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Getting money out of Egypt / repatriation

Discussion in 'Egypt property' started by BigJim, Jun 13, 2008.

  1. BigJim

    BigJim New Member

    Hi every one,

    I have just purchased an appartment in Hurghada and have been told that it might be hard to get the money out of egypt and back in to england when i sell it.

    I would be very greatfull if any one has any info on this.
     
  2. wayne_harris

    wayne_harris New Member

    Hi, Thats what we would like to know aswell.

    Dawn
     
  3. distant dreamer

    distant dreamer New Member

    Hi

    When we purchased in El Gouna and asked this question we were told that we'd more than likely sell to Europeans, so in fact the money would never go through Egypt, which I suppose makes sense. When we asked at the bank they said no problem, just transfer any money to a UK bank account, so apparently shouldn't be a problem!
     
  4. queenie40something

    queenie40something Senior Member

    Hi Jim and welcome. I agree I cant see a proplem. The only problem would be taking the money out of the country in LE because the governent has set a limit as to how much LE can be bought in and out of the country. As long as the money is in any other currency you shouldnt have any problems.
     
  5. GM43

    GM43 Banned

    if you can get a visa card from your bank (account in LE) in Egypt, you can use this abroad
     
  6. Jeremy Sturgess

    Jeremy Sturgess New Member


    Just to confirm there are no restrictions remitting funds to Europe from the sale of property in Egypt or for other reasons. I have been transferring money back and forth for a while now and have had no problems at all. You will in all likelihood be asked by the bank making the transfer for you what the purpose of the transfer is and you should state something like transfer of proceeds from sale of property.
     
  7. redangel7861

    redangel7861 New Member

    Repatriation Of Funds

    Is anyone aware of any restrictions with regards to the repatriation of funds from Egypt back to the UK.

    Does anyone know the exact rules governing the repatriation of funds.

    Kindest regards
    RED
     
  8. Sanchez

    Sanchez New Member

    There are no problems with transferring funds from Egypt accounts to any other countries from an Egyptian point of view ( that I know of ) ........
    However I think you need to take great care if you are not living in Egypt permanently, and are a British domicile for tax purposes.

    I am not a tax expert, but the knowledge that I do have would tell me that .......
    For people who are "resident" and "ordinarily resident" in the UK, if you sell a property for more than you brought it then, "officially", a Capital Gains tax is applicable, as this is a form of income.
    This is whether you remit the funds to the UK OR keep them of-shore.
    Using the same rules for income, any rental income from off-shore properties should be declared.
    Of-course whether you decide to declare rental and Capital Gains Tax is completely up to you.
    What I would say is that if you are looking to remit a lage amount of money into a UK bank account then is possible it could attract the attention of the HMRC.

    Everyone's tax situation is different and therefore has different ways to reduce tax liability.
    Do your own research and take advice if you are unsure.
    Better to be safe than sorry : - )
     
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