Millions of Pakistanis move abroad for better opportunities but when it comes to investing their hard-earned money or securing an asset, they prefer investing in their homeland. Even though they live abroad, their contribution through remittances is huge for the economic wellbeing of the country. This is the reason why the government has focused a lot of its efforts to launch different platforms and facilities for overseas Pakistanis to make them feel valued.
In this blog, we have listed some of these facilities and resources that you, as an overseas Pakistani, can use to get benefits back home. So, without further ado, let’s begin.
Facilities For Overseas Pakistanis
The government has taken many initiatives which create a bridge-like connection between the country and overseas Pakistanis so that they can also have access to various facilities. The projects that have been launched by the government are mutually beneficial because these provide lots of opportunities to non-resident Pakistanis to build assets and make investments and the government in return gets billions of rupees in the form of remittances.
Quite recently, the government launched the cadastral mapping of Pakistan initiative through which overseas Pakistanis will directly benefit. The system will maintain a digitized record of properties along with their ownership, value, tenure, and dimensions to control land grabbing incidents. The NRPs can now invest in real estate in Pakistan without worrying about their land being illegally grabbed.
There are a few more initiatives that will surely help you if you are an NRP and looking to use some facilities.
Punjab Overseas Pakistani Commission
In the past, overseas Pakistanis have faced many issues such as property disputes, utility connection problems and financial matters. The government felt the need for a forum where these expats can launch a complaint regarding such issues. Punjab Overseas Pakistani Commission is one such forum where these expatriates can lodge their genuine grievances.
The commission also works for the welfare of overseas Pakistanis, protection of their land from land grabbers facilitating them with their investments and other matters.
To better facilitate overseas Pakistanis, the provincial government has launched the Overseas Pakistanis Commission App through which they can easily access their land record and get property documents. Moreover, a 24/7 active helpline has been made functional to provide assistance to the expats regarding their troubles.
Access To FBR’s IRIS Portal
The NRPs can now use the Federal Board of Revenue’s (FBR) IRIS portal to file their income tax. Due to the issues faced by NRPs while filing their tax returns, the FBR has created a URL through which they can now file their tax returns online.
Roshan Digital Account
Non-resident Pakistanis can now open their bank accounts in national banks in Pakistan through Roshan Digital Account (RDA). The initiative helps NRPs in terms of digital onboarding, banking solutions, payments and investments in the country. Features of RDA include the remote opening of an account, no minimum balance required, conventional banking facilities, virtual debit cards for overseas and domestic use, two different options for account opening (USD & PKR) and real-time currency conversion rates for payments.
Roshan Apna Ghar
Roshan Apna Ghar is a game-changing initiative for non-residents because now they can buy a home here in Pakistan using their own savings or bank financing facility. The expats can use conventional bank financing or shariah-compliant financing methods to buy a home in Pakistan which will result in increased foreign investment in the country. Currently, eight different banks are offering house financing facilities through the Roshan Apna Ghar scheme.
Roshan Apni Car
In order to facilitate the families of Pakistani expats, the government has launched the Roshan Apni Car scheme through which they can buy cars at discounted financing rates. The NRPs will be able to buy cars at a 7% financing rate which is far less than what other buyers get. Our blog on Roshan Apni Car has all the details related to financing options, eligibility criteria, required documents and minimum monthly income required to apply.
Investment In Real Estate
While the public sector is continuously improving facilities for overseas Pakistanis, the private sector is also trying to provide safe and secure investment opportunities for them. One of the booming sectors of Pakistan is real estate where investment is increasing with every passing day. Owing to the potential and interest of overseas investors, some of the new developing projects are targeting these investors by providing at par facilities and features.
One of the platforms, where overseas Pakistanis have an opportunity to meet developers and property experts, is the Property Sales Event in Dubai which happens from time to time. This is a flagship programme of Zameen.com in which high-performing, most in-demand and highly facilitated projects participate and are brought to the expats in UAE.
Best Time For Investment
The real estate market in Pakistan is booming. In light of the current performance of the sector and the availability of lucrative projects, this is the best time for overseas Pakistanis to broaden their investment portfolio with different types of development projects.
Pakistan is facing a shortfall of residential units and has led to the increased demand for quality residential projects. While the developers are bringing new and quality projects to cover the gap, the prices of units are also significantly increasing offering higher capital gains to buyers and investors.
There are many projects that are registered with the FBR and don’t require documents for proof of income. Such projects present a unique opportunity for overseas investors that are not only safe, secure, and well-performing but also involve less paperwork which may be a hassle for the new investors.
The recent fluctuations in the exchange rate of Pakistani currency have been caused because of various factors. The depreciation of the rupee has presented a unique opportunity to overseas Pakistanis who can now get real estate by paying less US dollars. This is the time for overseas Pakistanis to use their Roshan Digital Accounts and invest in the real estate of Pakistan which will not only increase their assets and investment but also help the country’s economy through their remittances.
If you are currently looking for projects in Pakistan where you can invest, check out Zameen Blog which is filled with projects that suit your requirements and needs. If you are new to this platform, you can also subscribe to Zameen Newsletter for regular updates about the property sector back home.
