Hi there this is my very first post although i have been reading this forum every day for a few weeks, I'm so glad i stumbled upon it during the search for our very first overseas investment.

Myself and my husband have decided to invest in Regency Beach and are hoping to fly out for the official launch in March. I was hoping to do as much paperworky type stuff as possible while out there can anyone please tell me what is needed for a non-resident to open a bank account i.e. what details and documents they will require, and maybe advise as to who is the best bank.

We also would like advice on rental agencies whether its just best to stick with the offer from the developer indeed if there is one! or to source our own agency.

Lawyers thats another one I'm so cautious and reluctant to use a "recommended" lawyer unless from independent parties such as yourselves who have no vested interest in the developer/agency.

any advice or opinions would be gratefully accepted because i'm such a wimp and dont mind telling you i'm scared to death! This is a whole new ball game to us and i'm now wondering should we stick with Bulgaria simply because its now EU Territory although the reports are not great with regards to re-sale.

Many thanks guys!

Hi I took my passport along and opened up 2 bank accounts very easily. 1 in LE and 1 in Sterling. I have a residents visa in my passport so dont know if that made it easier. There are so many banks so you should shop around. HSBC tend to ask for a certain amount to be kept in the account. Sharm now has a Barclays.
I agree ref Lawyers and get one that has been recommended. My lawyer is Zeiad who has contributed to this forum and I cannot recommend him highly enough but there are probably many that can recommend someone in Hurghada.
Rental is a personal thing. I will not be using the hotel management company as the returns are so low and they tend to have various stipulations such as purchasing their expensive furnitute packs and you only getting to use your apartment for X amount of weeks per year. I will be looking at privately renting if I go down this route via advertising on a website and employing a local firm to organise the change overs.
You are not the only one that is ' scared to death ' and it will be a learning process for many of us. We will learn by our mistakes no doubt!!
Good luck with your investment

Alison

Thank you very much very helpful, I will keep that in mind regarding the furniture packs thats another thing we can look at while we are out there. I thought as much regarding the rental and the low return. Do you have to use a lawyer based in egypt? would you mind pm me the contact deals of this guy or a website address that would be a great help.

Lets hope the mistakes are few and far between!

K.

Hi Coco,

In relation to your lawyer question at the early stage all you do is have your contract from the developer and have it checked. By this I mean it is in English and Arabic. You add any terms you want into the contract and have it translated into Arabic pending the developers approval. At the early stage it is simple and fairly cheap although I know of certain lawyers over there who try and exaggerate their prices because they see us British coming.

I work as a Solicitor in the UK and have friends who are lawyers in Egypt and they keep me updated as to prices. The more complex process comes after completion ie Registration but to start the ball rolling it is straightforward and easy.

Regards

Westmids33

Hi to give you an idea of Lawyers costs I paid £500 in total.

Hi!
I am new to this. So this question may have been asked before, but I could not find any reference to it.
What about the legal side of buying in Egypt. Surely it must be better to have an independent lawyer, rather than going witht the developer's lawyer?
How can you find a reputable firm, preferally English speaking, who don't rip you off and really do thorough searches?

Hi Cheshirecat and welcome.

I agree that you should not use a lawyer that has not been recommended via an agent or developer. Recommendation from other buyers is really the best way because the lawyer is working for you and not on any kind of commision. This also ensures that he really has your best interests at heart.
I am a great believer in word of mouth is the best way of advertising.

Have you bought yet, if so where.

You may not have noticed but there is a ' sticky thread ' on the front page of this forum where you are able to introduce yourself. Please feel free to do this as it is very helpful to others as well as your self.

Any questions then please dont hesitate to keep posting however silly you think they may be - there are lots of helpful people here who have knowledge of places such as Hurghada, El Gouna, Sharm etc.

Regards

Alison

Welcome to the forum Cheshire Cat! As an agent I would always recommend finding an independent lawyer to represent you to ensure that you are happy with the Developers contract. Definately worth trying Zeiad off this forum who has given a lot of advice for free and seems to be a very competent lawyer. Otherwise, consider using a UK lawyer with an International Division such as John Howell Associates. I have their details if you want them. Steer clear of the majority of Egyptian lawyers based in Egypt; you will get better advice in the UK. Zeiad is the exception.

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Me again!

You might find this thread interesting to read

http://www.totallyproperty.com/egypt...rty-egypt.html

Egypt is a big matter of trust where buying is concerned and i am not only talking about trusting Lawyers,every profession should be scrutinised including the Agent and Developer,I would say be vigilant with all nationalities operating in Egypt not just Egyptians,there are a few British wide boys operating here as well,event the agents that are dealing with these guys either haven't a clue or are just turning a blind eye.
So be vigilant with everyone not just the Egyptians.