Investing in a property in egypt through UK company!

T

tompower

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We are interested in a property in egypt that we heard about through a friend. It is a UK company and all transactions need to be in sterling. Can i transfer money from my bank or credit union to the UK company without being charged large commision? Is there another way to move money across eg. creditcard payments dont charge commission but i will have to pay the card before i get charged interest. Also has anyone heard of difficulties with buyin in egypt.
THANKS
 
Re: Investing in a propert in egypt through UK company!

Banks rates and transfer fees will vary. If currency movements are worrying you could lock in exchange rates so you know what you're going to be paying for the next x amount of months/years.

Obviously exchange rates can go for or against you.


 
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Re: Investing in a propert in egypt through UK company!

tompower said:
We are interested in a property in egypt that we heard about through a friend. It is a UK company and all transactions need to be in sterling. Can i transfer money from my bank or credit union to the UK company without being charged large commision? Is there another way to move money across eg. creditcard payments dont charge commission but i will have to pay the card before i get charged interest. Also has anyone heard of difficulties with buyin in egypt.
THANKS
Click to expand...

why would you want to buy in Egypt ? are they going to strike oil or something ? :confused:

It doesnt matter if all transactions are in sterling if assuming youre based in the euro zone then you have three currencies to worry about as your assets will reflect the value of the Egyptian currency minus forex charges for converting from 3 currencies which is a hell of a lot of risk.
 
Re: Investing in a propert in egypt through UK company!

tompower said:
We are interested in a property in egypt that we heard about through a friend. It is a UK company and all transactions need to be in sterling. Can i transfer money from my bank or credit union to the UK company without being charged large commision? Is there another way to move money across eg. creditcard payments dont charge commission but i will have to pay the card before i get charged interest. Also has anyone heard of difficulties with buyin in egypt.
THANKS
Click to expand...


What is the development called you are buying a unit in? I have reserved a studio apartment at Desert Pearl Resort in Hurghada. Have had no real bother thus far, and construction seems to be coming on nicely. I wouldnt get too caught up in regards to transferring funds to the UK company, commission that would be charged by a currency company like www.moneycorp.com wont be a lot i wouldnt have thought.
 
Re: Investing in a propert in egypt through UK company!

sign said:
why would you want to buy in Egypt ? are they going to strike oil or something ? :confused:

It doesnt matter if all transactions are in sterling if assuming youre based in the euro zone then you have three currencies to worry about as your assets will reflect the value of the Egyptian currency minus forex charges for converting from 3 currencies which is a hell of a lot of risk.
Click to expand...


I would suggest the amount of risk would and should, in this type of instance be determined by the actual monetary amount invested as to whether its is a "hell of an amount of risk". In the Hurghada region of Egypt in the development i have purchased in i am purcashing a small studio apartment which is now 50% ready and all i have parted with thus far is is circa £3,000GBP. Not very risky at all.
 
Re: Investing in a propert in egypt through UK company!

Ya - but the main risk lies when you want to sell - not now.
 
Re: Investing in a propert in egypt through UK company!

I think investing in places like Egypt should only be for the seasoned investors who have multiple properties who can afford to take a hit if it all goes sour. I would consider this to be a high risk investment.

Eygpt is very corrupt country with a lot of people living in very poor conditions. Although it has a reasonably stable government regime, I would question westerners security in the climate we live at the moment.

I certainly wouldn't want to visit/work in the country again.
 
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