Pak plans to boost economy, offers permanent residency to wealthy foreign nationals

Pakistan has decided to offer a permanent residency scheme to wealthy foreign nationals, including Sikhs living in the US and Canada, Afghans and Chinese, to attract investment and boost its core economy and national development, it said on Saturday. came in front.

Information Minister Fawad Chaudhry announced via an overnight tweet that the new plan is in line with the new National Security Policy, which was formally launched by Prime Minister Imran Khan on Friday.

“In line with the new national security policy, through which Pakistan declared geoeconomics as the core of its national security doctrine, the government has decided to allow permanent residence scheme for foreign nationals, the new policy for foreigners In return, it allows obtaining permanent resident status. of investment,” the tweet said.

The Express Tribune newspaper reported that while sharing the plan’s background, a prominent federal minister said that one of the aims of opening the PR scheme was to attract wealthy Afghans, who were visiting Turkey, Malaysia and some other countries after the collapse. . Kabul last August.

“They need to be encouraged,” Chowdhary said.

Further, the minister said, the scheme targets Sikhs living in Canada and the US, who were willing to invest in religious places, especially in the Kartarpur Corridor, but had no option to do so.

He said that the third objective of the scheme is to encourage Chinese citizens who want to relocate or set up industrial units in Pakistan.

“This is a historic step…For the first time in the history of Pakistan, foreigners are being allowed to invest in the real estate sector,” he said.

The cabinet on Tuesday directed the finance and interior ministries to sit with the investment board and consider a plan to facilitate foreign nationals to buy property in Pakistan.

In just three days, the government has pushed the plan in an effort to bring in billions of dollars in foreign exchange.

Citing the example of Turkey, which had recently allowed foreigners to buy property in the country, the information minister termed the project a “game-changer”, adding that after the implementation of the plan, foreigners Will be able to invest in home, hotel and real estate. Accepted.

Citing the example of Sikh pilgrims, the information minister had said that they would be able to buy property in Kartarpur while assuring full legal protection to both the projects.

Referring to the federal cabinet’s decision taken in its last meeting to start a housing project in the capital for foreign Pakistanis, the sources said that it has now been decided that two more such projects will be taken up in Lahore and Karachi.

In a post-cabinet press briefing, the Information Minister had shared that a housing project was being launched on 400 kanals (50 acres) of land for overseas Pakistanis, which it said would have around 6,000 apartments and houses.

Sharing the objective of the scheme, the minister had said that all foreign Pakistanis who have Roshan digital accounts would be able to invest in the housing project, in the hope that the government would receive around USD 2 billion from the project in the capital. media report said

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