Quote:
Originally Posted by Agnieszka Egypt
I also believe this is correct. I have also been told that developers are not allowed to have payments for properties built in Egypt sent to another country. There is a couple doing this at the moment. I believe this is unlawful, and any developers cought doing this will be in big trouble. And the people who paid for these will have great problems getting their money back I am sure. I think anyone looking at buying a property in Egypt should check where the money is going, before sending a single pound. Plus I would wonder about any developer sending the money out of the country. How are they going to have the money to finish the project in Egypt, if the money is in another country?
You are allowed to bring in as much money as you want into Egypt, but when leaving they have signs at the airport that say you cannot leave with more than 200 Egyptian Pounds. I guess I cannot blame the country of Egypt, they want the money to stay, and help the economy.
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If a NON Egyptian resident is buying something in Egypt but lives in another country, and the developer / owners also lives outside Egypt then there is NO money leaving Egypt, and therefore no currency regulations are being breached. The money is passing between two other countries and will only get to Egypt as part of the developer paying for the development.
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