A recent investigative report, dubbed the Dubai leaks, has uncovered a staggering revelation about Pakistani nationals owning properties in Dubai, collectively valued at a whopping USD 12.5 billion. The leaked data, accessed by an international consortium of journalists, unveils the ownership of between 17,000 to 22,000 properties in Dubai by Pakistani citizens, according to The Dawn.
Among the prominent figures listed in the leaked data are top Pakistani politicians, officials, and military personnel, showcasing their ownership of vast properties in Dubai. Notable names include President Asif Ali Zardari’s children, Interior Minister Mohsin Naqvi’s wife, Hussain Nawaz Sharif, late Gen Pervez Musharraf, and former Prime Minister Shaukat Aziz.
One significant revelation from the leaks is the existence of loopholes in property declarations by politicians. For instance, Interior Minister Mohsin Naqvi’s wife failed to disclose ownership of a villa in Dubai in his Senate election nomination papers during the February general elections.
The leaked data primarily spans the years 2020 and 2022, offering insights into hundreds of thousands of properties in Dubai, including details about ownership or usage.
According to the data, Pakistani nationals are identified as owners of over 17,000 properties in Dubai up to the spring of 2022. However, academic assessments and additional sources suggest that the actual number of Pakistani property owners in Dubai could be as high as 22,000.
The combined value of these residential properties owned by Pakistanis exceeded USD 10 billion at the beginning of 2022. With property prices witnessing a notable increase of over 25% in the last two years, the current value of Pakistani-owned properties in Dubai is estimated to surpass USD 12.5 billion.
In response to these revelations, Malik Amjed Zubair Tiwana, chairman of the Federal Board of Revenue (FBR), stressed the importance of ensuring tax compliance among those eligible to pay taxes in Pakistan on rental income or capital value from these properties.
The issue of taxation on overseas assets, particularly for Pakistani residents with properties abroad, has prompted discussions on potential tax liabilities and the need for enhanced transparency in tax compliance. Efforts are underway to address potential tax evasion and enforce tax regulations effectively.
While the leaked data itself does not necessarily indicate financial misconduct, it highlights the stark contrast between Pakistan’s economic challenges and the significant investments made by its nationals in properties overseas.
The information was obtained by the Centre for Advanced Defence Studies (C4ADS), in collaboration with Norwegian financial outlet E24 and the Organised Crime and Corruption Reporting Project (OCCRP), as part of an investigative project named ‘Dubai Unlocked’, involving 74 partners from 58 countries.
