Best Savings Accounts For Expats In Egypt part 2 – Part one is here.
Understanding the Pros of Living in Egypt
Moving to Egypt might seem like an impossible dream, but it’s closer than you think. Sure, there are all kinds of things that keep Egyptians from immigrating anywhere else in the world, so why should anyone consider moving to Egypt? There are plenty of reasons. From cheap flights and taxes to amazing food and history, here are five reasons you should move to Egypt.
1) Excellent Cuisine
What’s not to love about Egyptian food? The country is home to an incredibly diverse array of delicious dishes, whether you’re looking for cheap street food or traditional dinner at a restaurant. Koshary is perhaps one of Egypt’s most famous dishes. It’s made up of rice, lentils, pasta, onions, and tomato sauce topped with a large helping of fried onions and a spicy sauce. It’s so popular; several restaurants are dedicated to serving only koshary.
Ful Medames is another Egyptian staple. The dish consists of fava beans cooked in tomato puree with olive oil, garlic, cumin, and other spices. While it might not sound appetizing, it’s definitely worth giving the dish a try.
2) Low Costs of Living
The cost of living is significantly lower in Egypt than in any other country. For example, the average price per square foot for an apartment is USD 1,590 in New York City, while only $540 in Cairo. Food costs are also very affordable if you know where to look. A three-course meal at a decent restaurant usually costs less than $20.
3) Tax Benefits
If you’ve ever thought about moving to a warmer climate, now is the time. Other countries have much higher tax rates for foreign workers, but in Egypt, only 10% of your salary is taxed if you stay there longer than four years.
Plus, many foreign workers in Egypt are exempt from paying taxes entirely for the first three years they live and work there. After that, your tax rate goes back to 10%, which isn’t too bad when considering how expensive it is in other countries.
4) Low Flights Cost
Egypt has one of the most advanced infrastructure systems in the world, making it very easy to get to and from. The country also has one of the best airports globally, so you won’t have any problems once you land. All of this makes getting there extremely affordable. For example, a round-trip flight costs about $1,000 (or more), while a seven-night stay at an upscale hotel costs just USD 312.
5) Multi-Cultural Community
Egypt is home to a huge variety of different cultures, each with its unique traditions, festivals, and ways of life. This makes it a great place for expats from all over the world who want to experience new cultures. For example, almost 200 nationalities live and work in Egypt, and you’re sure to find someone who speaks your language.
Best Places to Reside in Egypt
Egyptians are known to be very proud of their country. Well, you should visit Egypt at least once in your lifetime to understand why Egyptians are so proud of their county and to know why it is one of the best countries to reside in. Even though many cities and places worth visiting, we will list the 5 Best Places to Reside in Egypt.
Let me start by saying that Egyptians are very proud people and they consider themselves the best nation in the world, which is a fact to some extent, but we won’t get into details about it here. Many places are worth visiting inside Egypt; however, we will list the 5 Best Places to Reside in Egypt.
Alexandria
Alexandria is located on the northern coast of Egypt between the Mediterranean Sea and Lake Mariut. It is a famous port city in Egypt with a lot of history, multiculturalism you feel when you are there, exotic cuisine, nice weather that makes it different from other cities in Egypt. Alexandria was established by Alexander the Great in 331 BC. It is also famous for its large Eastern harbor, where you will see a lot of beautiful ships and boats there.
Cairo
Cairo is the capital city in Egypt. It is the largest city in all of Africa and the Middle East. Cairo is one of the biggest cities in the world, with a population of close to 19,000,000 people. Cairo has everything you need, whether entertainment or education or entertainment. It also has many international schools and colleges, which makes it suitable for expatriates to live in.
Sharm El Sheikh
If you love the sea and love water activities such as scuba diving, snorkeling, or swimming, then Sharm El Sheikh is the place for you to live in. Sharm el sheik is located in the South Sinai area in Egypt on the coast of the Red Sea.
Faiyum
Faiyum is located southwest of Cairo. Faiyum is famous for its high-quality fertile soil, making it the main agricultural center in Egypt. The good thing about living in Faiyum is that it has a semi-warm climate all year round because hills and mountains surround it, especially on the southern side, which protects the city from strong winds during the summer.
Also, the city is close to historical places like Memphis (one of the old capitals in Egypt) and Lake Qaroun, which makes it a good place for relaxation and recreation.
Suez
Suez Canal is located between the Sinai Peninsula and Egypt along the Great Bitter Lake, the Sweet Sea. The Suez Canal is one of the world’s most important canals. It helps ships travel quickly from Europe to Asia, saving them about 8,300 km or 5000 miles. So, living by this canal would be very convenient since you are close to everything there.
Conclusion
For thousands of expats, moving to Egypt can involve excitement and nervousness for different reasons. While many foreigners find themselves attracted to the history and culture of this country, they may also worry about how their money will fare in a new land. Fortunately, savings accounts are available for individuals moving here or setting up bank accounts before arriving.
