Unlocking Dubai : Pakistani Own $12.5 Billion Propertie, Exclusive Update
Dubai Property Data leaked in 2022 which included more than 100 data sets — According to which the total value of Pakistani property Owners in Dubai stood at $10 Billion in 2022. Due to 25% surge in property price in 2 years, this $10 billion property has now increased to $12.5 billion.
In Dubai, Pakistani Owners owns Property of $12.5 Billion
According to the data of Dubai Properties leaked in 2022, there will be 17,000 Pakistani property owners listed in Dubai in 2022. However, researchers who have deeply analyzed the leaked data have said that originally the number of Pakistani property owners in Dubai was 23,000.
The Report Highlighted
The Report Highlightes that, "an astounding volume of leaked property data that includes over 17,000 properties listed as belonging to Pakistani nationals up to the spring of 2022”
From Studio Apartment to Six Bedroom Villas
The Investigated Report Highlighted that," The properties owned by Pakistanis range from studio apartments and commercial properties to entire buildings and six-bedroom villas. Pakistanis are listed as owners in some of Dubai’s most expensive districts, including Dubai Marina, Emirates Hills, Business Bay, Palm Jumeirah and Al Barsha."
Surge of 25% in just 2 years
It was also revealed in the Comprehensive Report that the expected price of villas and apartments in Dubai owned by Pakistani owners would exceed $10 Billion by 2022, there has been an increase of up to 25% in the residential properties of Dubai in the last 2 years – According to which now the value of those $10 billion properties was estimated at $12.5 billion.
Center for Advance Defense Studies (C4ADS)
Leaked data contains 100 Datasets and detailed information about the properties of hundreds of property owners in Dubai. The leaked information was obtained by the Center for Advance Defense Studies C4ADS from 2020 to 2022.
To Expose invalid activities and misleading
Center for Advance Defense Research studies (C4ADS) is a Washington-based non-profit organization that conducts Advanced Research Studies on Global security and Conflict. Officials and analysts can use this leaked data to expose invalid activities and misleading.
"Dubai Unlocking" Investigated by 74 Partners across 58 Countries
After getting data from C4ADS, C4ADS shared this leaked data to Norwegian financial outlet E24 and
Organized Crime and Corruption Reporting Project (OCCRP). Then all these organization started a Coordinated Investigative Project. The Outcome of 6 months long investigation was unveiled and given the title "Dubai Unlocking". 78 partners from 58 countries joined the Coordinated Investigative Project — Dawn is a partner of Collaboration.
The Darker Side of Dubai
One of the sections of the reports was titled, "The Dark Side of Dubai". In which Dubai was called the "Financial Hub" of the world's wealthiest person. Mentioned that," But the glamorous emirate has a darker reputation as a tax haven, and top destination for murky sources of cash and money laundering — often through real estate transactions."
Dubai Immigration Department remained "silent"
It was also mentioned in the Comprehensive Report that FBA's Former Chairman and Shabbar Zaidi asked for tax related reports from Immigration Department of Dubai but still Dubai Immigration Department remained silent.
Dubai titled as "Money laundering paradise’,
In response, " In 2019, Transparency International dubbed the emirate a ‘money laundering paradise’, highlighting that individuals with questionable sources of income are able to invest in Dubai without restrictions."
Private jets full of Money
One of the Lawyer Highlighted that, “Private jets full of money are landing frequently in Dubai. No one can ask who the money is for. It’s taken out and deposited in special accounts…”
Close ties between Pakistani Elite Family Close and the UAE
“Every elite family [in Pakistan] — armed forces, politicians, business people — everyone rich has property in Dubai. This business of taxing them is a small matter; the larger issue is the lack of transparency and the close ties between the elite in Pakistan and the UAE,” Shabbar Zaidi, who served as the 26th Chairman of Federal Board of Revenue, a Chartered Accountant by Profession
UAE takes care of Global Financial Integrity
Although the UAE Embassy in Norway made a contrary statement against this said that the UAE takes "global financial integrity" seriously – the FATF has also Praised UAE due to its Strictness regarding "money laundering". And to support its statement, the embassy highlighted some figures, "The UAE has issued fines of more than AED 115 million in relation to money laundering” and “seized assets of more than AED 925 million in relation to breaches of AML practices and procedures”.
Properties Worth of $ 740 Million in London also
According to data collected from the Atlas of Offshores of the World, due to lack of transparency in Real Estate in and No tax System in Dubai. The first choice of Pakistani real estate investors is Dubai with total assets of about $12.5 billion. In London Pakistani Property owners are said to own a property worth $740 million. The third Chice of Pakistani Property Owners is Singapore, with a Total Property of worth $ +120 Mllion.
Dubai, Embracing Opacity Over Transparency
Mr Zaidi adds, “Because of Pakistan’s bankruptcy and financial dependency on countries like the UAE, it cannot ask for this information. Dubai thrives on non-transparency, and doesn’t want to share this information.”
Citizenship has no importance in tax Law
Malik Ahmed Highlighted that Taxation is not related to residence status and Mentioned that “citizenship has no importance in tax law”. He also Stressed that, the Pakistani Government is trying to get information related to tax status from the Immigration Department of Dubai, but it could not be done.
"Eligible to pay tax in Pakistan on rental..."
Malik Ahmed Zubair Tiwana, chairman of the Federal Board of Revenue (FBR) tells Dawn, “If we have the data you are talking about, as well as the information on residence status, we will make sure those who are eligible to pay tax in Pakistan on rental income or capital value are doing so.
"Sensitive Matter"
He further added that, "It may be a sensitive matter, and perhaps the law will have to change, but with political will we will go all out against tax evaders. The government is prepared for this.”
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