals who wish to relocate or establish industrial units in Pakistan.

This is a historic milestone, for the first time in Pakistan’s history, foreigners are allowed to invest in the real estate sector, he said.

On January 11, 2022, the Cabinet had directed the Ministries of Finance and Home Affairs to sit with the Board of Investments and deliberate on a scheme for foreign citizens to be assisted in purchasing properties in Pakistan.

In just three days, the government gave the green light to the program with the aim of bringing in billions of dollars in foreign currency.

Citing the example of Turkey, which recently allowed foreigners to buy property in the country, the information minister called the project a game-changer, saying foreigners could buy houses, hotels and invest in real estate once the program is approved.

Giving the example of Sikh pilgrims, the information minister had said that they could buy property in Kartarpur, assuring that both projects would enjoy full legal protection.

Sources, referring to the Federal Cabinet’s decision at its last meeting to launch a housing project in the capital for overseas Pakistanis, said it has now been decided that two more projects from this type would be launched in Lahore and Karachi.

During the post-Cabinet press conference, the Minister of Information had announced that a housing project spanning 400 kanals (50 acres) of land was being launched for overseas Pakistanis, claiming it would include around 6,000 apartments and houses.

While sharing the aim of the scheme, the minister had said that all Pakistanis abroad who have Roshan digital accounts would be able to invest in the housing project, hoping that the government would recoup around $2 billion from the project in the capital, the media said the report.

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2/ https://www.firstpost.com/world/pakistan-to-offer-permanent-residency-scheme-for-rich-foreign-nationals-to-boost-weak-economy-10288531.html

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