Resident Pakistanis with assets abroad can now apply for Naya Pakistan Certificate. Here's how
To obtain the NPCs, these resident Pakistanis should fulfill conditions when opening the FCVA.
There is good news for resident Pakistanis who have assets abroad; they can now invest in USD denominated Naya Pakistan Certificates (NPCs) by opening a Foreign Currency Value Account (FCVA). The only condition is they declare their holdings in their latest wealth statement filed with the Federal Board of Revenue (FBR).
The State Bank of Pakistan (SBP) stated:
To obtain the NPCs, these resident Pakistanis should fulfill conditions when opening the FCVA. These conditions include presenting their latest wealth statement filed with The FBR or a signed affidavit stating the value of their assets held abroad, as declared in their latest wealth statement filed with The FBR.
The SBP further clarified:
The investment must be funded by remittance from abroad. The resident Pakistani\’s total investment (including the NPCs) through FCVA should not exceed the value of assets abroad declared in the wealth statement plus such accretion, as may be attributable to interest and profit thereon and/or gain on disposal thereof.
Regarding the NPCs, the SBP circular stated:
While processing the investment requests in NPC or other permissible avenues by resident Pakistanis who have opened an FCVA with them, the agent banks shall ensure compliance with the conditions as stated.
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