Can Foreigners Buy Property in Pakistan?
Table of Contents
Real estate is a business that can generate passive income on investment within two to three years. In the last few years, we’ve seen a great boost in the real estate sector which has encouraged many investors and individuals to jump into this business. Overseas Pakistanis and foreigners always look for an excellent investment opportunity as they consider it as a side business in their country.
The question arises here can foreigners buy property in Pakistan? Yes, they’re fully allowed to purchase land in Pakistan while sitting abroad but they have to fulfill some legal formalities in order to avoid any trouble in near future. We’ve discussed all these parameters in detail which will surely help you.
Can Foreigners Buy Property in Pakistan?
Yes, foreigners can buy property in Pakistan easily. They just required following documents to proceed further with the process and these documents should be submitted to the home department.
- Copy of their passport, six passport size photos, and a copy of valid visa.
- Photocopy of the land owner’s CNIC is also required at the time of submission.
- A questionnaire would be given to the property owner and it has to be submitted along with proof of ownership with attested copies.
- A foreigner’s employment letter is required and all details should be mentioned in it such as contact details, position in company, and total working time with the company.
- A contract should be prepared for the property holder in which he should claim that there’s no occupant of the property at that time.
The government instructions are obvious that breaching these rules will result in cancelation and strict legal action will be taken against the owner or both.
On the other side, this process is, no doubt, complicated and discouraged foreigners to invest in Pakistan’s real estate. Due to loop holes in our security system, the government and departments are forced to implement these rules.
Some Advice for Overseas Pakistanis for Buying Property
1. Safe Investment
Don’t take risks while sitting abroad and always go for projects that are officially approved and authenticated by the government and concerned authorities. If the project is under clearance, it’s better to avoid such projects and look for some approved properties. We’ve seen in the past that people invest in these projects and that project’s approval is canceled by the government. So, the better solution is to check the official websites of relevant authorities for confirmation about projects.
2. Past Track & Record
Instead of Bahria town and DHA, very few housing societies are completely developed and most of the projects are in progress. If the developer or owner of that scheme is well-reputed and has past experience, then it’s good because these people don’t compromise on the clients’ trust and always do legal work within the given deadline. Visit their website, and check social media pages to track the work progress and other stuff.
3. Stay Away from Fraudulent Projects
There are many cases in NAB and courts about illegal projects that collected money from overseas and all those projects were declared scams later. Fraud people illegally sell one property to more than two people and it’s the worst form of scam.
To avoid this, gather the all necessary information about the property owner and project. Check its status and closely inspect all documents and elements. Before investing in any housing project, one must check whether its layout and development plans are approved or not. The best way is to ask other people who have invested in that project. They can provide better advice about that project because they have experienced it.
4. Original Documents
Don’t rely on photocopies of files and always demand original papers from the seller to ensure that everything is fine. Paperwork should be clear to avoid any mishap in future.
5. Legal Instructions for Overseas Pakistanis
Overseas citizens should associate with the Overseas Pakisatanis Foundation ( OPF ) as it provides legal and financial advises to invest in Pakistan. Remmeber, for payment transfer, always use legal method to avoid any trouble. Register yourself with the FPCCI and Security Exchange Commission Paskistan ( SECP ).
Government encourage overseas to invest in real estate and it’s you responsibility to check all documents properly to prevent any hassles. Use general power of attorney with ultimate care.
Why Overseas should Invest in Real Estate in Pakistan?
In Pakistan, real estate is booming, with remarkable results. Due to many factors, overseas investors can invest more swiftly in expensive or commercial enterprises than local citizens. Unlike other businesses such as automobiles, technology, and retail, the property industry will provide you with an instant rise in income or property market worth. Moreover, government has also provided facilities that encouraged overseas to invest in real estate industry. Before investing, one must check the legal guidelines and instruction to make your investment safe.
Conclusion
Without a doubt, a good property can quickly make your value in the market and this all depends on your hunting. Use your sources like social media, newspapers, and official websites to collect all information about that scheme.
