Pakistanis Own Properties Worth $12.5 Billion in Dubai: Leaked Data Reveals

GG News Bureau
Islamabad, 15th May. A recent report has unveiled that affluent Pakistanis possess between 17,000 to 22,000 properties valued at a staggering $12.5 billion in Dubai, shedding light on the extent of overseas investments by Pakistani nationals.

Leaked data accessed by an international consortium of journalists, facilitated by the Centre for Advanced Defence Studies (C4ADS), reveals intricate details about hundreds of thousands of properties in Dubai, primarily from 2020 and 2022. The data was subsequently shared with Norwegian financial outlet E24 and the Organised Crime and Corruption Reporting Project (OCCRP), leading to a collaborative investigative project titled ‘Dubai Unlocked’, involving 74 partners from 58 countries.

While 17,000 properties are officially listed under Pakistani ownership in the 2022 leak, experts estimate the actual number of Pakistani property owners in Dubai to be around 22,000. The value of these residential assets, initially estimated to exceed $10 billion in 2022, has likely surpassed $12.5 billion owing to a significant surge of over 25% in property prices over the last two years.

Reacting to the revelations, Malik Amjed Zubair Tiwana, chairman of the Federal Board of Revenue (FBR), emphasized the government’s commitment to ensuring tax compliance among Pakistani citizens with properties abroad. Tiwana underscored the importance of tax regulations, noting that residence status determines taxation obligations, and pledged rigorous action against tax evaders.

Ali Rahim, a tax lawyer and former Karachi Tax Bar Association president, highlighted the tax liabilities of Pakistani residents with assets abroad, outlining the legal framework for taxing overseas income. However, he noted ongoing legal challenges to these tax laws in Pakistan’s high courts and the Supreme Court.

The leaked data, while not indicative of financial misconduct or tax evasion, presents a stark contrast between Pakistan’s economic struggles and the substantial overseas investments by its citizens. Despite Pakistan’s reliance on international aid and loans, the data underscores the significant presence of Pakistani wealth in Dubai’s real estate market.

Dawn, the news outlet, clarified that inclusion in the leaked data does not imply wrongdoing, as it lacks crucial information such as tax declarations and income sources. Nevertheless, it highlights the disparity between Pakistan’s economic challenges and the substantial investments of its citizens abroad.