Pakistan’s Rich Own Offshore Assets Worth $19.2 Billion

$10 billion of the $19.2 billion in offshore wealth owned by Pakistanis is invested in real estate in Dubai.

According to Express Tribune, the foreign assets of the nation’s wealthy fell by $1.1 billion in 2022 compared to 2021 as a result of a sharp decline in assets from $5 billion to $4 billion held in Asian tax havens.

The European Union (EU) Tax Observatory’s Global Tax Evasion report states that Pakistanis possess $8 billion in cash, shares, bonds, and investments, in addition to an additional $11.2 billion in real estate. With this, Pakistanis’ total foreign wealth as of 2022 will be $19.2 billion, or 3.6 percent of the GDP of the nation.

Eight billion dollars’ worth of assets, including stocks, bonds, mutual fund shares, and bank deposits, were held offshore by Pakistanis. Of this, $2 billion, $1 billion, and $910 million are held in tax havens in Europe, Switzerland, and America; the remaining $4 billion is kept in tax havens in Asia.

$11.2 billion worth of real estate in Singapore, Dubai, and London is owned by Pakistanis. $10 billion of this sum is invested in the real estate market in Dubai, $740 million in London, and $120 million in Singapore. Remarkably, Pakistanis have assets valued at $18 million in Paris.

It is noteworthy to mention that in 2007, Pakistanis held assets valued at $19 billion in Switzerland; however, by 2016, this amount had dropped to just $2 billion. The amount of money hidden in Asian havens in 2007 was just over $500 million; by 2021, it had risen to $5 billion, but it fell to $4 billion last year.

The revenue loss resulting from multinational corporations’ (MNCs) profit shifting is also mentioned in the report. By 2020, profit shifting by multinational corporations had cost Pakistan $430 million in revenue, of which $310 million was due to the diversion of earnings to tax havens outside the European Union.

In summary, 838 individuals in East Asia are the region’s richest billionaires, with a combined net worth of $3.5 trillion, according to the report. They only paid $8.6 billion in taxes. It also mentioned the $991 billion in wealth owned by 260 billionaires in South and Southeast Asia, with $2.5 billion in taxes paid.

There are 133 billionaires in Russia and Central Asia who own $586 billion and pay $1.5 billion in taxes.

While the report acknowledged that there has been a global decline in tax evasion, it also noted that profits—which are projected to surpass $1 trillion by 2022—continue to be siphoned off to tax havens. The report suggests that corporations be subject to a 25 percent tax rate and that tax loopholes be closed.

It also offers institutional mechanisms for taxing the wealthy who have long-term residence in a nation but have chosen to relocate to low-tax areas.

You can also invest in other famous and most in demand housing societies, such as , Blue World City, Rudn Enclave, 7 Wonders City Peshawar, Taj Residencia, Kingdom Valley, New Metro City Gujar Khan, Forest Town Rawalpindi, University Town Rawalpindi, ICHS Town, Park View City Islamabad, Multi Gardens B17 Islamabad and Nova City Islamabad.

Al Sadat Marketing please contact 0331 1110005 or visit https://alsadatmarketing.com/

Few more real estate housing schemes which are trending now a days in Islamabad by including: Faisal Town Phase 2, Prism Town Gujar Khan, New City Paradise, Eighteen Islamabad, 7 Wonders City Islamabad, Capital Smart City, Silver City Islamabad, The Life Residencia, Faisal Town Islamabad, Islamabad Golf City, Islamabad Model Town and Marble Arch Enclave.

Al Sadat Marketing is an emerging Real Estate Agency headquartered in Islamabad, Pakistan. With over 10+ Years of experience, Al Sadat Marketing is providing its services and dealing all trending housing societies projects in different cities of Pakistan. Islamabad Projects, Rawalpindi Projects, Gujar Khan Projects, Burhan Projects, and Peshawar Projects etc.

Book Your Plot Now: +92 331 111 0005

Tags :