Samra Bay

Last Updated on Tue, 09 Mar 2010 17:21

At the „Golden Mile“ of Hurghada, the „Village Road“, located in the direct vicinity of
Steigenberger, Hilton and Intercontinental Hotels.
The total area extends to approx. 120.000 sqm.
Marina & spa, sports & fitness, diving school, water sports, entertainment area, beach
bars & restaurants, kids-corner, BBQ area, several swimming pools, shopping areas,
supermarket, café & shops, medical care.

Samra Bay Beach Front Project.

Studios, 1 & 2 bedroom apartments with areas between approx. 48 sqm and 119 sqm.Prices will begin at approx. 1000 GBP /1200 € per sqm (including air-condition).
Euros, British pounds and US Dollars, based on the daily exchange rate,In 3 instalments; a minimum of 40% only after completion of the apartment.

All work outside the properties themselves; maintenance of outdoor sites and
amenities, public traffic areas, security, pool etc., will be specified in exact detail in a
separate facility management agreement.Each unit has its own meters which record the individual consumption. These figures
serve as the basis for settlement of accounts.

The vendor intends to set up a showroom in order to provide a choice of several
furniture packages, Depending on size and equipment prices between approx. 7.000 – 12.000 €.

Tax questions:

1- Are taxes payable on the purchase of a property in Egypt?
No.

2- Are taxes payable on the sale of a property in Egypt?
Yes. Natural persons pay tax at a rate of 2.5 % of the selling price.

3- Is tax payable on rental income?
Yes, 50 % of the actual rental income serve as the assessment basis. No rental
expenses can be deducted. The following tax rates apply, graded according to income
level:
Rate 1. from 5,000 LE – 20,000 LE - 10 %
Rate 2 from 20,001 LE – 40,000 LE - 15 %
Rate 3 over 40,000 LE - 20 %
Legal entities pay tax at a standard rate of 20 %..

4- Is any annual land tax payable?
Yes, based on the assessed annual rental value, which is determined by a committee.
This normally involves only minimal sums.

5- Is any capital gains tax or value added tax payable?
There is no special tax on capital gains and no value added tax is payable on the sale
of properties.

6- Is inheritance tax payable?
No. Moreover, the acquisition of property by entail is also exempt form the 2.5 % tax
on sales.

7- Who acquires title to the purchased property on the death of the purchaser?
In accordance with Egyptian private international law, the estate of the deceased, his
last will and testament, or any other testamentary dispositions are governed by the
law of the state of which the deceased was a national at the time of his death.

8- What taxation is payable if the property was not registered?
Registration does not affect the taxes that apply.