Islamabad: Pakistan has decided to offer a permanent residency scheme for wealthy foreign nationals, including Sikhs living in the US and Canada, Afghans and Chinese, to attract investment and boost its flagging economy and national growth, it emerged on Saturday.
Information Minister Fawad Chaudhry tweeted that the new scheme was in line with the new National Security Policy, which was formally launched by Prime Minister Imran Khan on Friday.
“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,” the tweet said.
Pakistan Information Minister Fawad Chaudhry tweeted that the new scheme was in line with the New National Security Policy, which was formally launched by Prime Minister Imran Khan on Friday.
While sharing the background of this scheme under the New National Security Policy, a key federal minister said that one of the main purposes of opening the Permanent Residency scheme was to attract rich people of Afghanistan, who are evidently moving to Turkey, Malaysia, Indonesia and some other countries following the Taliban coup of Kabul in August 2021. “They needed to be incentivised,” Chaudhry said as reported by PTI.
In addition, the minister said, “This game changer scheme would allow foreigners to buy houses, hotels and invest in real estate once the scheme was approved.”
He said the third objective of the scheme was to incentivise the Chinese nationals, who wish to move or establish industrial units in Pakistan.
“It’s a historic step in the history of Pakistan that foreigners are being allowed to invest in the real estate sector,” he said.
In the post-Cabinet press briefing, the information minister had shared that a housing project stretching on 400 kanals (50 acres) of land was being launched for the overseas Pakistanis, saying it would have roughly 6,000 apartments and houses.
Sources while referring to the federal Cabinet’s decision taken in its last meeting to launch a housing project in the capital for the overseas Pakistanis said that it has now been decided that two more such projects would be launched in Lahore and Karachi.
Giving an example of Sikh pilgrims, the information minister had said, ‘The scheme targets the Sikhs living in Canada and USA, who were willing to invest in religious sites, especially in Kartarpur Corridor but had no option to do so.”