The Egyptian government announces the granting of residence to foreigners when owning property

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01 January 2019

Statement on Sunday, Khaled Abbas, deputy minister of housing for national projects, said that it was decided to grant non-Egyptians residence in the country in exchange for owning a housing unit. The residence is granted according to Law No. 230 of 1996 and the decision of the Minister of Interior issued in this regard, Completed residential units.

Law No. 230 of 1996 grants the right to non-Egyptians to own real estate and land. The Minister of the Interior's decision authorizes foreigners to reside temporarily for non-tourism for a period of 5 years renewable for those who own one or more properties in Egypt for an amount not less than $ 400,000. For foreigners in temporary residence for non-tourism for a period of 3 years, renewable, for those who own one or more properties in Egypt, for an amount not less than 200 thousand dollars.

Abbas explained that in the case of housing units under construction, residency is granted to foreign holders, in the case of payment of the price in full in dollars, provided that the minimum unit provider is 40% of the price, or $ 100 thousand dollars

n this case, the person who wants to obtain the residence must submit a preliminary contract with the owner stamped by the party that has jurisdiction over the land, whether the new Urban Communities Authority or the Tourism Development Authority or the govern-orates and others, accompanied by a letter from the state authority, To transfer the amount from abroad, provided that the Department of Passports determines the length of stay according to the amount of the transfer, both letters must include a statement that the unit is under construction with the date of receipt, but not more than 4 years.

As for the renewal of residence, according to the Deputy Minister of Housing for National Projects, a letter from the landlord stating the ownership and the executive status of the unit approved by the state or unit of the unit shall be required, including the period of execution of the property, provided that the period of implementation is not more than 4 years, A letter from the buyer's bank stating the amount of the transfer in dollars and the counter party in the Egyptian pound for the purpose of buying the residential unit indicated in the primary contract.

Three standard forms of procedures will be implemented, Abbas said, a unified form of a letter issued by the banks to passport management, a unified form for the state-issued letter of passport management, and a third letter from the owner of the passport administration upon renewal of residency