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|06 August, 2018

Egypt plans residency for foreign property buyers

Egypt to issue law within a month

Image used for illustrative purpose. City skyline Cairo at dusk, A cityscape of the downtown area of Cairo, capital city of Egypt.

Image used for illustrative purpose. City skyline Cairo at dusk, A cityscape of the downtown area of Cairo, capital city of Egypt.

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Head of the Real Estate Development Chamber in the Federation of Egyptian Industries, Tarek Shoukry, said that the executive regulations for law regarding granting residency for foreigners in return for property purchase, is being developed and will be issued within a month.

Shoukry added that the law provides for foreign clients the right to stay for one year in return for buying a property in Egypt worth $100,000, and is granted a stay of three years, in return for buying a property worth $200,000, and for five years for buying a property worth $400,000.

In May 2017, the cabinet approved an amendment to the rules for granting residency to foreigners for non-touristic purposes, including granting foreigners a residence in Egypt for one year in the case of buying housing units with the mentioned amount of money.

Shoukry said that the application of that law will support the Egyptian economy, which is expected to receive billions of dollars annually from the proceeds of the law.

He stressed that the dollar revenues of the initiative will ease pressure on foreign currency reserves, as it contributes to the provision of billions of dollars to banks from outside the country, which strengthens reserves, especially, since the amounts are transferred from abroad, which ensures that there is no extra pressure on the local demand of dollars.

Moreover, he stressed that the real estate market lacks necessary information needed by the real estate investor to implement his projects.

Additionally, he proposed a partnership with AqarMap to provide necessary information to be provided by the Real Estate Development Chamber to investors.

© 2018 Daily News Egypt. Provided by SyndiGate Media Inc. (Syndigate.info).

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