- Pakistan started permanent residence scheme for foreigners on the lines of Turkey
- Those investing from Rs 74 lakh to Rs 2 crore in real estate will get benefits
- Pakistan attracting American Sikhs, wealthy Afghans and Chinese citizens
Pakistan’s Information and Broadcasting Minister Fawad Chaudhry on Friday announced that the government has decided to allow permanent residency scheme for foreign nationals. This has been linked to his investments in the real estate sector. According to Pakistan’s first national security policy, Fawad said that Pakistan has declared geoeconomics as the core of its national security doctrine. This is the reason why the new policy has allowed foreigners to obtain permanent resident status in exchange for investment.
Pakistan’s news website Tribune quoted sources as saying that following in the footsteps of Turkey, the Tehreek-e-Insaf (PTI)-led government of Pakistan has decided to start a permanent residence scheme facility for foreign nationals. For this, applicants will have to invest between $100,000 (about Rs 74 lakh) to $300,000 (about Rs 2 crore) in real estate. A prominent federal minister has clarified the purpose of the Pakistani government behind this.
Pakistan attracting rich Afghans and Sikhs
According to the report, the minister said that one of the objectives of starting the PR scheme for foreigners is to attract wealthy Afghans. Afghans have been forced to seek refuge in Turkey, Malaysia and other countries since the Taliban took over Afghanistan in August last year. The Government of Pakistan has launched this scheme only to attract such people. Apart from this, the objective of the scheme is to target Sikhs living in Canada and the US, who are willing to invest in religious places, especially the Kartarpur corridor, the minister said.
Scheme for Chinese citizens setting up industries
The minister pointed out that the third objective of the scheme is to attract Chinese nationals who want to set up industries or live permanently in Pakistan. He said that this is a historic step. For the first time in the history of Pakistan, foreign nationals have been allowed to invest in real estate. In order to facilitate foreign nationals to buy property, the cabinet has asked ministries and officials to meet and prepare a plan.
Pakistani minister called ‘game changer’
Recently Turkey has allowed foreign nationals to buy property here. Choudhary said the project will prove to be a ‘game changer’. Foreigners will now be able to buy houses, hotels and invest in real estate in Pakistan. Pakistan in its first national security policy released on Friday expressed its desire to improve ties with India and termed Hindutva-based policies, arms hoarding race and unilateral efforts to impose unilateral solutions to pending disputes as major obstacles.
Pakistan wants to improve relations with India
Chapter seven of the National Security Policy under the title ‘Foreign Policy in a Changing World’ deals with Pakistan’s relations with India, the Kashmir issue and bilateral relations with other countries. Pakistan’s Prime Minister Imran Khan unveiled the 110-page document, which said, “Pakistan seeks to improve its relations with India as part of its peace policy at home and abroad.”