Crackdown underway: Pakistan's FIA identifies investors with AED 2m real estate holdings in UAE
As per sources, thousands of Pakistani residents are holding 10-year golden visas (Residence/ Iqama) of the UAE issued due to investment of at least AED 2.0 million. These Pakistanis use the Golden Residence card at the Pakistan immigration counters while travelling to the UAE, which is scanned and saved in the FIA Immigration portal.
The residence card (Iqama) contains the following information: Pakistani passport number and name; Profession – Property owner; Sponsor – Self Sponsor; and Issue date/ Expiry date – 10 years.
'Dubai Unlocked': Pakistanis own properties worth $11bn in emirate city, report says
From the above data, the property investor can easily be identified and it can be ascertained whether investment in UAE property has been declared in their wealth statement or not.
As per sources, the majority of resident Pakistanis have neither declared this investment in UAE properties in their wealth statements nor the rental income/ capital gain in shown in the return of total income. Similarly, CVT on foreign assets is also not paid.
When contacted for comments, Shahid Jami, tax consultant, explained that though there is a tax treaty between Pakistan and UAE, which includes an Article for exchange of information but UAE has reportedly not provided information to Pakistani tax authorities.
Similarly, under the Automatic Exchange of Information treaty, financial data is not provided as bank accounts are opened in UAE by using the residence permit as an identity document instead of a Pakistani passport.
Jami added that due to the aforementioned factors, there is a tendency not to declare the investment made. Similarly, for investment, the use of informal remittances is also available easily at an affordable cost.
He stated that, therefore, those taxpayers who declared foreign assets under the amnesty scheme now feel that they have made a mistake, as those who did not declare are outside the radar without any fear of being caught.
Jami explained that tax laws have become very stringent, and in respect of foreign assets, the erstwhile limitation of five years is not applicable. He advised the taxpayers not to suppress foreign assets and not to violate foreign exchange regulations.
When asked how to make lawful foreign investment and legitimate tax-free earnings, he stated that tax planning schemes within the framework of law are available, and very few compliant taxpayers are already availing those.
Copyright Business Recorder, 2025
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Express Tribune
2 hours ago
- Express Tribune
Knitwear exports to China rise 11%
Textile and apparel exports have stagnated around $1.4 billion per month, which is $600 million below the installed capacity of $2 billion a month. PHOTO: afp Listen to article Pakistan's exports of knitted and crocheted apparel, including jerseys, pullovers, cardigans and waistcoats, to China have grown steadily by 11% during the first five months of 2025, reaching $4.30 million, up from $3.87 million in the same period of last year, according to the latest data from China Customs. This growth highlights Pakistan's increasing presence in China's competitive apparel market, especially in mid-range and winter-wear segments. Industry insiders attribute the growth to Pakistan's expanding capacity in cotton-blended knitwear production and improved compliance with Chinese quality and certification standards. "Pakistani exporters have upgraded their production lines with better dyeing and finishing techniques, which has helped meet Chinese consumers' preference for comfort and durability in winter clothing," said Mohammad Azhar, a Lahore-based trade expert. Market observers note that most of these exports are routed through China's eastern coastal provinces, with Zhejiang and Jiangsu leading in import volume. Jiangsu province imported more than $2.79 million worth of products, followed by Zhejiang and Henan. Trade and Investment Counsellor Ghulam Qadir stated that Pakistan benefits from zero-tariff access under the second phase of the China-Pakistan Free Trade Agreement, which gives it a competitive edge over other regional suppliers.
