Do you have real estate in Egypt? Do you know that you can obtain one year of residence based on this real estate, read this article to know more about real estate residence in Egypt.
Egypt provides several investment methods for foreigners by possessing properties, according to which they are granted residency. However, the property shall be worth $100,000 or its equivalent in Egyptian currency. The term of residence shall be one year, and may be renewable and extended as the value of the property increases, and it shall be granted to the property owner and relatives up to the first degree.
Requirements and Documents Required for Obtaining a Real Estate Residence Permit:
If the property has been already established:
- The title deed of the property shall be registered in the Real Estate Registry;
- A proof of transferring the full purchase amount from abroad by any approved bank in Egypt;
- Evidence that all taxes on the property, such as real estate taxes, have been paid.
If the property is under construction, some conditions shall be met:
- The applicant shall pay $100,000 or at least 40% of the property price.
- There shall be a preliminary sale agreement for the property between the owner and the foreigner.
- A proof of transferring the full amount of the purchase from abroad by any certified bank in Egypt, along with the supporting documents.
- A form including the buyer's name, nationality, address, and the number of the property, shall be prepared. This is in addition to a letter stating that the property is under construction and a document indicating the delivery period, which shall not be more than four years.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
