Hello, due to the recent talks, im wondering if foreigners/non file holders can buy property in pakistan and if yes what is the highest amount?
- Non-filers can buy property worth 5 million at max. New vehicle purchase not allowed
- Foreigners, I am not sure as far as I know the rule/laws are not very explicit if there is any investment allowed in real estate at individual level.
- Overseas Pakistani can buy any amount of property without being a filer, as far as they have their source and amount of income documented, if and whenever required to be presented.
Source: https://www.dawn.com/news/1436575
https://www.dawn.com/news/1436575
Restrictions on purchase of property, vehicles reintroduced for tax non-filers - October 03, 2018
Salam overseas pakistani can buy property worth any amount the restriction of 5 million is only applicable for locals.
What if the oversea Pakistani is a foreigner, a non pakistani passport holder in that case.??
As per the source:
http://www.lhrtimes.com/2017/03/03/laws-foreigners-need-keep-mind-buying-property-asia/
"Foreigners working and living in Pakistan can buy or rent properties; however, the Government requires them to complete certain legal formalities with the board of investment and the Trade Development Authority of Pakistan. Foreigners intending to rent or buy property also have to submit the following documents to the Home Department."
It seems like Foreigners living abroad cannot. Not sure about the Pakistani Origin Foreigners - may be Pakistani origin card can help but not sure.
* As per my personal view, first the citizens have and must be given the priority and than comes foreigners for the sake of economic support - as it happens internationally!
Non Filler, why u r not filling your return. It takes 1 or 2 days and you can hire a consultant to do that task for you. It only cost Rps 10,000 for both ur tax and wealth return. People try to do it by themselves and thats create a delay. Hire someone and be free. Be a good society member and do ur tax returns.
What about in case of inheritence, what are the foreigners supposed to do, still pay tax??
@ Seema - No Taxation on Inherited movable/immovable assets
- There are no inheritance taxes in Pakistan.
- All persons of sound mind, regardless of their nationality or residential status, are entitled by law to inherit immovable and/or movable property in Pakistan, but the inheritance provisions depend on whether the deceased was a Christian, a Hindu, or a Muslim. Within the Muslim category, the definitions of heirs, and their shares, are decided according to their sects and sub-sects, e.g. Cutchi Memon, Khoja, Sunni or Shia.
https://www.globalpropertyguide.com/Asia/Pakistan/Inheritance
http://zahidlaw.com/muslim_inheritance_law.php
@Aftab sb - She is taking from the point of view of a Foreigners. Foreigners cant file returns in a country for which they dont have the citizenship or doing any business in that country.
@Imtiaz Sb Please clarify as dawn source is not clear .
For overseas pakistanis who are non fillers can they buy property for more than 5 million.
Regards,
OI
Yes, they can as I wrote in one of my earlier posts.
"Overseas Pakistani can buy any amount of property without being a filer, as far as they have their source and amount of income documented, if and whenever required to be presented."
Beautifully located old house in F-11/1. 500 yrds, corner, with extra land
Demand 7 -cr.
Old house for sale in G-9/1 main double road
Size 40x80, demand 380lack,
contact at 0300 8562800