Legal base by the procedure of buying and registration of the objects of real estate

Law №230 (1996)

“About rights of foreigners for buying property on the territory ARE”.

• According to the articles 2, 4, 5 of the law №230 (1996) foreigners as private person has a right to buy as a property on the territory Egypt not more than two objects of real estate.

• Square of each of objects should not be more than 40000 sq. ft.

• If case of buying lot in order to avoid its liquidation owner should made a construction during first three years from the moment he bought it.

• Property should be beyond the limits of the territory of the historical treasures and monuments of architecture and should not be so.


Article 3

Office by giving notary letter of attorney should make all procedures according to the law №230. Registration of the property for foreigners is made in a term of 10 days after forming all necessary documents for property. Office is working under the leadership of Ministry of justice ARE. This law is confirmed by President ARE from 14.06.1996, 28th day of the Islamic day Safr 1417.

Law №8

“About rights of guarantee and development of investments” from 11.05.1997

From the name of Egypt people by approbation of President of Egypt, Parliament of Egypt made a decision to work with this law according to the following rules

First
Work should be done according to the law “About rules of guaranties and development of investments”.
Second
You should take into account number 18 of the law about impossibility of changing the cut taxes, adding new taxes in a period of working the law and changing another guarantees and opportunity of development of companies and projects. Any project should be done with giving law. According to the law companies and projects should have cut taxes of definite fix size or full their absent, guaranties and opportunities from government to the moment of finishing free period from taxes (5 and 10 years for different projects).


Comments to the law

1. This law spreads for any company and project, any of following organizing varieties as: hotel, hotel-motel, apart-hotel, tourist village, system tourist transfer/transport.
2. Companies and projects which are interested in guaranties and development of investments according to the law, should have a form of hotel, hotel-motel, apart-hotel, tourist village, be in a system tourist transfer/transport.
3. There is no opportunity of closing the company and expropriation of the project.
4. There is no opportunity for any governmental establishment name the price of any flats or house in the limits of any project, which is on sale as well as there is no opportunity of limitation of the profit, getting from this operations.
5.Any of governmental establishments do not have an opportunity to stop or cancel one or all licenses on the project, which could be deprived only in case of some mistake in construction.
6. Companies and projects have an opportunity of conducting a registration and possessing of land for the project on the representative of any nationality from the number of partners who can have any size of share of registered capital in a project.
7. Decreasing of taxes supposes deductibility of taxes of the income of any commercial or industrial projects during 5 years from the first year after finishing the project and during 10 years for the companies and projects in new territory regions and cities with permission of the heads of local administration.