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Good news,

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   Waki
Thursday, October 4, 2018 02:43 AM 
Reply: >
:pkf :cl Good news. Oversease pakistanis are exempted from becoming compulsory filer.
Khalid234 replied on Thursday, October 4, 2018 04:13 AM 

Non filers cannot buy property and for overseas the money has to sent from abroad within the last 60 days along with a certificate from the bank. I think property business is going to see a long stagnation / down turn. Since this non filer law will remain there for next five years at least, therefore I dont see a lot of people investing in property. I think its time to invest money in some other businesses.
User_16051® replied on Thursday, October 4, 2018 05:09 AM 

Khalid sahab, absolutely spot on... govt is just blocking ways for investors in real estate sector... message is clear... either become a tax-filer or we will keep on blocking your access into property market.
For overseas, it still not clear what terms will be followed... as per above comment, if an overseas wants to purchase a property worth say 1 to 1.5 crores... then all of this amount should be sent within the last 60 days of that transaction ? if that is the case then i feel overseas are also sort of barred from purchasing any property in Pakistan
Nabeel® replied on Thursday, October 4, 2018 10:29 AM 

Becoming filer or not filer is not the issue...pay PR 5000 and become filer and stop cribbing and make your assets legal for rest of life.

Real issue is the devaluation is reducing value of our property continuously. 30 % gone in last 6 months, more 15% expected.
Khalid234 replied on Thursday, October 4, 2018 01:28 PM 

User 16051 it was very clear from the speech of Asad Umar that the entire amount has to be remitted within the last 60 days. They are doing it so max foreign exchange comes in, instead of using old money that was sent years back.
Anonymous replied on Friday, October 5, 2018 06:28 AM 

It is kind of difficult to send money in 60 days to purchase property as usually it takes time, like once you have saving, you may send it back home and start collecting your savings to reach the amount you need to make a property transaction. Depending on certain factors, it might consume 2-3 years or even more when you are ready to make a deal. So, its not that simple and easy.
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