State Bank of Pakistan (SBP) will start the Roshan Apna Ghar scheme this week, which will allow non-resident Pakistanis to purchase property in their native country.
The SBP announced the plan to begin the scheme in a statement on Wednesday.
“Through the Roshan Digital Account, non-resident Pakistanis may now acquire or get finance for properties in Pakistan,” it added. “The Roshan Digital Account is a significant project of the State Bank of Pakistan, which was introduced on September 10, 2020, in partnership with commercial banks in the country.”
According to the central bank, these accounts provided new financial options for millions of non-resident Pakistanis wishing to conduct banking, payment, and investment operations in Pakistan.
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Several financial products have been made available to abroad Pakistanis as part of the program, including Naya Pakistan Certificates for investment, Roshan Apni Vehicle for car finance, and Roshan Samaaji Khidmat for charitable donations.
According to the company, “Roshan Apna Ghar is a new lifestyle banking product in the same category.” “Non-resident Pakistanis may now easily buy or receive finance from the comfort of their homes overseas without visiting a bank branch.”
Expatriates might also buy or finance a house from one of the bank’s pre-approved projects or any other property, according to the central bank.
The tax regime is straightforward and final. In the event of a property sale, the main amount invested can be sent overseas without the need for a permit.
“Profit margins are appealing. Financing is accessible in both conventional and Shariah-compliant forms, according to the SBP.