Multi-Billion Property owned by Pakistani’s in Dubai
September 25, 2024
A six-month investigation has revealed a massive amount of leaked property data, showing that over 23,000 properties are owned by Pakistani nationals as of spring 2022. This involves multi-billion property holdings, highlighting significant wealth among these individuals.
Table of Content
Multi-Billion Property Leak Exposes Pakistani Ownership in Dubai
Overview of the Situation
In recent years, Pakistani officials have tried to find out which citizens own property in Dubai to tax undeclared assets. However, they’ve had little success. Dubai authorities are not willing to share basic information, like how many Pakistani citizens hold residence visas there.
The Leak of Property Data
A recent investigation uncovered a huge leak of property data, revealing that over 23,000 properties in Dubai belong to Pakistani nationals as of spring 2022. This involves multi-billion property holdings, highlighting significant wealth among these individuals. The data was obtained by a research organization in Washington, D.C., and shared with media outlets worldwide.
Financial Implications
The leaked data shows that about 17,000 Pakistani citizens are listed as property owners, with estimates suggesting around 22,000 actually own residential properties. These properties could be worth over $12.5 billion today due to rising property prices.
Challenges in Tax Collection
Pakistan’s Federal Board of Revenue (FBR) is eager to tax these overseas assets, but they face obstacles. Despite having a tax treaty with the UAE, they struggle to get necessary information. Past attempts to obtain details about property ownership have been met with resistance from Dubai authorities.
Political Pressure
Political dynamics complicate matters. Due to Pakistan’s reliance on financial support from the UAE, officials are hesitant to push for information that might strain relations. For instance, when a former FBR chairman sought property ownership details, he was warned by a diplomat to back off, fearing repercussions.
Legal Aspects of Taxation
Pakistani residents are liable to pay taxes on their worldwide income, including overseas properties. However, non-resident Pakistanis only pay taxes on income generated within Pakistan. There have been cases of government officials misusing property information for personal gain, highlighting the challenges in enforcing tax laws.
Conclusion
The leaked data paints a picture of significant wealth among Pakistanis in Dubai, with multi-billion property holdings at stake. However, political and bureaucratic hurdles continue to hinder efforts to bring these assets into the tax system.
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