Apartment Sales > Egypt > Buyer's Guide of EGYPT

Buyer's Guide of EGYPT

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GENERAL INFORMATION

1. What is the currency of the country?
The currency in Egypt is the Egyptian Pound. Its ISO code is EGP. The equivalence between Euros and Egyptian Pounds is the following one with its corresponding fluctuation
1 €= 8.40 Egyptian Pounds EGP
1 Egyptian Pound EGP= 0.119 €
(data corresponding to June 2008)

2. Is it necessary a visa to enter in the country?
Yes. To enter in Egypt it is necessary a visa. The visa can be got at the entrance of the airport, paying the corresponding taxes (15€) The visa can also be obtained before going to Egypt in the embassy of Egypt in the country of the buyer.

3. What is the mortgage interest rate in force in Egypt?
The mortgage interest rate is around the 9.03%.

INFORMATION ABOUT THE PURCHASE

4. Is the product bought in Euros or in Egyptian Pounds?
The housing unit is bought in Egyptian Pounds.

5. Where should I register in public deed the purchase of the housing unit in Egypt? Can Marina d’Or register it on behalf of the buyer?
The housing unit is registered in public deed in Egypt in the "Register of Real Properties". Marina d'Or eases you the registration in public deed on your behalf through attorney power

6. Can I mortgage the housing unit in Spain although it is registered in public deed in Egypt?
No. The law does not allow to mortgage real estate properties out of Spain

7. Can I subrogate to the mortgage realized in the country?
In Egypt it is not habitual mortgages market, so subrogations are not frequent.

8. In case of any legal discrepancy, shall be the Spanish or Egyptian tribunals in charge of them?
The Egyptian ones.

9. How long does it take us to hand over our works in the country?
The first phase of White Sand is planned for June of 2009

INFORMATION ABOUT THE TAXES AND DOCUMENTATION

10. What kind of taxes have to be paid and what kind of expenses are generated when acquiring a unit house in Egypt?
In Egypt the VAT does not exist. The buyer does not pay for taxes derived from the purchase. The notary fees depend on the area and the maximum amount is 140 € approximately.

11. Is it necessary to pay any tax on real estate property?
Nowadays 70€ but it shall be increased during the next year in the zone of the Red Sea, to 150 € approximately per year.

12. If I buy an apartment and I sell it later, can I take the money out of the country? What should I pay to the Treasury?
Effectively, it is possible to take the money out of the country paying the capital gains tax that is the 20%. There is free movement of capital.