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Jan 04,2020

Conditions for foreign ownership of real estate in Egypt

Foreign ownership in Egypt is one of the long-awaited decisions that have been desirable among various economic destinations, because it is one of the reasons that give real estate development strength and growth, and one of the reasons for the strength of the Egyptian economy as it encourages Egyptian real estate exports abroad and increases foreign currencies in Egypt Because the foreigner pays in dollars in exchange for the services that he gets, and this system is applied in many countries around the world because it has a lot of positive effects on the economy, and this is why the Egyptian Prime Minister issued the decision to reside and own real estate in Egypt for non-tourism, and this link between residence and ownership Real estate and this matter greatly encouraged the export of real estate in Egypt, which approved the terms of ownership for foreigners in Egypt.


Residence permits for foreigners


The government contributes to foreign ownership of real estate in Egypt through its products and promotion in foreign countries, whether these real estate represent villas, towers or apartments, and the sale is made to foreigners, and the Egyptians get their price in dollars.
 The state also contributed to facilitating services that help foreigners to own real estate, but there are certain conditions for this matter. Granting residence to foreigners in Egypt is one of the positive steps to attract foreign investment, as this is an affirmation of the series of economic developments undertaken by the Egyptian government towards progress in investment and growth. Economic.
 The Ministry of Interior is primarily responsible for the real estate sector, as it extracts all licenses for foreigners to own Egyptian real estate, where residence is granted to the foreigner for a year in the event of owning real estate registered in Egypt.
 Which must be worth more than one hundred thousand dollars and in the event that this proportion of the money increases to 200 thousand dollars, the foreigner can obtain a residence permit for a period of three years.
 In the event that the amount reaches 400 thousand dollars, the foreigner receives a residence permit for a period of 5 years, and it is renewable.
These are the mechanisms and controls set by the Ministry of the Interior for foreign ownership of real estate in Egypt. The conditions and controls set by the Egyptian state vary so that the foreigner can obtain residence on the condition of owning real estate within the Egyptian borders. Among the most important conditions are:
• The type of real estate where there are conditions set by the real estate sector until the conditions apply to the real estate.
• Official papers that prove the continuity of ownership of these properties must be submitted in order for the foreigner to obtain a residence permit or obtain it.
• The foreigner provides three forms for the procedures to be followed for renewing residency in Egypt, which are the procedures confirmed by the Ministry of Housing, the most important of which is the bank address that is directed to the Passports Department, in addition to the letter from the owner to the passports sector.
 The Egyptian government encourages many policies aimed at reviving the Egyptian economy, especially through the Egyptian real estate market, which depends on the process of selling Egyptian real estate to foreigners, and these are easy measures that do not take much time.
 Rather, the sale process is done through coordination with the concerned authorities so that the foreigner can obtain residence in a very record time, with confirmation that all procedures take place in only one place.
 And those measures taken by the state in developing real estate investment in Egypt aim to stimulate the real estate market, and the Egyptian government is interested in encouraging huge investments in many distinguished real estate projects, the most important of which are the new administrative capital projects in order to encourage foreign investment to buy those real estate


What are the most important conditions for foreign ownership of real estate and land in Egypt


1.That the foreigner owns one or more properties in various parts of the Arab Republic of Egypt and the property is for the purpose of his own residence and his family.
2.A foreigner has the right to own real estate that is used in the practice of private activities, provided that they are licensed by the Egyptian authorities.
3.The area of ​​real estate owned by the foreigner is estimated at about 4000 square meters and the area does not exceed this limit until the Egyptian government places a restriction on the areas owned by foreigners in Egypt.
4.The state does not recognize real estate considered to be antiquities in the various laws to protect antiquities, so that Egyptian antiquities are not subject to theft or violations. Egypt places the protection of its property in the first place, and there are some conditions and rules pertaining to ownership in tourist areas specified by the Cabinet to protect Egyptian rights. In urban societies.
5.When a foreigner purchases a piece of empty land or the building has a property on it, he must perform the process of building that space during a period of no more than five consecutive years, and they are the period of residence of the foreigner in Egypt because, by the end of this period, the validity of his residence in Egypt will not be able to build or dispose in it.
6.A foreigner who obtains an Egyptian real estate may not dispose of it except after a period of time has elapsed since the acquisition of the property, which is a period of five years.
7.The Prime Minister can give orders for permission to dispose of foreign real estate acquired by foreigners before the expiry of the period of acquisition of ownership.
8.There are some areas that the Egyptian government prohibits foreigners from owning, especially places that pose a danger to the state, such as the border areas and the governorates of South and North Sinai, so that we do not make mistakes related to the state.
9.All built-up real estate for sale and purchase that includes apartments, villas, residential towers or space lands are not subject to the conditions that we have talked about foreign ownership of Egyptian real estate in the event that these real estate is taken by foreign governments until they are the headquarters of diplomatic or consular missions or are the residence of a president or member of Members of the mission so that the authorities do not own foreigners in these properties, and many of these problems may result from these problems that develop and become international problems, and this is why the Egyptian government has laid down the rules that guarantee Egyptian rights.


