Egypt is planning to launch a dedicated investment fund for Egyptians living abroad next year, to offer a range of investment instruments tailored to expatriates, Finance Minister Ahmed Kouchouk announced on Sunday.
Addressing a panel discussion, themed “State’s policy for supporting Egyptians Abroad”, as part of the 7th annual Egyptians Abroad Conference, Kouchouk said the government has been working to simplify subscription procedures while providing attractive investment opportunities for Egyptian nationals overseas.
The state has been co-operating with leading domestic and international investment banks to complete arrangements for launching the fund, the minister said.
The initiative aims to provide Egyptians abroad with new investment opportunities and competitive financial returns, he noted.
The Finance Ministry has been working with the Ministries of Industry and Investment to launch an integrated digital platform allowing investors to establish companies quickly and with minimal bureaucracy, Kouchouk revealed.
The platform is designed to encourage Egyptians abroad to invest in their homeland by providing easier access to investment incentives, as well as tax and customs benefits, he explained.
Kouchouk also announced the launch of a mobile application for real estate tax services. The app enables users to register properties, file tax returns, apply for exemptions and pay taxes in any currency.
In addition, a new mobile application for real estate transactions will be launched later this month as part of the government’s broader tax facilitation programme, the minister said.
The platform will provide additional digital services for Egyptian expatriates.
The minister also revealed that Egypt had established three specialised taxpayer service centres to improve customer service.
The state plans to introduce virtual consultations next year, allowing Egyptians abroad to communicate directly with tax officials and receive guidance on tax-related services and procedures, he said.
