May 22, 2022
Can foreigners buy property in Egypt?
Can foreigners buy property in Egypt?
The real estate market in Egypt is characterized by being active and attractive to investment, which is why it attracts many foreigners to buy and invest in real estate in Egypt. And of course; Foreigners can buy property in Egypt because the laws of the country grant foreigners this right.
Yes, since "1996" a law has been issued that grants foreigner the right to property ownership in Egypt's real estate (residential, commercial and land) with the exception of owning agricultural land or property located in archaeological areas.
Foreigners can buy property in Egypt with only their regular passport document.
The new laws in Egypt have also helped the real estate investment sector in recent years, and these laws have given foreigners opportunities for temporary residence that make them able to invest in property in Egypt. Since 2018, foreigners have been able to obtain a work permit (different from tourist residence). Consequently, the movement of property purchases in Egypt by foreigners has made the real estate and economic movement in Egypt remarkably active.
How can foreigners obtain residency in Egypt to buy and invest a property?
- Foreigners must first pay the price of the property in full, or at least deposit one hundred thousand dollars in advance, or pay an initial premium for the value of the property equal to forty percent of its total value.
- The property purchase contract must be legal and registered in one of the branches of the Tourism Development Authority in Egypt.
- If the property is still under construction in Egypt, this must be documented in the purchase contract, and the date of its receipt is fully specified, and this period must be a maximum of four years.
- Foreigners must submit a bank account statement confirming the existence of the full value of the property.
- The residence period for foreigners who want to buy and invest in a property is determined by the Immigration and Passports Department after they have seen the value of the property, the bank statement and the period of payment of the amount installments.
Can foreigners buy property in Egypt? What are the advantages of owning an Egyptian property?
Owning a property in Egypt and investing it gives foreigners the advantages of obtaining residence in Egypt and obtaining Egyptian citizenship as well, let's look in detail:
1- When foreigners buy real estate worth two hundred thousand dollars or more, they can obtain a renewable three-year residence permit.
2- When foreigners buy real estate worth four hundred thousand dollars or more, they can obtain a residence permit for five continuous years, subject to renewal.
3- Foreigners (real estate investors) in Egypt can obtain Egyptian citizenship in the following cases:
- If foreigners start a business in Egypt, provided that the minimum investment is four hundred thousand dollars.
- If foreign investors open a credit account in the Central Bank of Egypt with a minimum value of one million dollars, and foreigners (investors) must not withdraw the deposit before the lapse of at least three years.
- If the foreign investors transfer an amount of two hundred and fifty thousand dollars that are not refundable to the "Egyptian National Treasury", or deposit the sum of seven hundred and fifty thousand dollars in this treasury without interest for a period of five years.
- Foreigners (real estate investors) can obtain Egyptian citizenship if they buy a state property with a value of half a million dollars as a minimum investment.