State efforts in real estate development


The Egyptian government has established provisions and mechanisms that define methods of dealing in real estate for sale and purchase in Egypt in addition to foreign ownership of Egyptian real estate, and when foreigners violate these provisions and mechanisms, the ownership of these real estate will be invalid and the Public Prosecution may claim this nullity as the court has the right to make it up On its own without waiting for anyone to file a lawsuit with the foreign owner and return these public funds and properties to the state again.
 That is why it is necessary to follow laws, provisions and mechanisms in the right to benefit from the ownership of various real estate in all parts of Arab Egypt, and the Egyptian government contributes to implementing the terms of ownership for foreigners in Egypt with the aim of increasing foreign investment in Egypt as a kind of work to encourage economic growth because foreign currencies that enter the Egyptian borders And through which the foreigner deals in owning real estate, which contributes greatly to the development of the Egyptian economy, especially the real estate investment sector, to use hard currency.
 That is why the Egyptian government has allocated very large proportions of investments in building real estate that have world-class services and privileges in order to attract the largest number of foreigners to buy Egyptian real estate and use them in order to obtain residence in the Egyptian borders for varying periods of time that vary according to the proportion of the price of real estate Owned by foreign individuals.


The future of real estate investment in Egypt


Through the presence of real estate for sale and purchase, the state managed to open the door to a large area and huge concessions to increase foreign investments in Egypt in the field of real estate development, and it needs a lot of encouragement, especially in real estate projects, so that it can establish projects on international standards in order to meet the approval of foreign masters.
 The cities that were established in the new administrative capital were planned with international standards of housing in order to be integrated services in a very modern and developed manner on a very high level of infrastructure.
 And the presence of real estate for sale and buy in the new administrative capital led to the demand of foreign clients to purchase those real estate in order to obtain residency in Egypt.
 The Egyptian government has a very large role in the field of real estate development, as it participates greatly and directly in real estate investments that help to carry out many distinctive and huge projects, the most important of which is a compound that includes a group of villas for sale that are delivered immediately to foreigners in the new administrative capital.
In addition to the new city of Zahia, Mansoura, which includes a group of luxury residential towers that are located on the shores of the Mediterranean, it also offers North Edge Towers North Coast, which is a group of high towers that directly overlooking the sea and all modern cities launched by the Egyptian government took care in the first place To provide attractive sites for successful real estate investments from foreigners.
The Egyptian government provides luxury housing units, which include all the distinguished services needed by foreigners, which correspond to luxury housing units that are located in the largest cities in foreign countries in order to work on the recovery of the real estate market because of the demand of foreigners to own these properties in addition to this the state makes a lot of Efforts in this regard, as it is developing electronic markets for Egyptian real estate.
 Where many real estate experts in Egypt emphasized electronic purchases that they contribute significantly to the real estate movement that is growing with sales of real estate to foreigners, and this has resulted in the dependence of many real estate companies on the real estate digital markets in putting many foreigners with too much money in these markets. To make purchases in the real estate sector.
 It has become one of the very important pillars on which the real estate development is based, and it is necessary to deal with reliable real estate companies that have a good reputation in this field.


Conclusion


The state is trying to exert a lot of efforts that help in economic growth so that it can keep abreast of the developments taking place in the global economy, and take real estate markets as a way to earn money that contributes to building the Egyptian economy and this phenomenon does not exist in the Arab Republic of Egypt only, but it finds it spread in many From the countries of the world, and the Egyptian government sets controls and terms of ownership for foreigners in Egypt in order to be able to protect Egyptian property and real estate and be under Egyptian control, so all the terms, regulations, conditions and prohibitions were clarified in the law issued on the right of foreign ownership of Egyptian real estate issued by the President of Egypt. Egyptian ministers.

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