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Govt. Announces Permanent Residency Scheme For Foreigners

Govt. Announces Permanent Residency Scheme For Foreigners

Islamabad: The Federal government has decided to allow the status of Permanent Residency To Foreign Nationals under the condition that they would make Investments In The Real Estate Sector Of Pakistan. The decision is in line with the national Security Policy announced recently by the government. It is informed that permanent residency is being offered to attract foreign investment especially from the wealthy Sikhs and Afghan nationals who want to buy properties abroad. Federal Minister for Information and Broadcasting Fawad Chaudhary made the announcement on Friday that foreign nationals are being allowed to get permanent residence in the condition of investment. A few days back in an announcement the minister told that a Housing Scheme For Overseas Pakistanis has also been approved in the capital city. Now, this scheme will also be so helpful to attract foreign investors.

The Minister said that since the first-ever National Security Policy stipulates that Geo Economics is an essential part of our strategy, the current decision to accommodate foreigners under the condition of investment in the real estate sector is made in accordance with the National Security Policy. The incumbent government has followed the footsteps of Turkey to open permanent residence to foreigners under the condition that they would invest USD 100,000 to 300,000 in the real estate sector. The decision is taken to attract the rich Afghans who were investing in Turkey and Malaysia owing to the uncertainty in their own country. In the same way, the well-off Sikh community currently living in Canada and America is also reported to be interested to invest in their religious sites especially in Kartarpur Corridor.

There is another interest of Chinese nationals to set up industry in Pakistan or want to move permanently in the country, the decision will prove beneficial for those Chinese nationals as well. The minister said, “It’s a historic step as for the first time in the history of Pakistan foreigners are being allowed to invest in the real estate sector,”. A few days back the cabinet had directed the concerned ministries to arrange meetings with the Board of Investment before making a final decision in this regard, in the next three to four days the government has made a decision to allow foreign nationals to buy the property of their choice in Pakistan. The government is of the view that there would be a flow of billions of dollars to Pakistan once the scheme is fully operational. The minister cited the example of Turkey and said that the scheme would prove to be a game-changer as the foreigners would be investing in real estate, hoteling, industry, and buying houses once the scheme is approved.

It is pertinent to mention here that the federal government is doing its utmost to bring foreign investment to the country. In this regard, the government has recently decided to establish a special housing society in Islamabad for overseas Pakistanis, and now the government has allowed foreigners to invest in the real estate before they go for make an investment in Pakistan. The government believes that investment in the real estate sector would not only help in providing housing to the low-income segment of society but will also play a pivotal role in the economic uplift of the country.

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