Sending the money from a property sale abroad
You live abroad, you are selling a house, flat or plot in Pakistan, or you inherited a share of one, and you want the money in your account abroad.
All Pakistan. 9 steps, 7 confirmed against the text.
What this route rules out
- These are the State Bank's foreign exchange rules for banks. They do not settle who owns the property or whether the sale is valid.
- Tax on the sale is a separate matter. This route does not cover it.
- Banks apply these rules, and each bank has its own forms and charges. Ask your bank before you sign a sale.
The steps
You
Check how the property was paid for. The State Bank lets a non-resident Pakistani or POC holder buy a house or plot through an NRP Rupee Value Account on a basis that lets the money go back abroad. That account is one of the two Roshan Digital Accounts.
The official page: Foreign Exchange Manual (opens in a new tab)
- Run by
- State Bank of Pakistan
- What you can do there
- Read the State Bank's rules for banks on sending money abroad, chapter by chapter.
- What it asks for
- Public page with each chapter as a PDF.
Opened
Chapter 8, Annexure A, para 1, State Bank of Pakistan, Foreign Exchange Manual, Chapter 8, Non-resident Rupee Accounts, read .
The text says
Authorized Dealers may allow individual non-resident Pakistanis (NRPs) and non-resident Pakistan Origin Card (POC) holders to make investment in the residential and commercial real estate on repatriable basis through their NRP Rupee Value Accounts (NRVA)
Your bank
If you are not sure what account you have, ask your bank whether it is a Roshan Digital Account and which of the two kinds. The State Bank's page names a Foreign Currency Value Account and an NRP Rupee Value Account.
The official page: Roshan Digital Accounts (opens in a new tab)
- Run by
- State Bank of Pakistan
- What you can do there
- Read what a Roshan Digital Account is, who can open one and which banks offer it.
- What it asks for
- Public page. Accounts are opened online with a participating bank. It lists a Pakistani passport, NICOP, POC or NIC for non-residents.
Opened
Roshan Digital Accounts, Frequently Asked Questions, State Bank of Pakistan, Roshan Digital Accounts, read .
The text says
There are two types of accounts offered under Roshan Digital Accounts. These are: Foreign Currency Value Account (FCVA) NRP Rupee Value Account (NRV)
The buyer and your bank
Ask the buyer to pay into your NRP Rupee Value Account from their own bank account, by pay order, banker's cheque or a transfer. Do not take cash.
The official page: Foreign Exchange Manual (opens in a new tab)
- Run by
- State Bank of Pakistan
- What you can do there
- Read the State Bank's rules for banks on sending money abroad, chapter by chapter.
- What it asks for
- Public page with each chapter as a PDF.
Opened
Papers to take
Papers: Chapter 8, Annexure A, para 2(c), State Bank of Pakistan, Foreign Exchange Manual, Chapter 8, Non-resident Rupee Accounts, read .
The text says
Authorized Dealer shall obtain following minimum information/documents at the time of investment from or crediting disinvestment proceeds to the account of the investor: (i) Copy of sales agreement/purchase letter of the housing or relevant authority or any other document evidencing sale/purchase of property, as applicable. (ii) Latest valuation report of the property from independent valuator, not more than three months old, listed on Pakistan Banks Association's (PBA) approved panel.
Step: Chapter 8, Annexure A, para 2(b), State Bank of Pakistan, Foreign Exchange Manual, Chapter 8, Non-resident Rupee Accounts, read .
The text says
In case of disinvestment, Authorized Dealer shall ensure that the payment being received for the account of investor must originate from the account of the buyers through payment order/bankers cheque or account to account transfer.
You and the valuer
Keep the sale price close to the valuation. The bank may accept a gap of up to 10 percent either way between the price in the agreement and the valuer's figure.
The official page: Foreign Exchange Manual (opens in a new tab)
- Run by
- State Bank of Pakistan
- What you can do there
- Read the State Bank's rules for banks on sending money abroad, chapter by chapter.
- What it asks for
- Public page with each chapter as a PDF.
Opened
Chapter 8, Annexure A, para 2(d), State Bank of Pakistan, Foreign Exchange Manual, Chapter 8, Non-resident Rupee Accounts, read .
