The federal government has finally allowed the non-filer overseas Pakistanis to purchase properties in the country. The decision also applies to people acquiring properties through inheritance.
A circular in this regard was issued on Wednesday which suggests that the ban on purchase or transfer of a property with a value over Rs 5 million by non-filers was not applicable to legal heirs who acquire property via inheritance.
The decision was made in light of Prime Minister Imran Khan’s promise to ease up the restrictions faced by the non-residents who want to invest in the real estate sector.
These restrictions were imposed in May this year when the previous government passed its last finance bill.
According to the circular, any non-resident Pakistani can purchase property or acquire it through inheritance as long as they can present a bank certificate that verifies receipt(s) of the money remitted from any foreign country via known banking channels.
The remittance should have been made at least 60 days before the registration, attestation of the transfer date.
The overseas non-filers who don’t fit into the above requirement will continue to face the restrictions.
Penalties on Violating Restrictions
The government, to effectively implement the restrictions, has introduced penalties on local vehicle manufacturers, excise and taxation departments and authorities concerned with registration, attestation and transfer of immovable properties.
As per the circular, any domestic manufacturer will be charged 5% of the value of the vehicle if it accepts an application for booking from a non-filer.
The taxation department will be fined 3% of the value of the vehicle if it is found to have accepted, processed or registered any application of a domestically manufactured car or the first registration of an imported automobile by a non-filer.
Similarly, any authority involved in registering, recording or attesting the transfer of immovable property will be liable to pay a penalty of 3 percent of the value of an immovable property if it accepts or processes the registration or attestation of immovable property valued above Rs 5 million in case of a non-filer.