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We are having trouble finding an answer to a question we have regarding buying and selling property in Egypt.What we need to know is,if we buy a property with imported funds,can we take the money out of the country again if we sell.Please do not post a reply if you do not know the answer or if you want to represent us,we just need the answer to our question.Many thanks.
Posts: 70 | From: UK | Registered: Mar 2005
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There's nothing in Egyptian law that prohibits the transfer of convertible currency outside Egyptian borders. The only restriction, however, is that money should only be transferred through banks duly licensed to undertake such activity (practically, all banks operating in Egypt)
Posts: 88 | From: Khonfesharia | Registered: Jun 2004
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And just to add you will need to find a buyer that will pay you in a hard currency like Euros or Dollars as you will not be easily able to convert Egyptian pounds to one of these currencies. Otherwise no, there are no restrictions on taking the money out of the country.
Posts: 3809 | From: Paradise | Registered: Mar 2003
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Yasser, Thank you very much for giving your approval to my humble legal opinion. I thank you for your kind courtsey, being the legal authority that you are, to take some of your extremely valuable time to bless my modest contribution by saying "i think its right". Posts: 88 | From: Khonfesharia | Registered: Jun 2004
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quote:Originally posted by mirox: Yasser, Thank you very much for giving your approval to my humble legal opinion. I thank you for your kind courtsey, being the legal authority that you are, to take some of your extremely valuable time to bless my modest contribution by saying "i think its right".
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Hey Penny Please spare me this talk, personally speaking, my hourly rate is $175, and I'm one of the most senior lawyers in one of the top 5 law firms in the country. Now don't tell me a guy who can't spell his own name right :rolleye: would be all that keen on his fees. What really makes my blood boil is the super-authority type who'd come to you after you've busted your hindquarters doing something to pat you on the back and approves of your deed.
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