Pakistani residents who have assets abroad can now repatriate their wealth by investing in Naya Pakistan Certificates, just like overseas Pakistanis.
The State Bank of Pakistan spokesperson said that during the previous amnesty schemes, which asked Pakistanis to declare their assets both local and abroad, many people declared their foreign assets with the FBR. They have now been given the option to repatriate their assets with an ‘enticing’ option to invest in the ‘lucrative’ Naya Pakistan Certificate in dollars.
They can do so by opening a foreign currency Roshan Digital Account, which was originally offered to facilitate overseas Pakistanis. Through this account, they will be able to invest in Naya Pakistan Certificates, the government’s newly-launched foreign currency-denominated debt securities.
Interested investors with declared assets abroad can purchase Naya Pakistan Certificates from any branch of one of the eight participating banks in Pakistan–Bank Alfalah, Faysal Bank, Habib Bank, MCB, Meezan, Samba, Standard Chartered, and UBL.
The Naya Pakistan Certificates were initially only offered to overseas Pakistanis but have now been extended to resident Pakistanis who have declared their assets abroad.
These certificates are available for five periods—three months, six months, one year, three years, and five years. The three-month short-term certificates will give a profit of 5.5% in dollars. The profit rate for six months is 6% while the one-year certificate will offer a profit of 6.5%. The profit rate for three years is 6.75% and for five years the rate is 7%.
The tax deduction for this scheme is 10% (of the profit) and the minimum amount one can invest is $5,000. For certificates with a maturity of one year or less, the profit (along with original investment) will be paid when the period ends. In the case of the three and five-year maturity, the profit will be paid twice a year.
The certificates are also available for overseas Pakistanis in rupees as well.