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Can a foreign person invest in real estate or business in egypt? What about exchanging property in California with one in Egypt? Thanks for the help. Raya
Posts: 16 | From: California, U.S | Registered: May 2005
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From a strictly legal point the answer is no. Foreigners are allowed to own real estate property in Egypt for residential purposes only. However, there are other ways whereby a foreigner can get into that particular type of business. As for the property swap, I don't think it can be done formally in the described manner (i.e., two people would execute a formal contract whereby properties in two different countries are exchanged). As a general principle, property issues are very local with respect to jurisdiction especially if a dispute arises with respect to the warranties of a party. Hope this makes it easier for you.
Posts: 88 | From: Khonfesharia | Registered: Jun 2004
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The wife and I have just bought a property in sharm.The only thing we had to do was get a one year residents visa.I think that this was so we could sign over a power of attorney to the lawyer.I am not sure if we have to renew it every year because we own a property or if it was just a one off whilst buying it.Apart from that it was pretty straight forward.
Posts: 70 | From: UK | Registered: Mar 2005
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[QUOTE]Originally posted by Raya4peace: [B]Can a foreign person invest in real estate or business in egypt? What about exchanging property in California with one in Egypt? Thanks for the help. Raya
Raya, I know a lots of non Egyptians who own properties and businesses in Egypt.
I also believe that you may not pay tax to start with but do not know the conditions.
Try your luck there, Egypt needs such enterprises all over to combat unemployment .
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Thank you very much for the info. I would be interested to purchases a residence to start with. I just don't know where to start and who to contact. I am still in U.S.
quote:Originally posted by mirox: From a strictly legal point the answer is no. Foreigners are allowed to own real estate property in Egypt for residential purposes only. However, there are other ways whereby a foreigner can get into that particular type of business. As for the property swap, I don't think it can be done formally in the described manner (i.e., two people would execute a formal contract whereby properties in two different countries are exchanged). As a general principle, property issues are very local with respect to jurisdiction especially if a dispute arises with respect to the warranties of a party. Hope this makes it easier for you.
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Thank you all for your great feedback. Can anyone give a rough idea about the const of a 2 or 3 bedroom flat near the American University? Does anyone know of a simple rental to get started while looking after I get there? Thanks again. YOu can email me at raya4peace@yahoo.com
Posts: 16 | From: California, U.S | Registered: May 2005
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Really interested to know if properties purchased are Freehold or leasehold. I intend to purchase an apartment in alrehab (Cairo)and would really appreciate a quick response.
Thank you
Ifty
quote:Originally posted by mirox: From a strictly legal point the answer is no. Foreigners are allowed to own real estate property in Egypt for residential purposes only. However, there are other ways whereby a foreigner can get into that particular type of business. As for the property swap, I don't think it can be done formally in the described manner (i.e., two people would execute a formal contract whereby properties in two different countries are exchanged). As a general principle, property issues are very local with respect to jurisdiction especially if a dispute arises with respect to the warranties of a party. Hope this makes it easier for you.
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Ifty, sorry for the late response. The property would be a freehold in Cairo.
Posts: 88 | From: Khonfesharia | Registered: Jun 2004
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Ifty, have a safe trip to Cairo. I have a property in El Rehab myself, neighbor . I hate to discourage you but i advocate caution. I think there's still a requirement on foreigners to receive some approval from the cabinet to acquire property in Egypt. I can check it again for you if you want.
Mr. Small, I'm sorry for not telling you any earlier; but has your lawyer ever advised you that foreigners may not buy property in Sharm el Sheikh, they can only lease it for up to 99 years?? I hope you haven't signed any contracts...
quote:Originally posted by mirox: Mr. Small, I'm sorry for not telling you any earlier; but has your lawyer ever advised you that foreigners may not buy property in Sharm el Sheikh, they can only lease it for up to 99 years?? I hope you haven't signed any contracts...
This is simply not true and further you do not have to have any approval from the government. Many of the old laws relating to foreigners buying property have been changed as the country opens up to encourage new investment. People will also tell you that you can't own more than one property, that also is not true. Basically the rules for foriegners are the same as for Egyptians and I have that information direct from a government minister.
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Penny,I'll answer in 4 simple words "law 9 of 1996" read it then we can talk
Posts: 88 | From: Khonfesharia | Registered: Jun 2004
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I am happy to read anything because if I am being given wrong information by a government minister then that is serious, so how do I find this clause and how do I know something from 1996 has not been updated as that is nearly 10years old?
Posts: 3809 | From: Paradise | Registered: Mar 2003
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Hi Penny, I'm terribly sorry, but that minister has simply given you wrong information and believe me it's not the first time. One of my clients has once recieved wrong advice from the prime minister a few years ago. Another one (I was present at this one) has also given a wrong advice with respect to the government's position.
