Dubai-based 2,401 Pakistanis may whiten their wealth

ISLAMABAD: More than 2,401 Pakistani nationals, who recently acquired costly properties worth over US$4 billion in Dubai, may get whitened their undeclared assets abroad under the new amnesty scheme, introduced by the Pakistan Muslim League-Nawaz government this week.

Officials associated with the Federal Board of Revenue (FBR) and State Bank of Pakistan (SBP) confirmed that 95% investors have not declared their Dubai assets.

According to a confidential document available with the correspondent, around 2,401 plus super-rich Pakistanis had bought luxury residential villas/ flats/ estates in around a dozen renowned localities of Dubai in the past nine years.

Some 967 residential/ commercial properties were bought in luxury areas of Greens, 75 precious flats in Emirates Hills, 165 properties in Discovery Garden (residential and commercial), 167 flats in Jumeirah Island, 123 residential properties in Jumeirah Park, 245-plush flats in Jumeirah Village, 10 properties in Palm Deira, 160 in Palm Jabel Ali, 25 properties in Palm Juemirah Shorelines, 234 properties in International City and 230 flats were bought in Dubai Cilicon, according to the document.

These Pakistani emerged as the second largest investors group being nine per cent of the total, as compared to 13pc for Indians, followed by 7pc each for British, Chinese, Iranians and Russians during this period.

The base price (lowest value unit) of a property in Dubai market was AED1,000,000 and upper end properties were worth as high as AED15,000,000, say some known property consultants in Dubai.

This reporter has particulars of all those investors and the confidential document contains particulars of some 34,000 rich families from 118 countries (including some 7,000 from Pakistan) in all. For collecting all these details, the correspondent met more than two dozen officials of the Securities & Exchange Commission of Pakistan (SECP), FBR, SBP and Federal Investigation Agency (FIA) in Pakistan, and a number of property consultants in Dubai.

The Pakistani authorities hope that the new scheme would bring around Rs470 billion only from Dubai. This correspondent made repeated requests via emails, WhatApp and text messages to all prominent Pakistanis, who acquired properties through offshore companies in Dubai in the past six months, but only 25 responded. Neither Pakistani mission in the UAE nor the Dubai Land Authority responded to the queries made by the reporter.

Meanwhile, the FBR authorities told the reporter that the UAE confirmed particulars of 55 proprieties, owned by 31 Pakistani nationals. Among them is the sister of PTI Chairman Imran Khan, Ms Aleema Khan, who’s at top of the list and she had concealed her property from tax authorities, revealed official documents exclusively made available to this correspondent. Ms Khan acquired the property in Dubai but did not declare it with the tax authorities. The estimated cost of the property is around AED3 million, independent consultants say. The FBR informed the Supreme Court that under Section 176 of the tax laws, it served a notice on Ms Khan after she failed to disclose the foreign asset with the tax authorities. Ms Khan neither confirmed nor denied it while the PTI leader, Dr Shireen Mazari, said: “Please ask Aleema as I only deal with PTI chairman as a spokesperson.”

Abdullah Hashwani also did not disclose his Dubai/UAE properties. He owns properties in Dubai, FBR claims. He, despite several attempts made by this corresponded, did not respond to the queries.

Official documents revealed that Khalid Imran, a Lahore-based individual owns property in Dubai. Mr Imran did not disclose his property to the FBR and SBP and action under Section 122 (5) of tax laws had been initiated against him.

Adnan Khan, a business individual from Multan, owns property in Dubai but he did not declare the property with the FBR and SBP.

Najeebur Rehman has also been served notice under Section 116 of tax laws as no wealth statements for years 2013 to 2017 was available with the FBR.

Zia Hameed owns properties in UAE but did not show foreign assets in his returns, filed with the FBR.

Junaid Khalil holds properties in the UAE, but did not disclose them to the FBR and SBP. "No property investment has been declared in wealth statement of tax years 2015-2017,” says FBR.

Anwar Yahya, an individual from Karachi, owns property in the UAE but did not declare his foreign assets in his annual returns.

Sheikh Nadeem Akhtar, a businessman, owns property in the UAE but did not disclose it with the tax authorities.

Noreen Sami Khan, mother of popular singer Adnan Sami Khan, did not disclose her property located in Dubai. She owns a flat in heart of Dubai.

Dr Kamran Masud acquired property in the UAE, but did not disclose it to the FBR.

Safina Syma Khar, aunt of former foreign minister Hina Rabbani Khar, also did not disclose her Dubai property. Notice has also been issued to her for not filing the statement of 2017.

Dr Hamid Hassan, a professional, did not declare his Dubai property with the FBR, which is now conducting investigation into his wealth.

Abdul Qadir Bashir, a businessman from Karachi, concealed his Dubai property from tax authorities.

Ashfaq Alam Khan, a Karach-based businessman, did not disclose his properties in UAE to the FBR.

Asif Nisar, a businessman from Karachi, also did not disclose his Dubai assets in his annual returns, filed with the FBR authorities.

Afraz Alam Khan did not disclose his assets located in Dubai in his returns, filed with the tax authorities.

Syed Ali Shabbar Jafri also did not disclose his foreign assets with the tax authorities, Dubai property in particular. Notices have been issued by operation wing of the FBR to him.

Imran Ahmed Farid believes to have owned property in the UAE, but the FBR is still investigating the matter either he owns assets abroad.

Notices have also been issued to SM Kashif Qaseem by the tax authorities.

Madiha Shabbir and Sadaqat Said also own properties in Dubai and the FBR also issued notices to them as well. They did not disclose their foreign assets.

Alam Khan has not declared his foreign assets with the FBR but mentioned the value of the asset as 'Zero'.

Bakhtiar Khan owns assets worth Rs50,083,000 in the UAE and declared in his tax returns.

Shuaib Anwer Malik owns foreign assets/property worth some Rs4 billion in the UAE and declared these assets with the FBR.

Jahanara Aminuddin acquired property in Dubai and declared it in her wealth statements.

Munir Fazla, a transporter, owns an apartment in Dubai and also declared it with the FBR. Malik Iftikhar Khan owns a property in Dubai worth Rs19,200,000. He has also declared his property with the FBR.