I am a resident pakistani. Filer for around 15 years in pakistan. Intend to purchase property in uk but not sure if this allowed for pakistanis to buy property abroad. If this allowed, what is the procedure of transferring moneies from pakistan through official channel. Any guideance/help will be appreciated.
Muhammad, Pakistani govt does not restrict you to buy property overseas.
To remit money out of Pakistan to buy house, you will process it through your bank, who will submit your case to State Bank along with all necessary documentation and once approval is granted, you can then transfer through normal banking channel.
You will need a foreign currency account. Choose the one that has good international presence, like Standard Chartered, HBL, UBL, etc. You will also need documents to prove that house purchase is in progress.
Check with your bank, they can provide you all details. And if different from what I wrote, then plz share for our info.
Many thanks Isloo1
Highly appreciated.
Taking money out of this country is very challenging, just like majority of Pakistani individuals give them loan and you will be never able to get your money back.
But I have heard that you have to create a bank account on your name first in the country you want to transfer to and then go from there (Make sure your account is in GBP)
I have heard there are companies in UK (especialy London) that assist overseas clients purchase UK property for a fee.
Visit
for properties search and then contact the property agents who will guide you through the process.
For the legal side of things; In the U.K. 100% transaction is carried out by a conveyancer who is a lawyer and they do each and every thing for you for a fees which could be from 400 to 1500 pounds depending on the paperwork and how big is the chain of sellers. Try to avoid British Pakistani lawyers though.
Contact so we can discuss via whatsapp
Opening bank account being on visitor status in USA and canada is not allowed.
I visited my son who is Canadian and I tried several banks in Canada to open account but each one refused to open account on my name.
But I also heard that property consultants abroad know how to do that.
UK favours Pakistanis to bring money from Pakistan and invest there, so it should be easy for UK.
Abdul Qayyum sahib! I don’t know why Canadian banks did not let you open a bank account. I accompanied my friend to open an account in TD Canada and we had no issues. His account is still active!!!
Dear Muhammad
The account holder was on visit visa or having some other residence status ?
Pls reply sir as it is important for me to know?
Dear Abdul Qayum sb. Try opening an account in HSBC, which has many branches in the Middle East, including Dubai, and then you might find it easier to open an account in HSBC Canada. This is just my opinion. Btw, I am trying to look for investing in some property in Pakistan, even agricultural property. Is that wise?
Dear TK
Thanks for the info.
Yes sir, in Pakistan having an agri piece of land is becoming more and more important with the passage of time.
No jobs and even if there is any, very difficult to run a family, kid's good education, good living....
Agri land is a solution of all what I said above.
In my village, my friends are having all luxuries even on 200 kanal land.. zero meter cars, air conditioning in home....
Picking only two crops...peanut and wheat and doing nothing on personal level as all harvesting on contract basis...Afghan families will get the un-harvested crops and pay back to the owner soon as they take it to market and sell it.
Agree land " mixed with " mumkin & na-mumkin", meaning plughable and non-ploughable costs Rs 100,000 per Kanal..marla being 272-1/4 sq ft.
Having said that, finding agri land is a tough job and you would be lucky if you can find one...
Agri land is the answer of future living, sir,
But dealing with patwaris and having a clear chunk contributes to one's good fortune.
If you make a cattle farm and sell pure milk then " panchoun ghee main aur ser karhahee main".
Abdul Qayum Sahib,
He was visiting.
The Government Of Canada publish a page on opening a bank account. This page suggests, like my experience with TD, that it is possible to open a bank account in Canada, even if you live in another country, but that you would need you to physically go to the bank branch in Canada to do so. Https://www.canada.ca/en/financial-consumer-agency/services/banking/opening-bank-account.html
Click on Opening a bank account if you’re not a Canadian citizen.
@Abdul Qayyum sahib, opening a bank a/c with HSBC is a good way to then being able to open a similar bank a/c in North American and European counteries. They have their usual checks etc. Regading source of funds which I am sure you will have no problem with as you have worked in the Gulf counteries.
@Muhammad, Druces LLP is a well know firm specilising in helping overseas clients buy UK property www.druces.com. There are many others so best to do your research before choosing a company as their charges may vary a lot.
Muhammad, You can buy a property in UK easily. The money can be transferred through bank channels via demand draft. In UK Solicitors deals with the property transfer;
Step 1 - Select a property online
Step 2 - Offer to Seller (With the paper work on the funds availability)
Step 3 - Involve a Solicitor who will deal on your behalf with the seller's solicitor
(All monies will go through the solicitor accounts, therefore no need to open a bank account)
Step 4 - Completion date (when the keys will be handed over) and land registry records will updated
Many thanks Rauf and Mohammad sb
Actually I visited bank in Canada and asked for opening bank account, been kept on wait for half an hour only to know that it was not possible.
May be that lady official was not fully aware of bank proceedings regarding visitor accounts!
I am interested to invest only in Canada as my family is Canadian living there.
Specifically in Mississauga is my area of interest but Chinese has increased the prices by manifold by investing in huge amounts in Canada.
UK bank account will be needed once property is bought for investment purpose as rental income goes to bank account or one can have agreement with estate agent to manage the property and they deal with tenant and property maintenance issues and arrange fund transfer overseas to landlord. Management charges from 10-15% plus VAT.
One of my friend did Pakistan property exchange with his friend’s UK property and legally its possible and minimum money transaction was involved. Legal opinion could be soughed if one wish to go for this option/route.
Abdul Qayyum Sahib,
yes, Mississauga and its surroundings are expensive now. You could go towards Guelph or Waterloo region. The prices there are a bit reasonable compared to Mississauga, Milton etc. The population of Canada is increasing and it's a safe place, therefore the prices will only increase in medium to long term. Your son may know it but NEVER buy an Old house or Apartment. Always Book a new one, and wait for it to be constructed. There is always a difference of $40-50k at least.