Islamabad: Federal Minister for Information and Broadcasting Fawad Chaudhry on Friday announced a permanent residency scheme for foreign nationals and said that the government has linked it with investment in the real estate sector, according to a news story published in national dailies on January 14.
The minister said that the new policy of enabling foreigners to become permanent residents in lieu of investment is moved by the government’s declaration of placing geo-economics at the core of its national security doctrine.
In line with new Nat Security policy through which Pak declared GeoEconomics as core of its Nat security doctrine,Government has decided to allow Permanent residency scheme for foreign nationals,new policy allows foreigners to get permanent resident status in lieu of investment
Foreign investors can invest USD 100,000 to USD 300,000 in the real estate sector and become permanent residents, as is an accepted practice in Turkey. The scheme aims to incentivize wealthy Afghans who are moving to Turkey and Malaysia following the Kabul takeover in August 2021.
As per the minister, the government also wishes to target the Sikh community in Canada and the USA who are keen to invest in their holy sites in Pakistan including the Kartarpur Corridor. Furthermore, the scheme targets the Chinese national who wish to move to Pakistan to set up their industrial units in the country.
News sources further revealed that the Cabinet on Tuesday directed the interior and finance ministries to discuss the matter with the Board of Investment and deliberate a scheme allowing foreigners to buy property in Pakistan.
Terming the project a ‘game changer’, Minister Chaudhary said that once approved, the scheme will allow foreigners to buy houses and hotel apartments as well as invest in other immovable properties in Pakistan. The minister further assured of complete legal protection to foreigner investors.
Hazafa reveres the art of writing and has been turned into a property enthusiast by profession. Her daily survival kit includes; tea, coffee, keyboard and paperbacks.
