Funny you should mention Egypt. I had been keeping that location on the down low for a while and planned on doing a thread on it early next year when contracts had been signed but covid struck.
@Martin Everson Yeah mate. it's beautiful there and banking/
company formation is easy and Egyptians in general are warm and welcoming - at least that's how I felt when I went there to get some things done.
the thing is, It was so weird not seeing a single thread that talks about Egypt in this forum. I saw people talking about some banana republics, far away islands and frontier markets like Cambodia but not a single thread about Egypt. I thought that maybe some folks knew about it but don't want to share their experiences for whatever reason, but if I had to guess, I would say their reason might be that the Egyptian structure/system works extremely well and they don't want to ruin this system, Idk just a guess. or maybe Egypt is a hidden gem the way Georgia and
Uruguay were hidden gems for a long time and nobody knows about it...yet.
I was looking at Hurghada on the red sea back in Dec 2019. Had found a developer willing to sell me 50 new build studio apartments across 8 developments for just over 5000 euro each (plus finishing costs). I had a business idea in mind that has been shot to pieces now.
Dude I know houses/apartments in Egypt are cheap but they are not this cheap- specially when you're talking about apartments that are located in coastal cities like Hurghada or Sharm El-Sheikh. The apartments in these locations are expensive, and yes there are some extremely good deals but not in the numbers you're talking about.
Also you should be extremely wary and careful when dealing with developers. First, you must go yourself to inspect the apartment and its area and see the entire property, meaning that it is better to buy an apartment that already exists and not under construction or just a random sketch/drawing on paper, after that it is also important to see the real estate licenses and review the number of licensed floors in order to avoid the property being exposed to the occurrence of removal problems or any other problems.
also you must ensure that the ownership documents are complete, as some developers when they sell their apartments, they do not complete the Title/registration completely, which leads to the occurrence of some legal problems for the buyers and the buyers may even fall into fraudulent operations for lack of experience and knowledge of the required documents or the lack of some important provisions in the contracts that were signed. Your future self will thank you.
You should also ask in the neighborhood to which the property belongs to about the services provided by the area and you should make sure that there are no problems with basic facilities within the neighborhood, including water, natural gas, and a land phone (for future internet). But all of that can be solved by having a local lawyer that will help you figure all of this out.
But 5000 Euro for an apartment in Hurghada is something that you should nope tf out of even If you were going to buy a 100 blocks not 50. Take look at apartments that are sold in this
website and you'll see for yourself that the prices that that developer told you about are extremely un realistic/sketchy. So make sure you know what you're getting into. But based in your responses in other threads and seeing you discussing various topics. i know that you are already know what you're doing, so maybe update us if you gone through with this purchase!
I started down that path as Egypt was projected to be worlds 7th biggest economy by
2030 believe it or not. Lot of amazing stuff going on in Egypt like they are building a new capital city etc.
Yeah the new capital is really exciting because various ministries, the Egyptian Parliament, the Central Bank and the Administrative Control as well as a diplomatic neighborhood that includes embassies of foreign countries and most major banks will move there soon. So, lot's of
investment opportunities there.
CRS isn't a major point as they will join eventually. But for me Egypt has fair taxation, some interesting business possibilities and a low cost of living (for a foreigner).
Heh, maybe, maybe not. Only time will tell, but you have to consider that Egypt has lots of cards that they can bring to the table when playing with USA.
Egypt is an ally to USA and also an ally to Israel and Egypt have a peace treaty with Israel and Israel has massive lobbyists in the US, so...
Also Egypt is buddy buddy with Saudi arabia and UAE and USA consider these countries as their Allie$$. So I'm pretty confident that the US won't bother Egypt anytime soon. And for EU, besides the arm deals between Egypt,
Germany (the backbone for EU) and France and the gas deal between Egypt and Italy. Egypt still have the
immigration card (kinda of shitty tho but all politics are shitty anyway). but as I said, only time will tell.
@MiddleEuroAsia Maybe branch the Egypt discussion of into a new thread please.
YES, i would love to, tell me what to right about. Do you want me to write about my experience doing business there or general info about investment/banking in Egypt or just all the above in a one long thread.
or
@Admin can move this section from this thread to another thread (if this is possible) and maybe we will continue from there
cheers
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