Does Egypt permit foreigners to buy property in Egypt?
Yes, under Law No. 230 of 1996, which governs non-Egyptians’ ownership of real estate and vacant land, foreigners can buy property in Egypt with just a passport.
A fresh choice to become a citizen of Egypt
The decision to allow foreigners temporary non-tourist residences to buy property in Egypt so they can own one or more properties was announced by Prime Minister Dr. Mostafa Madbouly in July 2018. According to the government, the objectives are to preserve hard currency, promote a real estate export culture, expedite executive procedures, and revitalize Egypt’s real estate development business.
Changes to the law granting foreigners Egyptian nationality in 2023
The Egyptian Prime Minister decided in May 2023 to reform the requirements and processes for giving foreign investors Egyptian citizenship in exchange so they can buy property in Egypt, business investments, or dollar deposits.
By making it easier for foreigners to become citizens and make them able to buy property in Egypt, the move seeks to infuse more hard dollars into Egyptian coffers.
The ruling listed several circumstances in which foreigners could be granted Egyptian nationality, including:
- Possess a property controlled by the government or a publicly traded firm for a minimum of $300,000.
- At least $350,000 must be spent on the project, with $100,000 going toward non-refundable direct revenue deposited in the state treasury.
- A $500,000 deposit that will be redeemed in Egyptian pounds interest-free after three years.
- A $250,000 non-refundable deposit should be made to the state Treasury.
- The fee may also be paid in installments over a maximum of one year, according to the Egyptian government, as long as citizenship is only awarded following full payment of the required installments.
purchasing real estate in Egypt by foreigners
Currently, the Egyptian government offers foreign investors many investment options, so they can buy property in Egypt or get citizenship in return for their investment and residency benefits. Foreigners can apply for residency in Egypt in the following ways:
- 3 years renewable residency by the ownership of one or more properties valued at least $200,000.
- 5-year renewable residency upon the acquisition of one or more properties valued at least $400,000.
The Egyptian government has established certain requirements and procedures to grant residence in return for the purchase of an unfinished unit. These include:
- Make a down payment of $100,000 or the equivalent of 40% of the unit price, or pay the entire unit value.
- the presence of an initial agreement between the owner and the foreign buyer that has been approved by the governorates’ Tourism Development Authority.
- Declare in writing that the unit you are purchasing is still being built, along with the date you received it.
- The unit should not have been received more than four years ago.
- Provide a bank statement confirming the transfer of the necessary funds in US dollars, along with an equivalent statement in Egyptian pounds, to acquire the housing unit specified in the original contract.
- The duration of stay is decided by the Passports Department based on the value of the transfer.
Several crucial points to remember:
- The name, nationality, property number, and address of the owner must be included on a standard form.
- Notifying the Passports and Immigration Authority about this form is required.
Investment-Based Egyptian Citizenship
Foreigners seeking Egyptian citizenship using the tool to buy property in Egypt in return for investment may do so in a variety of methods and for varying sums of money, including:
- Give the Egyptian public treasury $250,000 in direct revenue that is non-refundable.
- A $750,000 deposit will be returned in Egyptian pounds, interest-free, after five years.
- securing a one-million-dollar deposit that will be returned in interest-free Egyptian pounds after three years.
- launching an investment initiative with a minimum budget of $400,000.
- purchasing a state-owned asset for a minimum of $500,000.
The finest places in Egypt for foreigners to invest in real estate
Currently, Egypt offers a plethora of unique new locations and cities that match the requirement for foreigners to buy property in Egypt, such as:
New Cairo is considered one of the most important new cities in Egypt, which includes real estate diversity and is one of the finest and most suitable places for real estate investment. It is also for foreigners to buy property in Egypt, it is located in eastern Cairo and between the Cairo-Suez Desert Road and the Katameya-Ain Sokhna Road and disgusted with all facilities from schools, universities, big shopping malls and medical centers.
- Alamein’s New City
One of the most well-known Egyptian cities and recent national initiatives and the best option for foreigners to buy property in Egypt, New Alamein is situated on the northwest coast with a view of the Mediterranean Sea. It covers an area of roughly 49,000 acres and aims to house up to 2 million people.
The North Coast is a great attraction for investors tourism lovers and foreigners who are looking to buy property in Egypt, and this area is characterized by its beautiful sandy beaches and residential and recreational projects, making it a stop for investors looking for homes on the sea.
Sheikh Zayed City is a peaceful, affluent neighborhood with opulent homes and recreational amenities that make living there easier for residents and this is an attraction point for foreigners who are looking to buy property in Egypt. Both single people and families choose to call this neighborhood home and close to downtown and October City.
With its cutting-edge residential and commercial areas that cater to various investor demands, especially for foreigners who want to invest in new cities and buy property in Egypt, Mostakbal City embodies a contemporary trend in urban design and sustainable development.
All of the aforementioned places offer a variety of residential and investment prospects, as well as cutting-edge commercial and recreational facilities and infrastructure, which draws in real estate investors either from Egypt or any other place around the world.
