To invest in real-estate within the country of Pakistan is an endeavor that appears to be too daunting a task for foreigners. The process can be time-consuming and confusing to the untrained eye, since it involves various types of documentation on part of the interested party and requires patience.
This post will act as a comprehensive but brief guide for any aspiring migrant(s) looking to invest within the Pakistan real estate sector, whether to buy or to even rent property. The migrant(s) in question should provide the Home Department with the following records:
- A duplicate of their passport and a validated visa. Six recent passport photos should also be included.
- A letter from the company or establishment they are currently employed in. This letter should mention their job description, the timeframe in which they worked for the company, and any and all contact details of said company.
- A duplicate of their realtor’s or landlord’s Computerized National Identity Card (CNIC).
- Multiple attested or authenticated duplicates of proof-of-ownership, held by the owner of the property.
- A contract drafted in the name of the tenant of the property, as required by law. A fresh contract should be drawn up whenever a new occupant has agreed to move into said property.
While this list appears to be designed so as to discourage foreigners from investing in Pakistani property, rest assured that all this is just par for the course. This system is basically a by-product of the government’s efforts to increase the check–and-balance of the departments responsible, which are deemed futile due to the presence of inherent loopholes within their own system.
Foreigners should be encouraged to invest into the real-estate of Pakistan. This way, the economic status of Pakistan can be improved due to flow of foreign currency into the country, as well as improve relations and foreign perception of the country. This is one way for Pakistan to improve its international image and to remove any unwanted scrutiny from third-parties.