Proposed fee for one year residency to foreigners $100,000

[DJKeefy]

Egypt cabinet sets proposed fee for one-year residency to foreigners at $100,000

Egypt's cabinet approved on Wednesday an amendment to a draft legislation on promoting residency for foreigners to be presented to parliament, setting the price of one-year residency at $100,000, up from a previously proposed $50,000.

In an official statement, the cabinet said the proposed legislation represents an incentive for foreigners to buy residential property in Egypt in light of an increase in the value of real estate.

Foreigners seeking a five year residency would pay $400,000, according to the statement.

The proposed legislation has to be approved by parliament and then ratified by the president.

The cabinet's decision comes a few days after parliament's defence and national security committee approved a governmental draft law to amend regulations related to granting residencies to foreigners.

The head of the committee Kamal Amer said the aim of the bill was to create a new a regulatory system for granting residency to foreigners in the wake of a spike in foreigners' requests for residencies in Egypt amid ongoing conflicts in the region.

Foreigners seeking to obtain residency in the country would have to place a Certificate of Deposit (CD) in the required amounts in foreign currency with no interest rate in Egyptian banks.

Foreign residents who maintain a five-year CD in banks would qualify to apply for citizenship.

Amer added that citizenship would only be granted after security clearance and following the approval of several security apparatuses.

In the past five years, Egypt has witnessed an influx of refugees from neigbouring countries mired in civil wars such as Syria and Yemen.

Egypt has also been attempting to attract foreign investments by easing bureaucratic governmental procedures. Last week, Egypt's Prime Minister Sherif Ismail said a new investment law is expected to be issued this month.

Source: http://english.ahram.org.eg/News/268067.aspx

[Horus]

Egypt has also been attempting to attract foreign investments by easing bureaucratic governmental procedures.

a bit of an oxymoron methinks

[newcastle]

Losing the interest on $100,000 looks more expensive to me than one return trip out of the country to fulfill the current visa requirements.

You'd also need to bear in mind the possibility that residence might not be granted despite your "investment".

Personally...and call me a pessimist....but I'd also wonder whether I'd ever see my money again

[Horus]

Personally...and call me a pessimist....but I'd also wonder whether I'd ever see my money again

My thoughts exactly

[DJKeefy]

I reckon when they see that not many ex-pats have taken up this attractive offer they will have a sulk (common trait of Egyptians) and possibly put a stop to this 24hr visa run, and introduce some new rules where ex-pats have to stay out of Egypt between 1 to 3 months before applying for another tourist visa

[newcastle]

I reckon when they see that not many ex-pats have taken up this attractive offer they will have a sulk (common trait of Egyptians) and possibly put a stop to this 24hr visa run, and introduce some new rules where ex-pats have to stay out of Egypt between 1 to 3 months before applying for another tourist visa

I did wonder - when I heard of this "wonderful offer" - whether it explained all the hoo-haa over the last year about cancelling 12 month tourist visa extensions, forcing visa-runs etc.

Was it all part of a cunning plan to extract large foreign currency deposits from those of us who want to live here long term?

Then I thought again....nah...far too subtle and cunning for the Egyptian bureaucratic mind.

[Dusak]

Just my luck, $7.33 short of the $100,000.

[newcastle]

This article was published yesterday under the headline “Egypt cabinet sets proposed fee for one-year permit to foreigners at $100,000” and contained several errors. The cabinet’s new measure increases the value of the property a non-Egyptian must hold from $50,000 to $100,000 in order to qualify for a one-year residence permit; it does not institute a fee for purchasing the permit. It also does not require all foreigners seeking a one-year residence permit to do so via ownership of property. We regret the error.

Egypt's cabinet on Wednesday amended legal regulations that allow non-Egyptians who hold property in the country to obtain residence permits, increasing the value of property required to apply for a one-year residency permit to $100,000, up from the existing figure of $50,000.

In an official statement, the cabinet said the new regulations represent an incentive for foreigners to buy residential property in Egypt in light of an increase in the value of real estate.

A five-year residency permit will be available for those non-Egyptians who own property worth $400,000 or more, the statement said.

The cabinet's decision comes a few days after parliament's defence and national security committee approved a governmental draft law to amend regulations related to granting citizenship to foreigners.

The head of the committee Kamal Amer said the aim of the draft bill is to create a new a regulatory system for granting residency to foreigners in the wake of a spike in foreigners' requests for residencies in Egypt amid ongoing conflicts in the region.

