Egypt aims to raise between $10 and $15 billion annually through the sale of real estate to foreigners, targeting foreign investors to boost economic growth and transform the real estate market.
According to Dr. Abdel Monim El Sayed, Director of the Cairo Center for Economic Research, real estate exports can generate significant revenues if organized effectively. He emphasized the need to introduce clear policies aimed at simplifying the procedures for acquiring property for foreign investors. El-Sayed noted that despite the potential of the Egyptian real estate market, there are obstacles, such as the lack of reliable data on exported properties and the absence of a single regulatory body that would meet global standards.
As an example of the successful implementation of such initiatives, in 2024 Dubai recorded real estate sales worth over $18 billion, and total real estate exports to the UAE exceeded $45 billion. These figures demonstrate that with the right structures in place, Egypt can achieve similar economic success.
However, there are challenges, especially related to the condition of real estate. El-Sayed noted that many properties are not fully completed, which can deter foreign buyers who prefer move-in ready options. He also emphasized problems with non-transparent contracts and administrative difficulties in registering and transferring property, which creates additional barriers for potential investors.
In response to these problems, the need to establish a central regulatory body to oversee the real estate sector is emphasized. El Sayed emphasized the importance of establishing binding rules for contracts, quality standards for finishes, and financial criteria for developers. Such a body would ensure the safety of buyers’ funds and reduce risks for foreign investors.
The government’s proposal includes conditions such as a minimum property value of $300,000 for foreign buyers and foreign currency payment requirements, which should facilitate transactions. The main goal of this initiative is to support the inflow of foreign currency to Egypt and effectively balance supply and demand in the real estate market.
The simplification of processes and targeted incentives are expected to increase the attractiveness of Egyptian real estate for foreign investors. The government aims to position Egypt as an attractive choice for international buyers, accompanying these measures with a large-scale promotional campaign aimed at attracting foreign real estate buyers, which is in line with global trends in investing in emerging markets.
The Verkhovna Rada intends to equalize the terms of remuneration for citizens of Ukraine and foreigners.
The corresponding bill No. 5795 on amendments to the laws on the use of labor of foreigners and stateless persons in Ukraine was supported by 240 people’s deputies in the first reading at the plenary session of the Verkhovna Rada on Friday, the website of the parliament reports.
The bill proposes to amend the laws on employment and the legal status of foreigners and stateless persons.
The document provides for the improvement of the procedure for issuing (refusal to issue) or continuation (refusal to continue) the validity of a permit for the use of labor of foreigners and stateless persons.
As noted in the explanatory note to the document, the amendments to the laws will create equal conditions for remuneration for both Ukrainian citizens and foreigners and stateless persons who are legally in Ukraine.
The adoption of the draft law will provide legal grounds for the use of the labor of foreigners and stateless persons who study in educational institutions of Ukraine.
The document also provides for the free issuance of a duplicate work permit for foreigners and stateless persons in cases of loss or damage to a previously issued permit, the validity of which has not yet expired.
CITIZENS, CONDITIONS, FOREIGNERS, UKRAINIAN PARLIAMENT, WAGE
The Verkhovna Rada intends to simplify the procedure for granting citizenship to foreigners who protect the territorial integrity of Ukraine.
The adoption of the relevant bill No. 5630 at the first reading was supported by 302 MPs at an extraordinary plenary session on Tuesday.
The bill proposes to simplify the procedure for obtaining Ukrainian citizenship by citizens of a state recognized by the Verkhovna Rada of Ukraine as an aggressor or occupier who have been persecuted for political reasons, by foreigners and stateless persons who are doing military service under contract in the Armed Forces of Ukraine, and are also directly involved in measures to ensure national security and defense of Ukraine, the containment of the armed aggression of the Russian Federation in Donetsk and Luhansk regions.
In addition, the final and transitional provisions of the draft law provide for the possibility of submitting a declaration of renunciation of foreign citizenship by persons who received Ukrainian citizenship before the entry into force of this draft law.
All foreigners and stateless persons who stay in Ukraine on a legal basis can be vaccinated against COVID-19 following the same procedure as Ukrainian citizens, the Ministry of Health said on Facebook.
According to the report, foreigners and stateless persons who permanently reside in Ukraine, as well as refugees or persons in need of additional protection, have the right to free vaccination. They can book their vaccinations online at the nearest location or vaccination center.
At the same time, for foreigners and stateless persons who temporarily stay on the territory of Ukraine, medical services should be covered at their own expense, voluntary medical insurance funds or from other sources not prohibited by law. The COVID-19 vaccine itself is free of charge.
All foreigners and stateless persons can obtain an International Certificate of Vaccination against COVID-19 in Ukraine.
PwC Ukraine developed a free guide – Expats’ Handbook to help foreigners coming to Ukraine for personal or business goals.
It aims to give a general overview of the key rules and issues that foreigners need to know about the Ukrainian tax and legal environment to allow them to become comfortable and to avoid being overburdened with formalities.
The Handbook is available in many languages, including English, Polish, German, French and Chinese.
“Our country is building a business-friendly climate and opening new opportunities for investors from across the globe. We still have some way to go on this journey – the Ukrainian legal landscape is a work in progress, undergoing changes which will bring it in line with international good practices. But as long as you have a trusted guide to steer you safely through burdensome taxation or immigration compliance issues, you are safe” – commented Slava Vlasov, Partner, Leader, Tax and Legal Services, PwC Ukraine.
The State Border Guard Service of Ukraine in 2020 did not allow more than 19,500 foreigners to enter Ukraine, head of the State Border Guard Service of Ukraine Serhiy Deineko said.
“Since the beginning of the year, for various reasons, we have not allowed more than 19,500 foreigners into Ukraine. In most cases, these are those who could not confirm the purpose of their travel, had restrictions on entry or illegally visited the occupied territories, exceeded their stay or traveled with invalid documents. The majority of foreigners are citizens of Russia, Moldova and Turkey,” Deineko said in an exclusive interview with the Interfax-Ukraine news agency.
According to him, more than 8,000 people were also identified, both Ukrainians and foreigners, who illegally visited the temporarily occupied Crimea.
“At the same time, it was the officers of the border department that issued more than 7,800 bans on entry to our country against foreigners for various violations. In addition, I will add that in 11 months we found more than 8,000 people – both Ukrainians and foreigners – who illegally visited temporarily occupied Crimea. We find up to 40 such people per day,” Deineko said.
The head of the State Border Guard Service explained that since the beginning of the illegal annexation of Crimea by the Russian Federation, the issue of illegal visits by Ukrainian and foreign citizens to the occupied territory has been raised. “At the same time, some of the foreigners then try to get to the territory of Ukraine under all sorts of pretexts, there are many clerisy people and actors among them,” he said.
“We have no alternative. Our position is principled: if a citizen of a foreign state visited the territory of the occupied Crimea, the occupied areas of Donetsk and Luhansk regions, contrary to Ukrainian legislation, he receives three years of a ban on entry into Ukraine and will not be allowed into the territory of Ukraine,” Deineko said.
If a citizen of Ukraine visits the relevant territories in violation of the law, he will be brought to administrative responsibility, the head of the department added.
