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Pak plans to boost economy and offer permanent residency to wealthy foreign citizens




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 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 Friday.

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 Tuesday, the Cabinet ordered the Finance and Interior Ministries to sit with the Board of Investment and deliberate on a plan to allow foreign citizens to buy property 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, while referring to the decision of the Federal Cabinet at its last meeting to launch a housing project in the capital for overseas Pakistanis, said that it has now been decided that two other projects of 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 report said

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