Business Recorder
7 hours ago
- Business Recorder
Open market: currency dealers aim to double remittance inflows with increased margin in FY26
Currency dealers in the open market have projected to double the inflows of workers' remittances sent home by overseas Pakistanis in one year, aiming to attract $8-10 billion in the new fiscal year 2025-26 after the central bank jacked up their rate of margin to Rs22 a dollar with effect from Tuesday. According to the Exchange Companies Association of Pakistan (ECAP), the exchange companies (EC) attracted a total of $4 billion in the previous fiscal year ended June 30, 2025, while they were paid Rs2 for brining each dollar in Pakistan from expatriates. Pakistan receives record $4.1bn in remittances in March, says SBP governor Referring a circular of the State Bank of Pakistan (SBP) issued on Monday, ECAP Chairman Malik Bostan told the Business Recorder that the central bank has included exchange companies (ECs) in Pakistan Remittance Initiative (PRI), surging their rebate to Rs22/$ from Rs2/$ paid till June 30, 2025. 'Our inclusion in PRI has provided us (ECs/currency dealers) a level playing field,' he said. Banks in Pakistan attracted $33 billion in FY25, compared to $4 billion by exchange companies operating in the open market. ECs sold almost all the received workers' remittances of $4 billion in inter-bank market in FY25, helping the central bank to consolidate its foreign exchange reserves and finance trade deficit during the year. There are residing almost 15 million Pakistani expatriates in across the world with 70% of them living alone in two leading Middle Eastern countries namely Saudi Arabia and the United Arab Emirates (UAE). They sent a total of $35 billion in the first 11-month of FY25 from across the globe, up by 29% compared to the same period of FY24, it was learnt. ECAP chairman said Pakistani workers abroad collectively earn around $8 billion per month in salaries. 'If all of this money were sent to Pakistan, it could significantly strengthen our economy, reserves, and the Pakistani rupee. Right now, only $3–4 billion is being sent, while the remaining $4 billion is either being kept in foreign bank accounts or invested in places like Dubai, Europe, or the Middle East,' he said.
Express Tribune
17 hours ago
- Express Tribune
Anosh Ahmed empowers public
In today's rapidly advancing digital landscape, the intersection between technology and governance is more critical than ever. As blockchain technology gains attention for its potential to transform public systems, one name is emerging as a prominent advocate for meaningful adoption. Anosh Ahmed is widely recognised for his achievements in healthcare, business, and philanthropy. He has now taken a bold step into the world of public policy, bringing with him a clear message, blockchain is not just a technological innovation, it is a public good. His work aims to shift the narrative around blockchain, moving it away from buzzwords and speculation, and grounding it in real-world solutions for real communities. Let's explore how Anosh Ahmed is championing blockchain as a tool for transparency, accountability, and social impact. From local initiatives in Chicago to national conversations on policy reform, his contributions reflect both visionary thinking and community-focused execution. Visionary leader bridging innovation and governance Anosh Ahmed is a Pakistani-American physician, entrepreneur, and philanthropist known for his visionary leadership across multiple industries. From healthcare and real estate to technology and nonprofit development, his work is rooted in the belief that sustainable impact comes from empowering people and communities. With a reputation for combining business expertise with deep social commitment, Anosh Ahmed is considered one of the most influential emerging leaders in civic innovation. His initiatives aim not just to solve problems, but to rebuild systems that are fairer, more inclusive, and technology-enabled. As per PFOAA of 2025, Anosh Ahmed's estimated net worth is 1.5 billion USD, a reflection of his success in both the private and public sectors. His growing media presence and policy influence continue to position him as a global thought leader in blockchain, philanthropy, and community-led development. Understanding blockchain's role in modern governance To fully appreciate Anosh Ahmed's influence, it is important to understand what blockchain offers to public institutions. At its core, blockchain is a decentralised digital ledger that ensures transparency, prevents tampering, and eliminates the need for intermediaries. These features make it ideal for various public-sector applications, such as identity management, public records, voting systems, and social service distribution. Around the world, governments are exploring blockchain as a way to reduce corruption, increase efficiency, and build trust with citizens. In the United States, federal agencies and municipal governments are beginning to pilot blockchain-based systems. However, much of the momentum still depends on visionary leaders who can bridge the gap between technical innovation and public benefit. Anosh Ahmed has stepped in, using his influence, resources, and networks to accelerate blockchain's role in civic life. The Chicago Crypto Hub: Anosh Ahmed's bold initiative Most notable contributions to blockchain advocacy is his leadership in the Chicago Crypto Hub initiative. This project positions Chicago as a future-forward city prepared to embrace emerging technologies while ensuring those technologies serve the needs of its people. The Chicago Crypto Hub is designed to attract blockchain