 | The legal framework for the acquisition of real estate in the Arab Republic of Egypt |
Law number 230, 1996
"On the possibility for foreign acquisition of apartments, buildings and land in Egypt"
Egyptian Parliament adopted a decision on the Act:
Article 1. In accordance with the law number 230 of 1989 "On Investment" Foreigners have the opportunity to purchase in Egypt, if they are private individuals or companies, apartment buildings or plots of land. Under this law, foreigners have all the guarantees for the property. It is effective against buildings and lands that are not covered by the law number 1939 (the land of agricultural areas).
Article 2. Foreigners have the ability to acquire a maximum of two of the properties in the APE for residence owners and their families, as well as for implementation of all projects in accordance with Egyptian law, and licenses from the Government of Egypt. The maximum area of each acquired facility - 4000 square meters. m. These facilities shall be located outside of the historic property and monuments.
Article 3. Office for issuance of notarial powers of attorney is authorized to carry out all procedures under this Act. Registration of ownership for foreigners is carried out within a maximum period of 10 days after registration of all necessary documents for the property. This office works under the Ministry of Justice of Egypt. The law approved by the President of Egypt from 14.06.1996, 28 th day of the Islamic month of SAFRA 1417
The legal framework for the acquisition of real estate abroad by citizens of Russian Federation
According to Russian legislation, natural persons - residents of the Russian Federation may acquire foreign currency for the houses and apartments, situated outside the Russian Federation and are established in accordance with the laws of their location, as well as other rights for a specified property.
Citizens of the Russian Federation may be a lump out of the Russian Federation in accordance with customs regulations cash foreign currency in an amount not exceeding a sum equivalent to 10 000 U.S. dollars. A resident has the right to open accounts in foreign banks and their branches located in the territory of foreign states.
The procedure for purchasing property
Purchase housing in Egypt can be any natural person, without restriction and additional conditions. In order to buy property in Egypt, the foreign buyer need only one document - his passport.
Depending on the conditions of the seller, the buyer either pays the full cost of the property, or making a deposit of 25-50% of its total value. From this moment, for it lays down the exclusive right to purchase this facility and it was withdrawn from sale. At the time of making the remainder of the amount, signed a sales contract, which is registered with the notary public and then enters into legal force. Since then, the acquisition of real estate - your property. State registration and a certificate of title to real estate are not required, but highly recommended. To obtain a certificate of title to real estate buyer is to register the contract in court and pay the state fee. The lawyer in whose name you can write a power of attorney, the paperwork is finished within 2-4 months. All this time, the buyer does not need to be in Egypt. If the buyer in the future will want to sell their property, Egyptian law allows the country to withdraw the entire amount of the proceeds from the sale of real estate.
General public services
The cost of common utility services in Egypt are much lower than in other countries. Although the size of each account may vary, the cost typically ranges from 20 to 50 dollars a month. They include charges for water, sewer, electricity, garbage collection. Gas is usually imported (cost about $ 2 per cylinder, and is enough for 2-3 months). Maintenance payments for the maintenance of swimming pools, sports fields, landscaping ... a residential complex is an average of $ 500-800 per year.