Law No. 230 of 1996

This law was issued superseding the Law No. 56 of 1988. The new law allows non-Egyptians to own real estate whether built or vacant with the following conditions:

Article 1. The ownership is limited to only two real estate properties throughout Egypt for accomodation purposes of the person and his family (wife and children), in addition to the right to own real estate needed for activities licensed by the Egyptian Government.

Article 2. The area of each real estate should not exceed four thousand square metres.

Article 3. The real estate is not a historical site.

Law No. 8 of 1997

Law 8 of 1997 repealed Investment Law 230 of 1989. It made one authority responsible for investor incentives and guarantees--the General Authority for Investment and Free Zones (GAFI). It also grouped some 20 exemptions and incentives under one law, and specified activities that would automatically accrue benefits to investors. It allows 100% foreign ownership of ventures and guarantees the right to remit income earned in Egypt and to repatriate capital.

Key provisions include: the guarantee against confiscation, sequestration and nationalization; the right to own land; the right to maintain foreign currency bank accounts; freedom from administrative attachment; the right to repatriate capital and profits; free hiring of Egyptian staff, absence of price control or restrictions, and equal treatment regardless of nationality.