For The First Time, UAE Agrees To Share Property Details Of 500 Non-Iqama Holder Pakistanis

[Shahzaz ud din]

For The First Time, UAE Agrees To Share Property Details Of 500 Non-Iqama Holder Pakistanis
This is the first time UAE has agreed to share sensitive details with Pakistan
By EMINRAJA On OCT 12, 2019
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For the first time, the United Arab Emirates (UAE) has agreed to share property details of 500 non-Iqama holder Pakistani nationals. The information will provide valuable information to Pakistan’s tax infrastructure. Previously, FBR faced immense difficulty in obtaining data regarding Pakistani nationals residing in other countries and offshore information.

Both countries also reached an agreement to avoid the Pak-UAE double taxation treaty, which will also help remove irritants and cooperate in the sphere of taxation particularly. However, UAE has given no go-ahead for sharing details of those Pakistanis who own UAE residence visa, also commonly called as Iqama, under its Residence by Investment (RBI) policy remains unresolved.

Adviser to Prime Minister on Finance Dr. Abdul Hafeez Shaikh has requested the Organisation for Economic Cooperation and Development (OECD) to help resolve the iqama-holder issue. FBR Chairman Shabbar Zaidi tweeted about the agreement between UAE and Pakistani authorities.

“We are pleased to inform you that a very productive meeting has been held in Dubai on October 9 and 10 on the matter of exchange of information [and] the Dubai Land Department will instantly provide details of Pakistani owners of Dubai Properties,” tweeted FBR Chairman Shabbar Zaidi on Friday.


Syed Shabbar Zaidi@ShabarZaidi
https://twitter.com/ShabarZaidi/status/1182561416022245376

We are pleased to inform that a very productive meeting has been held in Dubai on October 9 and 10 on the matter of exchange of information. Dubai Land Department will instantly provide details of Pakistani owners of Dubai Properties. Iqama abuse is also being handled.

UAE has agreed to give updates about people who hold properties in Dubai on a weekly basis. Pakistani authorities will further be sharing details about its 500 nationals in an attempt to gain access to true owners of the properties. The UAE government will also ask for the help of its largest real estate developer aimed at identifying the people.

However, significantly, the UAE authorities will also inform about the date of the purchase of these properties. It would help the FBR determine their exact tax liabilities.

What are your views on this? Share with us in the comments bar below.

 

[Trango Towers]

We had two properties in uae. Worst mistake ever. Sold them and just about broke even after 6 years. Not a place to invest. Its definitely built on sand

 

[war&peace]

Very good. step in the right direction, I hope more is done on this front. I will be thankful to UAE when this looted money is returned to Pakistan.

We had two properties in uae. Worst mistake ever. Sold them and just about broke even after 6 years. Not a place to invest. Its definitely built on sand

Why sir, can you please elaborate? was it losing value?

 

[Trango Towers]

Very good. step in the right direction, I hope more is done on this front. I will be thankful to UAE when this looted money is returned to Pakistan.


Why sir, can you please elaborate? was it losing value?

Dubai is designed to lure you in. When we sold it we had so many problems taking the money out. If you dont live and work there you cant have a bank account so you cant transfer money out of the country.
The property was rented and by the time all the hidden government charges were paid it wasnt worth the investment. Then the property slump. You all know property has dived in the uae.

 

[war&peace]

Dubai is designed to lure you in. When we sold it we had so many problems taking the money out. If you dont live and work there you cant have a bank account so you cant transfer money out of the country.
The property was rented and by the time all the hidden government charges were paid it wasnt worth the investment. Then the property slump. You all know property has dived in the uae.

My father was deputed in some GCC country for many years to help that country with some acquisitions. My father wanted to buy an apartment there but my mother always forbade him and I believe she was right.

 

[Kabira]

We had two properties in uae. Worst mistake ever. Sold them and just about broke even after 6 years. Not a place to invest. Its definitely built on sand

But for someone in Pakistan trying to park black money UAE is heaven. Few years ago Pakistanis were 3rd in list of top UAE property buyers.

 

[Dark-Destroyer]

Pakistanis have a lot of money parked in Dubai... they dont wanna pay taxes and follow rules in pakistan but in foreign countries they will gladly do it all

 

[Trango Towers]

But for someone in Pakistan trying to park black money UAE is heaven. Few years ago Pakistanis were 3rd in list of top UAE property buyers.

Yes you are correct. We worked hard and no money was taken out of Pakistan. We invested from UK and returned money to UK

 

[jupiter2007]

People with Iqama probably had to more money than non-iqama holders. If Pakistan can get that info, it will make it easier to catch them.

Dont worry you exposed yourself - Basic principle of life- Smart people make money, dumb people loose money.

That’s not always true, sometimes smart people can also lose money.

BTW, What happened to those block 70?

 

[pak-marine]

Dubai is designed to lure you in. When we sold it we had so many problems taking the money out. If you dont live and work there you cant have a bank account so you cant transfer money out of the country.
The property was rented and by the time all the hidden government charges were paid it wasnt worth the investment. Then the property slump. You all know property has dived in the uae.

https://m.khaleejtimes.com/business...foreign-investors-in-dubai-property-in-2018--

https://m.khaleejtimes.com/business...foreign-investors-in-dubai-property-in-2018--

Pakistanis invested 2.8bilion dirhams last year as for investments its upto indivisuals what choice they made entry and exit times are important so depends what they did , i know many have made absolute fortunes here in property market

 

[Khafee]

https://m.khaleejtimes.com/business...foreign-investors-in-dubai-property-in-2018--

https://m.khaleejtimes.com/business...foreign-investors-in-dubai-property-in-2018--

Pakistanis invested 2.8bilion dirhams last year as for investments its upto indivisuals what choice they made entry and exit times are important so depends what they did , i know many have made absolute fortunes here in property market

People keep investing, but dont show ground realities to a hater, he will just burn, and clueless Swedish blondes will act like his cheerleader.

 

[Sine Nomine]

People with Iqama probably had to more money than non-iqama holders. If Pakistan can get that info, it will make it easier to catch them.

Almost all those who have plundered Pakistan with both hands have Iqama.

 

[Khafee]

bla bla bla….

real world......where is the f16 V72...….run kafee run. you will never answer you liar.

your infatuation with mullah....it your personal issue. I don't care for them.

 

[Trango Towers]

https://m.khaleejtimes.com/business...foreign-investors-in-dubai-property-in-2018--

https://m.khaleejtimes.com/business...foreign-investors-in-dubai-property-in-2018--

Pakistanis invested 2.8bilion dirhams last year as for investments its upto indivisuals what choice they made entry and exit times are important so depends what they did , i know many have made absolute fortunes here in property market

you are correct.
I don't think has been the case in the last decade that people have made money in real estate. if you look at the property prices in the last 12 months there is a significant fall. I have many business friends who are leaving UAE. of course experiences are personal
https://doorbellsofflorence.com/dubai-real-estate-continues-to-decline/

 

[pak-marine]

Almost all those who have plundered Pakistan with both hands have Iqama.

There are millions of pakistanis living and working in uae and all hold iqama however there are few who hold an investors visa which means a person who has invested 1m or more qualifies for a uae residence visa and as indicated in the news the no is just 500 no more

you are correct.
I don't think has been the case in the last decade that people have made money in real estate. if you look at the property prices in the last 12 months there is a significant fall. I have many business friends who are leaving UAE. of course experiences are personal

Property market globally is screwed up if we talk about pakistan entire market is on a halt and the depreciation of rupee bs dollars of you take into account any gains makes no difference as such , and so is the case with uk market as well