Dear expert one of my client is pakistani settled in usa since last 20 years . Can he buy any property in karachi with his name , what sort of documents require , and cross cheque payment is compulsory or we can pay amount in cash as well ?
He needs to have a Pakistani NIC. Even Overseas Pakistanis Card will work.
Thanks , is there any provision that he can pay the registry amount in cash bcz he has no bank account in pakistan ?
He needs to have NIC and/or (NICOP) national I d card for overseas Pakistanies and tell him not to forget to declare his property and bank account in Pakistan when he file his tax return in US.
Paying cash is not safe.
Thanks , what would be the tax implication being a US citizen still he treat in Pakistan as a Non Filer and pay additional tax on buying ?
He should consult his TAX adviser in the US any taxes paid in Pakistan will be adjusted in his US TAX RETURN but before he make any move he should talk to a qualified CPA in US and learn the new rules about buying property and having bank accounts outside US to avoid any complication in future.