The public relations campaign is aimed towards Sikhs residing in Canada and the United States, as well as wealthy Afghans relocating to other nations.
ISLAMABAD: Fawad Chaudhry, Federal Minister for Information and Broadcasting, revealed on Friday that the government has decided to offer permanent residence for foreign people in exchange for investments in the real estate sector.
According to Fawad, in accordance with the country’s first-ever National Security Policy, Pakistan has proclaimed geo-economics to be the foundation of its national security doctrine, which has resulted in the new policy allowing foreigners to obtain permanent resident status in lieu of investment.
Following in the footsteps of Turkey, the Pakistan Tehreek-e-Insaf (PTI)-led government has planned to create a permanent residence scheme for foreign people who spend $100,000 to $300,000 in the real estate sector, according to federal cabinet sources.
While explaining the context, a top federal official stated that one of the goals of opening the PR scheme to foreigners was to entice wealthy Afghans who had fled to Turkey, Malaysia, and other countries following the fall of Kabul last August. “They needed to be rewarded,” he remarked.
Furthermore, the minister stated that the PR plan is aimed towards Sikhs residing in Canada and the United States who want to invest in sacred places, particularly in the Kartarpur Corridor, but do not have the means to do so. He stated that the scheme’s third goal was to incentivize Chinese citizens who want to relocate or create businesses in Pakistan.
“It’s a historic move because for the first time in Pakistan’s history, foreigners are being permitted to engage in the real estate market,” he added.
On Tuesday, the cabinet authorised the finance and interior ministries to meet with the Board of Investment to discuss a strategy that would make it easier for foreign nationals to acquire property in Pakistan. The idea to bring in billions of dollars in foreign cash has been approved by the government in only three days.
Using Turkey as an example, which recently permitted foreigners to buy properties in the nation, the information minister called the proposal a “game-changer,” stating that once authorised, foreigners would be able to buy houses, hotels, and invest in real estate. Using Sikh pilgrims as an example, the information minister stated that they will be permitted to purchase land in Kartarpur, stressing that both projects would be fully legalised.
Using Turkey as an example, which recently permitted foreigners to buy properties in the nation, the communications minister called the proposal a “game-changer,” stating that if the programme was authorised, foreigners would be able to buy houses, hotels, and invest in real estate. Using Sikh pilgrims as an example, the information minister stated that they will be permitted to purchase land in Kartarpur, stressing that both projects would have complete legal protection.
Housing initiatives for Pakistanis living in other countries
According to cabinet sources, after the federal cabinet’s decision at its most recent meeting to create a housing project in the capital for abroad Pakistanis, it has now been agreed that two additional such projects will be launched in Lahore and Karachi.
During the post-cabinet press conference, the information minister announced the commencement of a housing project for abroad Pakistanis on 400 kanals of land, with around 6,000 apartments and homes.
While explaining the scheme’s objective, Fawad stated that all foreign Pakistanis with Roshan Digital Accounts will be allowed to invest in the housing project, with the government hoping to earn around $2 billion from the project in the capital.
It was reported that the Turkish government approved a rule in 2017 that allows foreigners spending a minimum of one million dollars in property to get citizenship, creating new options for foreigners wishing to enter the country’s real estate market.
Though the measure was promoted as a method of attracting international investment, the opposition in Turkey said that the programme was meant to support the Turkish president’s cronies, many of whom work in the construction industry.