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:: REAL ESTATE OWNERSHIP

Law no. 230 for 1996 Regulates the acquisition of urban land (whether it is vacant or built upon) by non-Egyptians. Under Article 1 of the Law is defined as either a natural person of non- Egyptian nationality or a legal entity of which the majority of its capital (more than 50%) is held by non-Egyptians, even if such entity is incorporated in Egypt . It is important to note that the percentage of foreign ownership is observed throughout the period of ownership by the company and not only at the time of acquisition of land.

Under this law, non-Egyptians may own up to two private residences in Egypt , but cannot own agricultural land. Each residence cannot be over 4000 square meters in area. There is now no need for obtaining permission from the Prime Minister prior to acquiring property in Egypt . However, under the regulations to this Law, any disposition of the residential property before a five-year period (without the permission of the Prime Minister) will be null and void by operation of Law. The buildings must conform to the law relating to construction and to those protecting historical monuments. Construction must commence before the end of the five-year period if vacant land is bought. Additionally, the conveyance taxes have been reduced from 5% to only 2.5%.

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