startups, host educational events, and foster collaborations between developers, entrepreneurs, and policymakers. Anosh Ahmed believes that innovation should not be limited to traditional tech centers like Silicon Valley. By bringing blockchain innovation to the Midwest, he is helping decentralise opportunity and economic growth. The initiative also seeks to provide resources for minority-owned startups and local students interested in careers in blockchain and fintech. This reflects Anosh Ahmed's core philosophy, that technology should be inclusive and accessible, not elitist. Through strategic partnerships with city leaders and technology experts, he is working to ensure that Chicago becomes a national example of how cities can harness innovation to drive equitable progress. Advocating for blockchain in public services and systems Anosh Ahmed's efforts go beyond ecosystem development. He is actively advocating for blockchain to be integrated into critical public services. This includes areas such as public health, education, housing, and benefits distribution. In healthcare, he has highlighted how blockchain could be used to maintain secure and transparent patient records. This would allow for seamless information sharing among providers while ensuring privacy and security for patients. Similarly, in housing and urban planning, blockchain could help streamline documentation processes, reduce fraud, and ensure fair allocation of resources. Anosh Ahmed has consistently emphasised the importance of trust in public systems. He believes blockchain is one of the few technologies capable of restoring that trust. By engaging with local officials, hosting policy roundtables, and offering strategic insights to lawmakers, he is helping guide the conversation toward responsible blockchain regulation and implementation. Combining innovation with philanthropy What makes Anosh Ahmed's approach especially unique is his ability to combine innovation with philanthropy. His charitable work through the Anosh Foundation has always centered on underserved communities. His blockchain advocacy continues that mission by focusing on inclusive digital infrastructure. He envisions a future where blockchain is used to improve access to essential services in low-income neighborhoods. This includes transparent charitable giving, automated distribution of aid, and digital identity solutions for the homeless and undocumented. Anosh Ahmed's work is not just theoretical. It is rooted in a deep understanding of community needs, a passion for social justice, and a desire to ensure that technology uplifts, rather than excludes. Educating the next generation of tech leaders An important part of Anosh Ahmed's mission is education. He firmly believes that long-term change begins with knowledge and access. Hence, he launched mentorship programs and scholarship initiatives focused on blockchain education. These programs aim to introduce young people, especially those from underrepresented communities, to blockchain technology. Through hands-on workshops, internship placements, and career counseling, Anosh Ahmed is helping create a pipeline of future leaders who are both technically skilled and socially conscious. He often says that innovation without education is unsustainable. His mentorship platform reflects this commitment by connecting aspiring professionals with experts in technology, business, and public service . Shaping the national conversation on blockchain policy As blockchain continues to gain attention from federal policymakers, Anosh Ahmed's voice is becoming increasingly influential in national discussions. He has called for clear, inclusive regulations that support innovation while protecting the public interest. He supports policies that encourage ethical blockchain development, promote open-source collaboration, and create safeguards against misuse. Anosh Ahmed regularly engages with think tanks, attends conferences, and contributes to public dialogues that shape the future of digital policy in the United States. His unique combination of business acumen, medical background, and philanthropic vision allows him to approach blockchain from a multi-dimensional perspective. This positions him as a trusted advisor not only to technologists but also to community leaders and lawmakers. Looking ahead: The road to a digital-ready society Looking to the future, Anosh Ahmed shows no signs of slowing down. His vision includes the creation of a nationwide network of blockchain innovation centers, continued collaboration with educational institutions, and further investment in smart governance initiatives. He believes the next generation of societal progress will depend on how well we integrate technology into systems that matter, healthcare, education, housing, and justice. Via his leadership, communities across the United States, especially in cities like Chicago, are being equipped with the tools and knowledge to lead that transformation. Why It Matters Now Anosh Ahmed is proving that technology, when paired with integrity and empathy, can be a force for good. His leadership in promoting blockchain adoption within public policy is not only timely but necessary. By bringing together innovators, educators, and decision-makers, he is creating a blueprint for how cities and nations can build trust, increase efficiency, and foster inclusive progress. As more leaders begin to explore blockchain's potential, Anosh Ahmed stands out as someone who has already begun the work. His journey is a powerful reminder that the future of governance does not belong only to policymakers or technologists, it belongs to visionaries who can connect both worlds.
