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2016-01-01

Board of Directors Decision No. 81 of 2016 Regarding Conditions and Procedures for Registration of Non-Egyptian Natural Persons in the FRA Real Estate Valuation Experts List

The Egyptian Financial Regulatory Authority (FRA) issued Board Decision No. 81 of 2016 to establish the eligibility criteria and documentation requirements for registering non-Egyptian natural persons on its Real Estate Valuation Experts List. The decision mandates that applicants hold a relevant higher education degree, a professional valuation certification from an FRA-approved institution, a valid foreign appraisal license, and at least ten years of experience in a jurisdiction with advanced valuation practices. Additionally, applicants must pass an FRA-administered examination, provide authenticated academic, professional, criminal, and financial records, maintain valid Egyptian residency and work permits, and commit to complying with Egyptian real estate registration laws to secure and maintain their registration.

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Egyptian Documents - No. 199 on August 31, 2016

Egyptian Financial Regulatory Authority
Board of Directors Decision No. 81 of 2016
Dated 26/7/2016

Regarding the conditions and procedures for the registration and continued registration of non-Egyptian natural persons in the Authority's Real Estate Valuation Experts List

Board of Directors of the Egyptian Financial Regulatory Authority
Having reviewed:
Law No. 159 of 1981 on Joint Stock Companies, Commandite Partnerships by Shares, and Limited Liability Companies;
and the Executive Bylaws:
Law No. 148 of 2001 on Real Estate Registration, as amended by Law No. 55 of 2014;
Law No. 10 of 2009 on Regulating Supervision over Non-Egyptian Markets and Financial Instruments;
Presidential Decree No. 197 of 2009 Issuing the Basic Statute of the Egyptian Financial Regulatory Authority;
Cabinet Resolution No. 1 of 2001 Issuing the Executive Bylaws of the Real Estate Registration Law and its amendments pursuant to Cabinet Resolution No. 201 of 2015;
Memorandum from the Central Administration for Supervision and Oversight of Registration Companies dated 19/6/2016;
and the approval of the Board of Directors in its meeting held on 26/7/2016;

Requirement:

(Article 1)
Conditions for Registration of Non-Egyptian Natural Persons in the Real Estate Valuation Experts List
The following conditions must be met by the non-Egyptian natural person for registration in the Real Estate Valuation Experts List of the Authority:

  1. Possess a suitable higher education degree along with a professional certification in real estate valuation from one of the institutions listed in the list issued by the Authority.
  2. Be licensed as a real estate appraiser by the competent authority in the country where they acquired their expertise.
  3. Have at least 10 years of experience, which must be in a country with advanced professional practice in the field of real estate valuation.
  4. Pass the examination prepared by the Authority.
  5. Not have previously been convicted of a felony or misdemeanor involving moral turpitude or breach of trust, nor declared bankrupt or insolvent, unless their reputation has been restored.

(Article 2)
Documents for Registration of Non-Egyptian Natural Persons in the Real Estate Valuation Experts List
The real estate valuation applicant from non-Egyptian natural persons seeking registration in the Authority's Real Estate Valuation Experts List must submit the form issued by the Authority for this purpose, accompanied by the following:

  1. Degree certificates, authenticated by the competent authority and certified by the Egyptian Ministry of Foreign Affairs.
  2. An authenticated license to practice the activity, certified by the Egyptian Ministry of Foreign Affairs.
  3. An authenticated certificate proving at least 10 years of experience in the field of real estate valuation.
  4. A recent criminal record certificate, authenticated by the competent authority in the country of citizenship and certified by the Egyptian Ministry of Foreign Affairs.
  5. A certificate confirming no bankruptcy or insolvency rulings, or their equivalents, certified by the Egyptian Ministry of Foreign Affairs.
  6. A copy of a valid passport.
  7. A valid residence and work permit in Egypt.
  8. A commitment to perform the duties of a real estate valuation expert in accordance with the provisions of Real Estate Registration Law No. 148 of 2001, as amended by Law No. 55 of 2014, its executive bylaws, and all other related decisions as determined by the Authority.
  9. The applicant's curriculum vitae.
  10. Proof of payment of the valuation service fee.

Continued registration of non-Egyptian natural persons in the Real Estate Valuation Experts List requires a valid work and residence permit in Egypt, and no disciplinary measures or crimes against the Authority, without prejudice to the conditions stipulated in Article 1 of this Decision.

(Article 3)
This Decision shall be published on the Authority's website and in the Egyptian Official Gazette, and shall take effect from the day following its publication in the Official Gazette.

Chairman of the Board of Directors
Sherif Samy

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