We are considering investing in El Gouna We would be appreciative for any information [good or bad] We hope to visit in March/April 05 Compliments of the season to all
Posted by shariatolombat (Member # 6072) on :
Good - very Good.
Posted by matron (Member # 4902) on :
Before anyone starts investing their money in property, I think they had better check out information I was given yesterday.
According to a German gent. no foreigners are going to be allowed to own property, or cars from 20005.
I don't know how accurate this is am still checking with contacts.
If anyone else hears anything I would be grateful for the info.
Posted by sokarya_686@hotmail.com (Member # 6138) on :
Hello Matrol, everybody. Yes I have heard this information myself. Already those people who do own property are being "taxed" As just one of the many people who have purchased property in Egypt and lost it, I would not recommend any foreign investors ploughing their savings into Egypt.
Egypt needs foreign investment, but unfortunately they dont seem to play fair. Thats my opinion. Charlie
Posted by Egyptfan (Member # 5731) on :
Any more information on this one i.e. If legislation has already come in or is it being drafted etc. Where could one find out for sure what the situation is?
Charlie, sorry to hear you 'lost your property'. Don't want to pry into your personal affairs but did the authories just take it or was it connected to business in some way i.e. investment that didn't work out. Thanks.
Posted by Bengo (Member # 6597) on :
you must be resident in Egypt to have your own property, this is from a long time, you do not dream that tourism were be allowed to buy a car, it is everywhere, otherwise my next trip to Coalalambur I'll buy a car
Posted by crombiestone (Member # 4629) on :
These forums can be a great source of information ... and mis-information . I have spent a good couple of hours searching the internet and can find no mention of the aforementioned Law change . I am no lawyer but have found references to investment law 8 of 1997 which states that foreigners can own 100% property in Egypt. I cannot find any recent references to any changes to this Law ,I would have expected to find something up to date on the internet.
Why would companies like Orascom promote El Gouna in the UK and Europe if it were not legally possible to do so ? The British newspaper The Daily Express recently (December) had an article promoting El Gouna investments ,again they would not do this if it were not possible?A swiss company called Bawo have just been taken on (Feb 2005)to market El Gouna in Europe ,why if its no longer allowed ?
To Elaine and Duncan ,our experiences with Orascom (Who are one of the biggest names in Egyptian Business)during the purchase of our property were all good .The wait time for completion is usually 18 to 24 months so you will need patience .Visit El gouna and if you like it (I'm sure you will) visit the real estate office . There is no hard sell and they are very friendly and professional. I am in contact with other prospective owners (many Brits bought properties last year)and all are looking forward to enjoying their investments.
Posted by Elaine&Duncan (Member # 6247) on :
Hello Crombiestone Very many thanks for your information I am in total agreement with your findings. I also have carried out research into these allegations about foreigners not being able to invest in Egypt and found them to be totally untrue. I found no evidence of the law being changed and certainly Orascom has no knowledge of this Elaine&Duncan
Posted by sokarya_686@hotmail.com (Member # 6138) on :
Hello Elaine and Duncan, The Red Sea Governate does have special concessions that might not apply elsewhere. However, do make sure if you buy a property that the land is put into your name, and that the person selling it hasnt got half a dozen other people who also own a share of it. If the land is not in your name, then you are not entitled to have your own meter direct from the Electricity board. and do make sure you own the roof. If you do not own the roof, they can come along at any time and build on it and you cant do a thing about it. Dont forget Sharia law applies in Egypt and lawyers usually work for the seller as well as the buyer so they have conflicting interests. By the way owning your own property will not entitle you to a residency permit for some 25 years of permanent inhabitation. You will only get a tourist visa which has to be renewed annually. If you have a job here you will be required to have an annual compulsory HIV test and Hepatitis test, and you will not be allowed to work if it deprives an Egyptian of similar work. If you want a car of your own, it has to be registered in the name of an Egyptian so you effectively dont own it. I presume you are aware you are not free to travel around just where and when you like, and you will be required to join tourist convoys whether you live here or not. You will not be entitled to Egyptian prices on airways, and should you be caught breaking the law, you can be deported without notice and you will lose all your property in the bargain. In this country there are strict laws and very few personal human rights. Where you are planning on living is basically a tourist ghetto, things are not quite the same once you get outside that very tiny area. Nevertheless I wish you the good luck I never had in this country. Charlie.
Posted by Elaine&Duncan (Member # 6247) on :
Hi Crombiestone Would it be possible for you to put me in touch with these other prospective El Gouna buyers known to yourself? Kind regards Elaine&Duncan
Posted by crombiestone (Member # 4629) on :
Hello Elaine $ Duncan I do not want to give out other peoples private information on the forum . I would suggest you post for info on the Holiday Truths Egypt discussion and Expats and owners abroad forums which can be accessed from the link below. http://www.holidaytruths.co.uk These forums are regularly visited by myself and other "Gounies" who are always happy to give unbiased info ;-) ,they also support private messaging
Posted by Danielle (Member # 7104) on :
Hello , Charmed by and just back from El Gouna. We ‘d like to invest in El Gouna.Concerning a house we have been told that the house and the plot (ground) just underneath should be ours but the unconstructed part of the plot is just for own “use” . Any construction on it is submitted to an authorization of Orascom. This is OK for the aspect of the condominium but on the other hand could it be a trick to give to the builder the possibility to modify the plots in the future or worser to take it back after X years ( emphyteotic).We have other concerns too : what about the “ownership of the roof “ the constructor can build something above it if not mentioned in salesact. True or not ? No sales taxes, interesting but strange as taxes are mentioned on any receipt (restaurant, drinks, aso..). In case of selling back the property Orascom has to be informed and has the priority during 2 weeks is this legal? No clear explanation is given how to get the money out of Egypt in a reselling case; on this transaction again no taxes on “plus valuta”???. It seems that a foreigner cannot buy a car except under the name of an Egyptian citizen, correct ? Could it be the same for real estates where in someway Orascom is playing the hidden role of “ Egyptian citizen “ and the buyer being just a kind of shareholder. How is the El Gouna- market concerning long term renting ? They told us that it was very easy to find people for renting 1 or 2 bedrooms apartment on a long term bases. Lot of questions, please contact me at this address : Egypt.10.winon@spamgourmet.com Thank you. Danielle from Belgium.
Posted by redsea (Member # 3150) on :
I am English and bought a car on 5th February 2005, and last week I bought another car and they are both in my name, no problem at all, licenses from the police everything in my name.
Posted by bergamo (Member # 7123) on :
quote:Originally posted by Elaine&Duncan: We are considering investing in El Gouna We would be appreciative for any information [good or bad] We hope to visit in March/April 05 Compliments of the season to all
Posted by bergamo (Member # 7123) on :
dear friends good day when u will be in hurghada? awaiting your early reply best wishes mohamed
quote:Originally posted by Elaine&Duncan: We are considering investing in El Gouna We would be appreciative for any information [good or bad] We hope to visit in March/April 05 Compliments of the season to all
Posted by Attorney at Law (Member # 6396) on :
Dear,
If tou want to know more about investment law in Egypt, please feel free to contact me.