In July 2018, Dr. Moustafa Madbouly, Egypt’s Prime Minister, has announced the decision that grants foreigners a temporary non-tourist residency in Egypt which allows them to own properties. This decision came with the aim to facilitate administrative procedures, refresh the real estate sector, and increase the foreign currency in Egypt.
Buying A Property for Foreigners in Egypt
The Egyptian government provides many tracks through which foreigners can buy and own properties in Egypt, which in return can obtain Egyptian nationality in case:
- A renewable 3-year residency and owning a property that is worth $200,000 or more
- A renewable 5-year residency and owning a property that is worth $400,000 or more
Earning the Egyptian Nationality By Investing
Foreigners can earn the Egyptian nationality by investing if certain requirements are met such as:
- Transferring non-refundable $250,000 to the Egyptian national treasury
- Depositing $750,000 to the Egyptian national treasury, which is refundable after 5 years without interest
- Opening a trust in the Central Bank of Egypt with an amount of one million dollars, which is refundable after 3 years without interest
- Starting a business project with a capital of $400,000
- Buying a state-owned property with a total cost of $500,000
Countries that Offer Residency for Buying A Property
This practice is not exclusively in Egypt, it is also found in other countries that offer the same practice for foreigners in order to encourage the economy and increase its reserve of foreign currencies. Among the countries that offer the same practice are:
- Qatar: Qatar grants foreigners a residency in case they owned a property that is worth $200,000 and a permanent residency in case they owned a one-million-worth property with free education and healthcare services
- Jordan: it allows foreigners to have a 5-year residency in case they owned one or more property that are worth at least JOD 200,000 which is equivalent of $280,000
- The United Arab Emirates (UAE) – Dubai: foreigners can enjoy a renewable 3-year residency in Dubai in case they owned a property that is worth at least AED 750,000
- Turkey: It offers residency in case of owning a property that is worth at least $250,000 on the condition of not selling it for 3 years
- Brazil:It offers permanent residency in case of owning any property, commercial or residential, or even firms with a total amount of $160,000
- Greece: You can earn a residency in case you owned a property that is worth $300,000
- Cyprus: You can earn a permanent residency in case you invested in a property that is worth EUR 300,000 which is worth $339,000
Main Requirements to Obtain Your Residency in Egypt
There are some requirements and conditions put by the Egyptian governments before granting residency to foreigners who want to invest in a property in Egypt, which include:
- Paying the full price of the unit or a $100,000 deposit which is 40% of the total price
- Having the contract between the buyer (foreigner) and the national seller stamped from the Authority of Tourist Development in Governorates
- Submitting a statement that testifies that the unit is still under construction and stating the expected delivery date
- The delivery date does not exceed 4 years from the day of contracting
- A bank statement that confirms the transferring of the agreed-upon price in US dollars with its worth in Egyptian pounds
- The General Administration of Passports, Emmigration, and Nationalities then proceeds to determine the duration of the residency based on the amount of money transferred
Important Notes:
- There has to be a unified model of paper submitted that includes the name, number, nationality, and the address of the property’s owner
- The General Administration of Passports, Emmigration, and Nationalities has to be notified by this model
Does Egypt Allow Foreigners to Buy or Sell Properties in Egypt?
Yes, by using only their passports according to Law No. 286/1996 on regulating foreign ownerships of Egyptian properties and lands
Best Places for Foreigners to Invest in Egypt
There are many new projects and cities that are viable options for foreign investments in Egypt. Some of them are:
The New Administrative Capital
The New Administrative Capital is considered as a national mega project that extends over 170,000 acres and is expected to host more than 40,000,000 residents by 2040.
The New Capital is located beside Badr City on the Cairo-Suez road and Cairo-Ain Sokhna road and it includes many prominent compounds that offer luxurious lifestyles such as:
- Scene 7 Compound: It is located in the Seventh Residential District (R7) in the central axis and plot G2. It extends over 42 acres and only 20% of this area is dedicated for residential units while the rest is exclusively for green areas and water features
- The City Compound: It is an integrated project of a total area of 54 acres and is located in the Fourth Residential District (R4) and is also close to the Green River and the Al-Massa hotel
- Janoub Compound: Its area reaches 48 acres and it consists of 20 residential buildings and is developed by the Orientals for Urban Developments (OUD)
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New Cairo City
New Cairo is considered as one of the most vital new cities in Egypt since it offers a variety of types of properties and it is located in the east of Cairo on the Cairo-Suez road and Katameya-Ain Sokhna road. Among the compounds it is famous for are:
- Palm Hills Compound: It is considered as one of the most luxurious projects in New Cairo and is only 5 minutes away from the American University in Cairo (AUC) and it extends over 500 acres
- La Nuova Vista Compound: It includes 131 standalone villas, twin houses, and penthouses, and extends over 41 acres
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New Alamein City
It is considered as one of the most important new mega cities emerging in the Egyptian market and it extends over 49,000 acres. It aims to host 2,000,000 residents and it is located on the western North Coast that overlooks the Mediterranean sea. Among its famous compounds are:
- Downtown Compound: Its total area reaches 31 acres and it is only 400 meters away from the main road of the North Coast
- Palm Hills Compound: It extends over 10,000 square meters and it is located behind City Edge’s towers right beside the towers’ artificial lakes
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