Lawyers, Bank Accounts, Making A Will

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SuziQ2708

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In freehold case, a testator CAN issue a will to a beneficiary, given that this beneficiary is not a normal heir "son or daughter for instance", provided that the will shall not exceed 1/3 of the testator's capital and assets AFTER settling any potential debts.

The will, according to the abovementioned rules, MUST be registered in the notary public in order to be effective, especially against normal heirs. It is also crucial that the legatee "will's beneficiary" shall clearly accept the will AFTER the testator's death. Otherwise it is not effective.


Hi Zeiad,

So, having 4 children (2 adult 25 & 22 and 2 teenagers 16 & 13) and the contracts being in both mine and my husbands names, I take it to mean, from your quote above, that it is not necessary to take out a Will for our property in Egypt either whilst it's still in the building stages or when it is complete as the property would automatically be transferred to our children in the unfortunate event of both of us dying? Will it make any difference that the eldest 2 children are not from my current husband? I would hate to think they would miss out and just the younger 2 would inherit.
 
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Zeiad Yehia

New Member
Dear SuziQ,

All the children will inherit, since both of your names are mentioned in the sale contract, and since your contract is a freehold one.

When it comes to inheritance in particular, the Islamic law applies between Muslims, while in case the spouses were not Muslims, they mus belong to the same religion, sect, and religious doctrine in order to apply their special rules on them. In the event "95%" they did not match in ALL the previous criteria, then the Islamic law applies. When the Islamic law applies this means that the kids "all of them" are definite heirs. However the 2 kids who are united between you and your spouse will inherit bigger portions, but again they will all inherit that's for sure.

All the best,

Zeiad Yehia
Solicitor
 
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Zeiad Yehia

New Member
Hi Zeiad,

I would retrospectively like my partner and children to be beneficiaries in my Hurghada apartment in the event of my death.I signed the contract and P.O.A. in my name only.

What would be the best course of action to ensure my partner and children would be legitimate heirs to the property under Egyptian law.


Rgds

Tommy
Dear Tommy,

First of all you can worry less. :)

I'm pasting below the answer I just posted to another user concerning the same issue. Same answer applies in your case:

Dear Desres,

In fact all what Queenie has told you is right; Hurghada is a freehold that's for sure, and also you can read that post on wills.

However, in your situation, and since it is freehold, your kids will inherit the property automatically with no need for any additional procedures, since they are natural heirs. In the event you want additional protection for them, which is not really 'needed', but just -again- an "additional" protection, you may ask the developer to sign a statement acknowledging that in case of death the property goes automatically to your kids / wife / whoever with no procedures needed. However if this statement was included in your purchase contract as a clause, then the aforementioned statement is needless.

All the best,

Zeiad Yehia
Solicitor
 
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The Smart Money

New Member
Hi there this is my very first post although i have been reading this forum every day for a few weeks, I'm so glad i stumbled upon it during the search for our very first overseas investment.

Myself and my husband have decided to invest in Regency Beach and are hoping to fly out for the official launch in March. I was hoping to do as much paperworky type stuff as possible while out there can anyone please tell me what is needed for a non-resident to open a bank account i.e. what details and documents they will require, and maybe advise as to who is the best bank.

We also would like advice on rental agencies whether its just best to stick with the offer from the developer indeed if there is one! or to source our own agency.

Lawyers thats another one I'm so cautious and reluctant to use a "recommended" lawyer unless from independent parties such as yourselves who have no vested interest in the developer/agency.

any advice or opinions would be gratefully accepted because i'm such a wimp and dont mind telling you i'm scared to death! This is a whole new ball game to us and i'm now wondering should we stick with Bulgaria simply because its now EU Territory although the reports are not great with regards to re-sale.

Many thanks guys!


You can open a HSBC account online here:

HSBC Egypt - Accounts - Current Account

Steve
 
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PhilB

New Member
Residential Visa

I am visiting egypt this week to open a bank account in order to rent out my apartment at Sierra. I have been told that I need a residential visa to open the account, which will cost £150 and that I need £700 or LE 3000 to open the account. Reading messages here I am not sure that this is right. Can anybody please advise.
 
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danny

New Member
Residential Visa

I am visiting egypt this week to open a bank account in order to rent out my apartment at Sierra. I have been told that I need a residential visa to open the account, which will cost £150 and that I need £700 or LE 3000 to open the account. Reading messages here I am not sure that this is right. Can anybody please advise.
I use the HSBC and had to deposit 3000 LE to avoid monthly charges any less than that an you will pay 20LE per month in bank charges. I did not need a residents visa to open account all I had to take was my passport.