The text says
At the time of investment and disinvestment, the tolerance limit of +/- 10% between the sale/purchase price of the property, as per sale/purchase agreement, and the value determined by the valuators may be acceptable.
Your bank
Count from your final payment for the property, or from when the bank loan was fully paid. If you sell within three years, only the amount you put in can go abroad straight away. Any gain can go after three years, and until then you may invest it through the account.
The official page: Foreign Exchange Manual (opens in a new tab)
- Run by
- State Bank of Pakistan
- What you can do there
- Read the State Bank's rules for banks on sending money abroad, chapter by chapter.
- What it asks for
- Public page with each chapter as a PDF.
Opened
Chapter 8, Annexure A, para 1(d)(i) and (ii), State Bank of Pakistan, Foreign Exchange Manual, Chapter 8, Non-resident Rupee Accounts, read .
The text says
In case of disinvestment within three years from the final payment for investment, under self-financing, or full adjustment of loan under bank's financing, only principal amount of investment can be repatriated, while the capital gain, if any, can be repatriated after three years
Your bank
Once the money is in your NRP Rupee Value Account and the three year rule is met, ask the bank to send it abroad. The Manual says no prior approval from the bank or the State Bank is needed for this, beyond the real estate conditions above.
The official page: Foreign Exchange Manual (opens in a new tab)
- Run by
- State Bank of Pakistan
- What you can do there
- Read the State Bank's rules for banks on sending money abroad, chapter by chapter.
- What it asks for
- Public page with each chapter as a PDF.
Opened
Chapter 8, para 8(iv)(d), State Bank of Pakistan, Foreign Exchange Manual, Chapter 8, Non-resident Rupee Accounts, read .
The text says
Remittances and Payments outside Pakistan to the extent of balance available in the account, without any prior approvals from the bank or the State Bank, except for investment in real estate which will be subject to compliance with terms & conditions given in Annexure A para 1 (d).
Your bank, then the State Bank
If the money comes from the estate of someone who died, and you are an heir living abroad, the bank sends the request to the State Bank to decide. It goes by letter with the papers listed here. An amount the State Bank does not allow abroad can be kept in a blocked account in Pakistan.
The official page: Foreign Exchange Manual (opens in a new tab)
- Run by
- State Bank of Pakistan
- What you can do there
- Read the State Bank's rules for banks on sending money abroad, chapter by chapter.
- What it asks for
- Public page with each chapter as a PDF.
Opened
Papers to take
Papers: Chapter 16, para 3(i) to (iii), State Bank of Pakistan, Foreign Exchange Manual, Chapter 16, Private Remittances, read .
The text says
Such applications should be made by letter, which should be accompanied by the following documents and information: (i) Name, nationality and place of residence of the deceased at the time of his death. ... (ii) A copy of the relative clauses in the Will after Probate has been granted or if the deceased died intestate, in the Letters of Administration ... (iii) A full statement of the assets in Pakistan of the deceased together with a copy of the bank account for the preceding two years.
Step: Chapter 16, para 3, State Bank of Pakistan, Foreign Exchange Manual, Chapter 16, Private Remittances, read .
The text says
Applications covering remittance of legacies and other distributions from estates of deceased persons due to beneficiaries resident outside Pakistan should be referred to the State Bank for consideration.
Your bank
If you bought the property some other way, for example before you moved abroad or with money from a resident account, ask your bank how the sale money can go abroad.
UNCONFIRMEDThe NRP Rupee Value Account takes sale money only from property bought through that account (Chapter 8, para 8(iii)(c)). For other purposes the Manual sends a request on Form M through your bank to the SBP Banking Services Corporation (Chapter 16, para 19). We found no rule that names sale money from a property bought another way. Ask your bank or the State Bank at RDASupport@sbp.org.pk.
You
Before the money moves, settle the tax on the sale.
UNCONFIRMEDThe Income Tax Ordinance collects tax from the seller when a sale is registered (section 236C), and the rate changes with each budget. The tax page on this site covers it. We have not tied it to this route, so ask a tax adviser how it applies to your sale.