Egypt is a tourist country. This is one of the main criteria why Egyptian real estate attracts many foreign investors to the country. If you are also planning to buy real estate in Egypt, an apartment or a house for yourself, or maybe you would like to try to run a resort business by investing in the purchase of a boarding house or hotel, then it will not be superfluous to read the contents of this article. We will try to at least superficially familiarize you with the main legislative acts of Egypt that relate to the acquisition of real estate in this country by foreign citizens and find out why it is profitable to invest in real estate in Egypt.
The main provisions on this issue are clarified in the laws of 1996 and 1997. They consider the provisions for the acquisition by foreign citizens not only of real estate (apartments, houses and buildings), but also of land:
— According to the law, foreign citizens, both individuals and legal entities, have all guarantees for property acquired in Egypt. The only exceptions are guarantees for agricultural land, issues on which are regulated by a separate law.
— If foreign citizens want to buy real estate in Egypt, then the country’s legislation exempts them from paying tax on the purchase of real estate at its value not exceeding 500,000 Egyptian pounds. …
— In Egypt, there are restrictions on the number of real estate acquired by foreign citizens. No more than two properties can be purchased for one legal entity or individual. At the same time, it does not matter for what purpose the real estate is purchased: personal residence (owner or members of his family) or for commercial purposes (in accordance with Egyptian legislation). Real estate objects that can be purchased by foreign citizens can have no more than 4000 sq. m. area and should be at a distance from the monuments and historical values of Egypt.
If the purchased property is used for a hotel, hotel, motel, tourist village or similar project (industrial or any other commercial related to the tourism business), then Egyptian legislation guarantees a veto to change the percentage of existing taxes or to add new taxes during the period while operation of the law. Also, all guarantees provided by law to the owner of real estate for the development of a business related to the tourism sector cannot be changed.
Ownership is clearly and clearly established and protected in Egyptian law.
Once the property is registered in the name of the buyer, he (a) has the right to sell, rent or inherit it. Also, the state will not put up any obstacles to the export of funds received from the sale of real estate in Egypt. There are no restrictions on the amount and no additional taxes and fees.
As you can see, the state is quite loyal to the acquisition of real estate by foreigners, as it is interested in the inflow of capital. And for foreign citizens, investing in real estate is quite simple and profitable.
For any questions regarding the PURCHASE and selection of real estate in Hurghada, you can always consult with our specialists who have the latest information and will help you make the right choice
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