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Taxes

Discussion in 'Egypt property' started by scouser, Mar 11, 2008.

  1. scouser

    scouser New Member

    Property taxes in Egypt

    Could anybody offer an overview on what local or national taxes or charges might be experienced by a non-residential property owner in Egypt ?

    Or perhaps refer us to an online source of such information ?
     
  2. queenie40something

    queenie40something Senior Member

  3. queenie40something

    queenie40something Senior Member

  4. may be buy small studio here ;)
     
  5. mickthepropertyguru

    mickthepropertyguru New Member

    Is property bought in Egypt lease hold under the ‘signature validity court verdict’ . If so how much is it to renew ot after 99 years or is this only on "The registered" way of buying ?
     
  6. This rule only in Sinai, other parts of Egypt are free hold can be registered under your name.
    Thanks
     
  7. dave99

    dave99 New Member

  8. queenie40something

    queenie40something Senior Member

  9. veronichka

    veronichka New Member

    Dear All,

    I am just a new member at the Forum.

    I would like to buy the apartments in Sharm to enjoy sun and sea.

    But before purchasing it will be worth to clear the issue of taxation up.
    Before to start this poster I’ve read the tread Taxation in Egypt and found a very interesting links that Queenie posted (#2). Sorry, but I can't paste the links not being the Active Member.

    Regardless of many publications and articles that make flashy the information about absence of taxation I realized that there is plenty of it.
    Considering the text of the article I counted several and have questions on them.

    "Republic of Egypt - Legal Information - IPR Country Guide" AND "See Property Tax In Egypt"

    According to the first one - Arab Republic of Egypt - Legal Information - IPR Country Guide - has this law already been ratified and does this apply for the foreigners as well? Sorry, but I did not get the meaning of this abstract: "Under the current property tax law, a 40 percent tax rate applies to non-agricultural land and real estate in Greater Cairo and other big cities".
    I have not heard about this 40% yet. Just 40% from what?

    According to the other link - as I am as a foreigner would decide to sell my apartment I should own in sale taxes 2,5% of property value. Is this correct in case of one has a landlord property and not land lease?

    So, if I am a Russian resident, do I avoid an inheritance tax as British according to the article? Just would somebody confirm, please, that nowadays in Egypt there are no Stamp Duty and Capital Gains Taxes?

    Also it is stated in the article that 50% of the balance annual rent income is owned in taxes in amount of 20%.
    Does this also spread to the land lease property and fairly for foreigners? Just glance at the example - it must be a mistake with calculation: 20% from the LE 48000 is definitely LE 9600 and not 6100 as written or am I wrong with calculations and is it not 20%?

    I would be much obliged if anyone makes these points clear and I think it will be of great value for all other users to discuss these two articles.
    Besides, I would very much appreciate if legal experts that are presenting at this forum comment on this topic.


    Thank you much for any comments,
    Kind regards,
    Veronichka.
     
  10. queenie40something

    queenie40something Senior Member

    Hi and a warm welcome to the forum and its lovely to hear from someone else considering Sharm. There are so many of us now.
    I have merged your thread with this one and this is where you prob saw my links. We do have a resident lawyer called Zeiad how is always willing to answer legal questions about purchasing in Sharm see http://www.totallyproperty.com/egypt-property/6847-legal-procedures-purchase-property-egypt.html we also have an intro thread http://www.totallyproperty.com/egypt-property/7504-introductions.html and quick link thread for new members http://www.totallyproperty.com/egypt-property/7507-quick-links-new-members.html
     
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