About buying

Unlike other countries to get real estate in Egypt for the foreign citizen rather simply. Foreigners can get for use:

Country house;

Apartment;

Ground;

Shop, hotel and so forth

From the moment of registration of object of real estate addressed to the buyer he can dispose of real estate at own discretion – to use for the designated purpose, to lease, sell, present, hand down.

Get real estate in Egypt can both any physical person, and the company, without restrictions and additional requirements. Official registration of papers, sufficient for seizing, as a rule, occupies no more than 2 days. For registration of real estate addressed to the buyer, it is necessary for foreigner to have one document – its international passport.

At registration of purchase the Contract (Contract) of purchase and sale between the seller and the buyer consists. For registration of the property rights, after registration of the contract on purchase of habitation and payment by the buyer of the full sum for the got real estate, the owner (seller) of real estate the general irrevocable power of attorney (Таукиль) leaves. After reception of Taukilja, the buyer has a just cause on possession and the order the got real estate. From this point on got real estate is your property. Further, the given contract is necessary for registering in court where its legitimacy admits and the signature of the seller is witnessed. Registration of the contract in court occupies 3 - 4 months. Cost of registration makes 500$. In it the lawyer by proxy from the buyer can be engaged and the buyer does not have necessity all this time to be in Egypt.

Registration of the contract in court is not obligatory, but it is necessary for the further registration of real estate and reception of the certificate on the property right to real estate – Green Kontrakta (analogue of registration in Committee on the state registration of the rights to real estate and transactions with them, БТИ), and also for registration of the visa on residing or the resident visa.

At the further resale of real estate, the Egyptian law authorizes to deduce all sum obtained from sale of real estate for limits of Egypt.

Cost of services.

Cost of services in transaction registration (commission fee to agency make 2,5 %). Commission fee to agency are paid only after contract signing on acquisition of object of real estate and transfer of money from the buyer to the seller. All services given by agency, before transaction fulfillment (consultation, a trip for viewing of objects and so forth) are carried out gratuitously (free of charge).

The tax to real estate.

The attractive party of acquisition of real estate in Egypt for foreigners is that they are released from payment of the tax to real estate.

The general utilities.

Cost of utilities in Egypt rather low. It includes payment for water, the water drain, an electricity, cleaning of garbage. For average apartment it makes from 5 to 20$ in a month. In resort complexes and country houses it can be above as cost can join in addition service of pools, gardens, beaches, protection etc.

Legal basis of acquisition of real estate abroad citizens of the Russian Federation.

According to the Russian legislation, physical persons - residents of the Russian Federation can get for foreign currency apartment houses and the apartments which are outside of the Russian Federation and being those according to the legislation of their location, and as other rights to the specified property.

Citizens of the Russian Federation can take out at a time from the Russian Federation at observance of customs rules cash foreign currency in the size which is not exceeding the sum, equivalent 10 000 US dollars. The sums of transfer of non-cash currency abroad and the sums which are taken out on electronic plastic cards are unlimited. The resident has the right to open accounts in foreign banks and their branches located in territory of the foreign states.

Legal basis of acquisition of real estate in АРЕ (the Arabian republic Egypt).

The law № "for foreigners of acquisition of apartments, buildings, the earths in Egypt" Parliament of Egypt has made of 230 1996 On possibility the decision under the given Law:

Article 1.

According to the Law № 230 from 1989 "About investments" non-residents have possibility to get in АРЕ in case they are private persons or representatives of the companies: apartments, buildings, or grounds. According to the given law foreigners have all guarantees on the got property. It is valid concerning buildings and the earths which do not get under the law № 1939 (the earths of agricultural areas).

Article 2.

Foreigners have possibility of acquisition no more than two objects of real estate in territory АРЕ for own residing and residing of their families, and also for realisation of any projects according to the Egyptian legislation and licences from the government of Egypt.

The maximum area of each got object – 4000 кв m.

The given objects should is out of an arrangement of historical values and monuments.

Article 3.

The office on delivery of notarial powers of attorney is authorized to carry out all procedures under the given Law. Registration of the property for foreigners is carried out during a maximum of 10 days after registration of all necessary documents on the property. The given office works under control of Ministry of Justice ARE. The given Law is confirmed by President АРЕ from 6/14/1996, 28th day of Islamic month сафр 1417.

The law № 8.

"About rules of guarantees and developments of investments" from 5/11/1997

Name of the Egyptian people, from approval of the President of Egypt, the parliament of Egypt has made decision to work with the given law according to following rules: Work should be carried out according to the Law "About rules of guarantees and developments of investments". It is necessary to consider point 18 of the present law on impossibility of change of the size of the reduced taxes, additions of new taxes in action of the law and changes of other given guarantees and possibilities of development of the companies and projects. Any project should be carried out with application of the given law. According to the law of the company and projects should have the reduced taxes of the certain fixed size or their full absence, guarantees and possibilities from the government till the moment of the termination of the free period from taxes (5 and 10 years for various projects). Comments to the Law. The given law extends on any company and the project, any following organizational version, namely: Hotel, hotel-motel, apart-hotel, tourist village, system of a tourist transfer/transport. The companies and the projects interested in guarantees and development of investments according to the given law, should have the form of hotel, hotel-motel, apart-hotel, tourist village, to be in system of tourist transport. There is no possibility of closing of the company or экспроприации the project. There is no possibility for any government agency to dictate cost of any apartment or house within the limits of any project exposed on sale just as there is no possibility of restriction of the sizes of the profit received from given operations. Any government agency has no possibility to suspend or cancel one of or all licences for the project which can lose only in case of the committed error in building. The companies and projects have possibility of carrying out of registration and possession of the earth under the project on the representative of any nationality from among partners which can have any size of a share of an authorised capital stock in the project. Reduction of taxes assumes not облагаемость taxes of profit of any commercial or industrial projects within 5 years from first year after end of the project, and within 10 years for the companies and projects in new territorial areas and cities, with the permission of heads of local administrations.