Real estate is a business that can provide passive income within two to three years of investment. We've seen a significant increase in the real estate market in recent years. Which has attracted many investors and individuals to get involved. Overseas Pakistanis and foreigners often look for an outstanding investment option as a side company in their home country.     

Foreigners are individuals who are not citizens of Pakistan and do not have any Pakistani ancestry or heritage. Overseas Pakistanis, on the other hand, are individuals of Pakistani origin who live outside of Pakistan. But they have Pakistani citizenship or have obtained citizenship from another country.     

Can an overseas Pakistani own land/real property in Pakistan?     

The question here is whether overseas Pakistanis can acquire property in Pakistan. To avoid future complications, they must follow specific legal procedures when buying land for sale in Faisalabad . Taking advantage of all these characteristics will be beneficial to you.     

Can a Foreigner own land/real property in Pakistan?     

Yes, foreigners can own the land after the incorporation of a company in SECP. But, land is a provincial subject in Pakistan, and regulations for land acquisition vary from province to province. In general, Foreign Nationals can own land with the permission of the Federal Government (Ministry of Interior) and the Provincial Government.     

Unless prohibited, foreign investment is allowed in any sector.     

  • Specified restricted industries include arms and ammunition, high explosives, radioactive substances, securities, currency, and mint, consumable alcohol.     
  • There is no minimum requirement for the amount of foreign equity investment in any sector.     
  • There is no upper limit on the share of foreign equity allowed, except in specific sectors like airline, banking, agriculture, and media.     
  • Profits earned by foreign investors in any sector should repatriate in the currency of the country in which the investment originated. According to Section 6 of the Foreign Private Investment (Promotion and Protection) Act 1976, and subject to the State Bank of Pakistan's Foreign Exchange Manual 2002.     
  • Except in some industries such as airline, finance, engineering, agriculture, and media, 100% foreign ownership is allowed.     

Overseas Pakistanis need the following document to buy land in Faisalabad     

Overseas Pakistanis who wish to invest in real estate in Faisalabad should follow the legal and regulatory requirements set by the government of Pakistan. Here are the steps they should take:     

  • Get a Pakistani National Tax Number (NTN) from the Federal Board of Revenue (FBR).     
  • Open a Pakistani bank account with a local bank.     
  • Obtain a No Objection Certificate (NOC) from the government authorities. This certificate is required for non-residents to purchase property in Faisalabad.     

Foreigners need the following document to buy land in Faisalabad     

If foreigners want to rent or buy property in Pakistan , they must submit the following paperwork to the home department.    

  • An employment letter from the company they are currently working for, including the nature of their position, the duration of their employment, and the company's contact information.     
  • A copy of their passport, a valid visa, and six recent passport-sized photographs.     
  • They must also provide a copy of the landlord/CNIC. realtor's     
  • In addition, the owner of the property in question must provide attested copies of proof of ownership.     

Suggestions for foreigners for investment in Faisalabad     

If you are an overseas Pakistani and looking to buy property in Faisalabad, here are some pieces of advice to consider:     

Research the Market     

Before buying any property, it is essential to do thorough market research. Find out about the latest property trends, prices, and locations that fit your requirements. Consult with real estate agents or an online property portal in Faisalabad to boost your market understanding.     

Choose a Reliable Agent     

It's vital to choose a trustworthy and knowledgeable agent who can help you with sailing and renting your house . Make sure to check their credentials and reviews before finalizing any deal.     

Check Legal Documentation     

Always check the legal documentation of the property before making any payments. That includes the title deed, transfer letter, and no-objection certificate (NOC) from relevant authorities.     

Verify Property Ownership     

Verify the ownership of the property by checking the property's registration record, land record, and other related documents.     

Make Safe Payment     

Always make payments through a reliable banking channel and avoid cash transactions. That will ensure transparency and safety in the property buying process.     

Consider Tax and Legal Implications     

Make sure to consider the tax and legal implications of buying property in Faisalabad. You can seek advice from a legal expert or tax consultant for a better understanding.    
 

Visit the Property in Person     

If possible, visit the property in person to inspect it thoroughly. That will help you avoid any surprises later on.     

Plan for Maintenance and Upkeep     

Don't forget to factor in the cost of maintenance and upkeep of the property. That will help you plan your budget accordingly.     

Seek Help from Family and Friends     

If you have family or friends in Pakistan, seek their help and guidance in the property-buying process. They can provide valuable insights into the local property market and help you make an informed decision.     

Conclusion     

By following these tips, you can ensure a safe and successful property-buying experience in Faisalabad.     

Foreigners should also be aware of the restrictions on property ownership by non-residents in Pakistan. According to Pakistani law, non-residents can only own up to two properties in the country. They are also required to visit Pakistan every six months to maintain their ownership of the property. It is recommended that foreigners consult with a lawyer familiar with the real estate laws in Pakistan before investing in property in Faisalabad.     
 




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