If you want to check on the status of a law you should rather consult an electronic database there's one at www.tashreaat.com but it requires a special subscription. I'm not going to tell you to take my word for it but please check with any (decent) lawyer you know whether or not there have been any new laws regulating foreigners' ownership of real estate property. If you want the law itself, please tell me and I can procure to get you a copy of it
Just got back form Cairo tis morning and have purchased two apartments in rehab. I bought directly form rehab management and there are no laws which stipulate foreigners cannot buy or have more than one property, english contracts have been signed and confirmed. Although there is a disagreement in this thread i'm happy to put any questions on anyone's behalf to rehab management.
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In questions of property I believe there can be difference between owning the apartment and owning also the land under it. Like in case of these 99 year's trule it sounds very likely that you have full rights to your villa or apartment but after 99 years maybe (but hey who knows what all may happen in 99 years) you still have these rights to your villa but simply the government regains its right to the land under it so in case it has got new ideas... don't even know? do they simply demolish the house or do they offer compensation for the walls or something? I think none of these 99 year rules in the world have not yet arrived or then they have been changed in the meantime :)
(Am just speculating about possibilities here until absolute truth in this matter arrives :)
But read your purchasing documents folks, do they mention "land"???
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Ifty, congratulations, you've just bought yourself some property. You see, i've wasted too much time on this, so to make a long story short my advice to you is to do the following:
1- vist www.martindale.com that's a global lawfirms directory. 2- look for law firms in Egypt 3- pick one (or many for all I care) and ask them whether or not foreigners are allowed to own real estate property in Egypt and under what conditions. 4- recieve the answers and feel so good about yourself.
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I am an Egyptian woman marrid to forign man who have been doing business in egypt for 3 years before we got marry and have never rigester any of them pay tax or any thing only later after we got marred then we start to rigester the business becouse you are a forign so you must have big capital to dopisat in the bank account before own a business but if you go around it you can have an egyptian partner and her you go you can open the business and even get a loan from the bank and get from 5-10 free of tax if u open it in one of thos new cities. Egypt they have very felxable law and every thing can be done if you know how and when and how!!!
quote:Originally posted by Raya4peace: Can a foreign person invest in real estate or business in egypt? What about exchanging property in California with one in Egypt? Thanks for the help. Raya
quote:Originally posted by mirox: Ifty, congratulations, you've just bought yourself some property. You see, i've wasted too much time on this, so to make a long story short my advice to you is to do the following:
1- vist www.martindale.com that's a global lawfirms directory. 2- look for law firms in Egypt 3- pick one (or many for all I care) and ask them whether or not foreigners are allowed to own real estate property in Egypt and under what conditions. 4- recieve the answers and feel so good about yourself.
Mirox you seem to be getting frustrated with people here because they are being told one thing by their lawyers and you are telling them what they have been told is wrong. If there is anyway you can direct us to an English version of the real Estate laws for forigners then people would have a starting point to challenge their lawyers quoting actual law and asking for an explanation as to why the lawyers are saying something different.
Help is really neede here if you are correct because a lot of people who belive they are acting in good faith are being lead astray. I am sure that is not what you want
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As we where buying our apartment the law changed and every one involved was very confused.As I now see it,all property can now only be bought on a lease hold basis,the lease running for 99 years.If at any time the property gets sold the lease is automatically extended back up to 99 years.We own the property,someone else(the government probably) owns the rights to the land it it built on.Lease hold is common in the UK and from thinking we where buying free hold to actually buying lease hold whilst being a bit of a shock is actually not much different.And as our estate agent said,it may well change back again for no reason.If anyone knows any different I would be pleased to hear.
Posts: 70 | From: UK | Registered: Mar 2005
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Just got back form Cairo tis morning and have purchased two apartments in rehab. I bought directly form rehab management and there are no laws which stipulate foreigners cannot buy or have more than one property, english contracts have been signed and confirmed. Although there is a disagreement in this thread i'm happy to put any questions on anyone's behalf to rehab management. Ifty
Hi Ifty,
I would like to know what are the prices on property in Rehab now? By the way did you check again if it is 99 yrs lease or free hold?
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www.pioneerproperty.org is a big estate agents in Sharm.I should think that they know what they are on about.Have a look at the "buying process" section.And as for foreigners not allowed to buy,Rubbish.
Posts: 70 | From: UK | Registered: Mar 2005
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quote:Originally posted by mirox: Ifty, congratulations, you've just bought yourself some property. You see, i've wasted too much time on this, so to make a long story short my advice to you is to do the following:
1- vist www.martindale.com that's a global lawfirms directory. 2- look for law firms in Egypt 3- pick one (or many for all I care) and ask them whether or not foreigners are allowed to own real estate property in Egypt and under what conditions. 4- recieve the answers and feel so good about yourself.
UBBFriend: Email this page to someone!
. I hate to discourage you but i advocate caution. I think there's still a requirement on foreigners to receive some approval from the cabinet to acquire property in Egypt. I can check it again for you if you want. 
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