Foreigners seeking to obtain residency in the country, under the proposed legislation, would have to place a Certificate of Deposit (CD) in the required amounts in foreign currency with no interest rate in Egyptian banks. Foreign residents who maintain a five-year CD in banks would qualify to apply for citizenship.

Amer added that citizenship would only be granted after security clearance and following the approval of several security apparatuses.

Egypt has been attempting to attract foreign investments by easing bureaucratic governmental procedures. Last week, Egypt's Prime Minister Sherif Ismail said a new investment law is expected to be issued this month.

http://english.ahram.org.eg/News/268067 ... ign=buffer

Still as clear as mud.

Seems like you can get 1 year residency if you own a property worth $100,000....but is that an existing property or only new purchases?. Well...this mirrors the previous law (where it was $50,000 I think) but many tried and either failed, or gave up with the labyrinthine complexity of the requirements.

represent an incentive for foreigners to buy residential property in Egypt in light of an increase in the value of real estate.

What planet are they living on? Cairo maybe...but not Luxor, Hurghada or Sharm.

And if ownership has to be demonstrated with a "green contract", it's all 'pie in the sky' for many owners...especially those in Hurghada & Sharm who are unlikely to see a green contract for years....if ever.

[Horus]

The head of the committee Kamal Amer said the aim of the draft bill is to create a new a regulatory system for granting residency to foreigners in the wake of a spike in foreigners' requests for residencies in Egypt amid ongoing conflicts in the region.

To me this looks like they are talking about Middle Eastern peoples rather than European expats.

[newcastle]

The head of the committee Kamal Amer said the aim of the draft bill is to create a new a regulatory system for granting residency to foreigners in the wake of a spike in foreigners' requests for residencies in Egypt amid ongoing conflicts in the region.

To me this looks like they are talking about Middle Eastern peoples rather than European expats.

To me this looks like they re talking out of their a*se

Loads of Syrians, Libyans, Iraqis fleeing to Egypt with $100/$400k plus in their pocket....yeah right.

Anyway...there has long been a system for granting residencies to foreigners who are willing to invest in property...only the qualifying amount seems to have gone up.

Somehow I don't see many wealthy foreigners falling over themselves to invest in Egyptian real estate....I think you're telling porkies Mr Kamal Amer.

[Horus]

There still must be lots of wealthy people even now in the countries you listed and not all will be fleeing the country, but those able to do so may wish to move to a more stable (in their eyes) country and have therefore been making enquiries.

[Major Thom]

I am having to come back to comment on this and just say, could you not see this coming? They are intent on robbing you blind or making things so difficult that you residents or property owners will leave. Our lives have changed dramatically, and looking back to live in Luxor was a bind and a complete waste of our time.

[Major Thom]

We were between a rock and a hard place and thought we would have to leave the villa empty just to get a better and stable life. All I can say is that the owners that want to move, try and get your investment back and setle for that. We are 2 different people, the change in us even we could not believe. Dancing most evenings, relaxing during the day and touring wineries and beautiful sights. We must have been in some hell of a rut!

[BENNU]

Dancing most evenings, relaxing during the day and touring wineries and beautiful sights.

Being where you have chosen to be, dancing, allowing yourselves to enjoy it, isn't that what they call RTG?

[Dusak]

And who will place the value on the property? What they think its worth, what you say its worth knowing how much you have spent, then compere it to what an Egyptian buyer would offer you for it if it was for sale are totally useless comparisons or actual facts to work with. I will stay and carry on rattling around in my mini mansion with my other mini mansion above me and be content that they would value both together as being worth $99,999.

[Major Thom]

I sold mine for less than half of that D, just to get shut of the burden of owning property in Luxor. I did not sell to an Egyptian. You are entitled to your home D, and probably you are more than happy I don't know and would not ask, but we really needed far more excitement in our lives. Now we have it we may well be as happy as you are. But we did realize things were going down the pan in Egypt, we used to watch Nilesat Int. It was just propaganda and lies. To be honest if you even live in Cairo it's a different world, even though it's a rough urban sprawl.

[Major Thom]

Discos and Soul Nights for us Bennu,

[HEPZIBAH]

You could pay the fee to become a resident OR you could petittion the president to use his exclusive powers to grant wishes.

[Major Thom]

Would not be interested really Hepzi. Our ushers have been granted, and we are very happy with that. But judging by posts the idea of contacting the President or paying for Facebook seems to be just another way of collecting information and another abuse of civil liberties, as they tighten the noose in interfering in people's life. Soon you will have to install cameras in the loo so they can check how many times a day you go. What's going to be next in the quest for security? No one knows! Egypt is not a patch on what it were 8 years ago.