Procedure of the real estate purchase

In comparison with other countries procedure of purchase of the property in Egypt is rather simple. Foreigners are authorized to buy for using:
an apartment
a house on a site of the ground
a site of the ground
a hotel, shop, etc.

As soon as the property is registered addressed to the buyer he (she) has the right to sell it or to hand down.

Get habitation in Egypt any physical person, without any restrictions and additional conditions can. And, without bureaucratic delays - even renewal of the contract in the secondary market of habitation borrows no more than several hours. To get the real estate in Egypt, the unique document - its passport for travel abroad is necessary for the foreign buyer. For registration of the property rights, after registration of the contract on purchase of habitation, it is necessary to assure this contract at the notary then it enters validity. Since this moment the got real estate is your property. For reception of the certificate on the property right to the real estate (analogue of registration in Committee on the state registration of the rights to real estate and transactions with them, Moscomregistration), the buyer needs to register the contract in court of Hurgada and to pay the tax from purchase at a rate of 3 % from cost of the contract. Our lawyers addressed to whom it is possible to write out the power of attorney, will finish official registration of papers in current of 2-3 months. All this time to buyers is not present necessity to be in Egypt. If the buyer in the future will want to sell the property, the Egyptian law allows to deduce abroad all sum obtained from sale of the real estate, completely. In Egypt.

Cost of services
Cost of services in transaction registration is not large. Commission fee to agency is 4 %.
The fixed State Tax for registration of the contract at the notary officer.
The Egyptian government actively encourages foreign investments. There are laws that protect the foreign property in Egypt. (The regulation 230/1996, 8, 9, 128/1997).

The tax to the real estate
One of the attractive parties of acquisition the real estate in Egypt is that non-residents are delivered from some expenses that are carried by residents: there is not the annual tax to the inhabited real estate in Egypt.

The general public services
Cost of the general utilities in Egypt is considerably lower than in other countries. Though the volume of each separate account can change, as a rule, expenses make from 5 to 20$ in a month. They include payment for water, sewage, electricity, refuse collection. Water and electricity are very cheap in Egypt.

Legal foundation of acquisition the real estate abroad by citizens of the Russian Federation
By the Russian legislation individuals, that are residents of the Russian Federation, can purchase for a foreign currency dwelling houses and the flats that are outside of the Russian Federation and are according to the legislation of their location, and also other rights to the mentioned property. At a time citizens of the Russian Federation can take out from the Russian Federation, at observance of customs rules, a cash foreign currency in the volume that is not exceeding the amount equivalent 10000 US dollars. The resident has the right to open accounts in foreign banks and their branches located in territory of the foreign states.

Legal foundation of acquisition the real estate in ÀRÅ (the Arabian republic Egypt)
The law ¹ 230 1996 year
"About possibility for foreigners of acquisition apartments, buildings, the acres in Egypt"
The parliament of Egypt had made the decision on this law:
Article 1.
According to the Law ¹ 230 from 1989 year "About investments" foreigners have acquisition possibility in ÀRÅ in case they are private persons or representatives of the companies, apartments, buildings or lot. Under this law foreigners have all guarantees on the given property. It is valid concerning buildings and the acres that do not fall under the law ¹ 1939 (the acres of agricultural areas).
Article 2.
1. Foreigners have possibility of acquisition two objects the real estate a maximum in territory ÀRÅ for residing owners and their families, and also for realization any projects according to the Egyptian legislation and licences from the government of Egypt.
2. The maximum area of each purchased object - 4000 sq m.
3. This objects should be out of an arrangement of historical values and monuments.
Article 3.
The office for delivery of notarial warrants is authorised to carry out all procedures under this Law. Registration of the property for foreigners is carried out during a maximum of 10 days after registration of all necessary documents for the property. This office works under control of Ministry of Justice ARE.
The given Law is confirmed by President ÀRÅ from 14.06.1996, 28th day of Islamic month safr 1417.

The law ¹ 8
"About rules of guarantee and development investments" from 11th of May 1997 Name of the Egyptian people, from approval of the President of Egypt, the parliament of Egypt had made a decision to work with this law according to following rules.
The first
Work should be carried out according to the Law "About rules of guarantee and development investments".
The second
It is necessary to consider item 18 of the present law about impossibility change the volume of the reduced taxes, add new taxes in period of action the law and change other given guarantees and possibilities for development companies and projects. Any project should be carried out with application this law. According to the law companies 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
1. This law extends to any company and project, any following organizational versions, videlicet: hotel, hotel-motel, apart-hotel, tourist village, system of a tourist transfer/transport.
2. The companies and the projects, interested in guarantees and development investments according this law, should have the form of hotel, hotel-motel, apart-hotel, tourist village and be in system of tourist transport.
3. There is no possibility of closing company or project’s expropriation.
4. 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 sizes of the profit received from given operations.
5. Any government agency has no possibility to suspend or cancel one or all licences for the project which can lose only in case of the committed error in building.
6. Companies and projects have possibility of carrying out registration and possession acres under the project on the representative of any nationality from among partners which can have any volume of a share the authorized capital stock in the project.
7. Reduction of taxes assumes untaxed profit of any commercial or industrial projects within 5 years from first year after project end, and during 10 years for companies and projects in new territorial areas and cities, with the permission of heads local administrations.