I would open your account virtually as soon as you land as it can take up to 10days to recieve your cashcard, if you inform them of your urgency you can get it within 4 days and pick it up from the branch. It would also be a good idea to ask for internet banking at the same time so that you can keep an eye on your account back home.
 
queenie40something

queenie40something

Senior Member
Hi Phil and welcome to the forum. I have merged your thread into this existing ones where you will find lots of info on opening up bank accounts and internet banking.
There is also this thread on visas http://www.totallyproperty.com/egypt-property/7731-visas-finding-public-notary.html

Have you bought in Sierra, Nabq Sharm. If so there are ots of us that have bought. Iain flies over soon fo handover. If you havent got POA yet you will need a multi entry visa and residents visa which you can get from El Tor. There is a HSBC in Nabq and it is very easy as said above just need your passport.

If it is Sierra sharm here is the link where I think now there are about 24 of us. I had my handover a few months ago and have been fortunate to have used mine twice now and we are returning 16th Dec. http://www.totallyproperty.com/egypt-property/5219-sierra-resort-nabq-pictures-info-updates-87.html

Good luck and all the best

Alison
 
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PhilB

New Member
Thank you for the responses. I am now confused as to why I actually need a residents visa. I am not intending to visit Sharm next year. I already have the PoA so don't need to visit El Tur and completed handover in July. We are just in the process of renting out the apartment.
 
queenie40something

queenie40something

Senior Member
Hi Phil you only need the residents visa and multi entry visa to obtain POA for your lawyer. Ig you have done this already then thats ok. Your residents visa lasts a yr and multi entry for 6 months. Presumably you got these in the UK? A few on Sierra have done this via notaries and the Egyptian Embassy in London instead of going to El Tor. I done mine in El Tor as we were in Sharm at the time and the cost was sooo much cheaper - around £15 for both visas and £4 for POA.

I am still deciding on renting but if I do the lady I use to look after everything will collect the rent and lodge into my account in Egypt.
 
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PhilB

New Member
Thank you. I have now received confirmation from Sh el Sh Real Estate that I cannot open a bank account without residential visa. We have the PoA from when we went in July.
 
queenie40something

queenie40something

Senior Member
Hi Phil - if you have got the POA then you will have had to have got the 12m residents visa? If you got this in July then it is still valid. I cant really comment as to if you need a residents visa or not to open a bank account because when I opened my 2 ( one sterling and 1 LE ) all I was asked for was my passport which did have my residents visa in that I got from the passport office in El Tor.

You can try applying online for an account with HSBC Accounts and Payment Services. HSBC Egypt
 
Georgina

Georgina

New Member
Interest Rates in Egypt

Just been checking the current interest rates today at the banks in El Gouna:

National Bank of Oman
Egyptian Pound 8.50%
Sterling 3.25% min. 300 GBP to open account

I have my money with NBO and HSBC. No online banking with NBO but interest rates always much higher. This is for their savings account, instant access.

HSBC
Egyptian Pound 7.77% yearly
Sterling 2.915%

CIB
Egyptian Pound 6.50%
Sterling 3.63% min. 1,000 GBP to open

Bank Misr
Egyptian Pound 8.25% yearly
Sterling 4.18%

Barclays
Noticed they have a new branch in El Kawser district of Hurghada. Rang their central helpline number.
Egyptian Pound 6.25% with min LE200,000
Egyptian Pound 5.63% with LE10,000
Sterling 2%

Although NBO does not give online banking for Egypt I remember being able to check the balance at a Barclays cash point in the UK few years ago.
 
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PhilB

New Member
Bank Account in Egypt

Just got back from Egypt. Opened a bank account with HSBC without resident's visa. Also, took out buildings and contents insurance on the apartment with them, which costs approx. £34 per year and means that there is no minimum amount required to open or to remain in the account, just a LE3 one-off payment for Govt.
 
Georgina

Georgina

New Member
My friends who live in El Gouna were telling me rather than pay expensive transfer charges to bring money from the UK they have a sterling account in Egypt and pay in a cheque made out to themselves. It takes around 3 weeks to clear and they only get charged around GBP6. They then use the cash point to draw the money out in Egyptian pounds. Has anyone else paid in a UK cheque like this please?
 
J

johnwayne

Banned
Just got back from Egypt. Opened a bank account with HSBC without resident's visa. Also, took out buildings and contents insurance on the apartment with them, which costs approx. £34 per year and means that there is no minimum amount required to open or to remain in the account, just a LE3 one-off payment for Govt.
hi philB - am really confused now. we thought you had to have a minimum of £500? in an account. please advise? thanks in advance
 
queenie40something

queenie40something

Senior Member
When I was in Sharm the Nabq branch of HSBC were offering free insurance when you opened an account. I looked into the cover and it was no where near as good as Intasure so please make sure you check what you are covered for especailly the public liability.
 
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