Foreign investment might appear to be a daunting task, especially when the process is time-consuming with no end in sight. One of the main reasons why overseas Pakistanis hesitate when investing in Pakistan is the lengthy process. However, this procedure is worth its while as the profit return is always fruitful. So, how can foreigners invest in Pakistan’s real estate?
The very first thing on an investor’s mind should be related to the law, namely if the Pakistani authorities permit foreign investment or not. The Pakistani Government does allow overseas investors to invest their money in the country’s real estate industry. The procedure, however, is not without its difficulties and can rapidly become overwhelming. Nonetheless, it’s still a possibility
Foreign nationals residing in Pakistan are often discouraged from renting or purchasing property in the country. This is in the notion that these foreigners are obliged to go through a long and frustrating procedure that might take months to finish. To make the investment procedure simpler and easier for overseas investors, an Overseas Pakistani Desk has been established by the Lahore Development Authority. This establishment is part of LDA’s one window cell and will facilitate foreigners and overseas Pakistanis, making it easier for them to invest in Pakistan’s real estate like blue world city.
If the investor is a legal citizen of some other country and wants to buy or rent property in Pakistan, they will have to submit several official documents to the Department of Home Affairs. Without the proper documents, foreigners cannot own or rent property in Pakistan.
Following are the documents needed from foreigners who want to invest in Pakistan’s real estate
- The most important document is the passport as it is equal to an ID card. Foreigners need to submit a photocopy of their passports, a photocopy of a legal visa, and six current passport-size pictures.
- The second document required is an official employment letter. Foreign investors need to have a valid employment letter from the firm where they are now employed, the employment letter should include the type of their position, the length of their employment, and the employer’s contact information.
- Overseas investors also need to submit a photocopy of the landlord’s or real estate agent’s CNIC. This will further validate their investment in Pakistan’s real estate
- Furthermore, the landlord or the real estate agent in question must provide certified copies of evidence to prove that they own the property.
- And lastly, the Law in Pakistan also requires a dealership contract that must be written in the name of the property’s occupier. In the event that a new tenant moves into the property, the tenant is legally compelled to sign a new lease or face severe legal consequences.
Pakistan real estate
If any of these documents are not provided to the Department of Home Affairs, foreign investors cannot rent or purchase property in Pakistan. Violations of the procedure mentioned above can result in the renter, the landlord, or both being prosecuted. In such scenarios, the foreigners can face heavy fines and in the case of fraudulent documents, they can face jail time too. To avoid such scenarios, foreign investors should prepare the documents with proper research. You may also like to learn about the Kingdom Valley.
To say the least, the entire procedure is intimidating and discourages foreigners from investing in Pakistani real estate. The government’s unwillingness to allow foreigners to have the freedom to purchase and sell property in Pakistan, apparently due to security reasons, seems pretty hollow, given the glaring flaws in our own security system. In most situations, the government is held accountable for aiding elements that jeopardize Pakistan’s security.
The Pakistani government needs to make the process of owning land for foreigners easier. Otherwise, no overseas Pakistani or foreigner will want to invest in the country’s real estate market. With no foreign investment, the Pakistani real estate market can face loss and cannot prosper. This also leads to many overseas Pakistanis wasting their money on hotel rooms as it’s easier to book hotels instead of getting a rental.
The Most Recent Changes to the Blue World City
The equipment has been placed on the job site. The overall block is progressing at a rapid speed. The overseas block, on the other hand, waiting for the plan balloting to take place. The construction of the foreign block will begin as soon as the polling is completed.
Blue World City is about to set a new world record! The government intended to build two of the major horse mascots alongside Central Avenue, as well as the good news is that the one of the mascots is already built! The authorities have released photos of this magnificent work of art. It is surrounded by fascinating blue-green lights.
Water Themed Park Development Updates
The most recent innovation is the architecture Water Theme Park of blue world city is approaching completion. Guangzhou Amusement Technology & Co. Ltd., a world-renowned company, is partnering on this project. The objective is to build a world-class water park. The models have been photographed by the authorities, and they are currently throughout the detail design phase, with development work due to begin soon.
According to the most recent Blue World City updates, the park will also have a children’s area with exciting water coasters, waterslide, wave pool, a volcanic waterfall, specifically created water pools for children under the age of 18, and water surfing. It implies that Blue World City of Rawalpindi will follow through on its promise to build 20 world-class thrill attractions. It will cover around 70,000 square meters.
Serene Villas Development Updates
Blue World City Islamabad’s construction status suggests that approximately six to seven villas are nearly complete. The villas are 25 x 45 feet in size and built on double-story towers with a 40-foot height. The creation of several other Villas of Blue World City is dependent on how quickly investors purchase a site.