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Oh no, I have nothing for larger amounts except meters.

Hi Zeiad, I wrote you two days back. I understand you did a due diligence on Oasis Marina. Can you please let me know what is your opinin about this project. Is building permission in place for it?

Thanks.

Chandra

Hi dont know where the legal procedures forum went so i will ask my question here maybe Peter can help me we are coming to live in Egypt soon so just wondered what we have to do to become residents there and do we need work permits and things ETC just need to know the legality's of it all

Hi it was on page 2 - I have moved the post for you.

Hi all, i have been waiting for an answer on the stamp duty question from a big independent law firm in Cairo. Please see answer below, hope this helps.

Dear Neil

Apologies for the delay in getting back to you. The equivalent of UK stamp duty in Egypt is registration fees. These are charged on a proportional basis, but currently capped at EGP 2,000 (GBP 200 approx). There may be other fees involved in registration, but these should be nominal in value. There should therefore be no need to understate values and I would strongly advise against this. This would have an impact on any capital gains due upon resale. Property tax (equivalent to rates in the UK) is also payable on an ongoing basis for which there is a threshold. This is expected to be EGP 500,000 pursuant to a new tax law due to be published in the next week or so.

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Best, Regards, Neil Hollingsworth
Email - neil@rivermeadglobalproperty.co.uk
Find us on the FreeIndex directory http://freeindex.co.uk/profile(river...rty)_98122.htm and read our reviews.

Hi Chandra

Is this something that you asked your agent to get, if so what was the reply.

It should be readily available and potential owners should be very wary of placing a reservation without seeing a fully authorised translation of the full license. You should not be happy with "I've seen a copy" as note in a due diligence report.

There is nothing confidential in a license that you should not be allowed to see.

You should also ask when planning permission was requested to get some idea of how long the developer has been waiting so far.

If it has only just been applied for it could be many months before it is ready.

.

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I just read the following on the Ancient Sands, El Gouna website. I am sure there are many foreigners who have bought more than two properties in Egypt? I didn't know about the cannot sell for five years if property registered.

Quote from Ancient Sands:

What are the relevant property ownership laws for foreigners in Egypt?

Law 230 of year 1996 on July 14, Law No. 230 of 1996 was issued superseding Law No. 56 of 1988. The new law allows non-Egyptians to own real estate whether built or vacant with the following conditions:

1.

that ownership be limited to only two real estate properties throughout Egypt;
2.

that the area of each real estate not be in excess of four thousand square meters;
3.

that Non-Egyptians may only sell their real estate five years after registration. Restrictions only apply to registered property. Registration of property is not mandatory in Egypt.

Please note: The vast majority of foreign buyers in Egypt avoid these restrictions by not registering their properties. Most Egyptians do not register their property either. Less than 10% of the housing stock in Egypt is registered.

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Georgina

Thats correct Georgina - it is in Zeiads opening post on page 1 of this thread.

i have heard from solicitors that these laws, especially the 5 year rule do not apply in touristic areas?

__________________
Best, Regards, Neil Hollingsworth
Email - neil@rivermeadglobalproperty.co.uk
Find us on the FreeIndex directory http://freeindex.co.uk/profile(river...rty)_98122.htm and read our reviews.