Egypt’s prime minister Mostafa Madbouly announced Wednesday 8 March that Egyptian citizenship will be offered to foreign investors who spend at least USD 250,000 (EGP 7,725,525 based on the day’s exchange rate) in Egypt.
According to the prime minister’s decree, Egyptian nationality will be offered to foreigners based on one of four conditions: purchasing state-owned property worth USD 300,000 (EGP 9,270,630), depositing USD 500,000 (EGP 15,451,050) in an Egyptian bank account to be reimbursed in local currency after three years, founding or co-founding an investment project valued at USD 350,000 (EGP 10,815,735), and making a non-refundable deposit of USD 250,000 (EGP 7,725,525) into the state’s public treasury.
In the case of buying state-owned property or paying the non-refundable deposit, the money can be paid in one-year installments during which applicants would be granted a tourist residency.
This decision comes as an amendment to a decree issued in 2019. The decree allowed foreigners to apply for Egyptian citizenship by purchasing property, investing, or depositing certain sums of money in US dollars. However, the recent decision lowers the amount of money required and eases the depositing process.
The money, which has to be in US dollars, can be transferred locally or abroad.
This announcement comes at a time where the value of the Egyptian pound continues to plummet, and the exchange rate of the US dollar continues to rise. Since March 2021, Egypt has been struggling with a shortage of foreign currency reserves. With three devaluations in less than one year, the Egyptian pound has lost nearly half of its value.
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The post Egypt Announces New Conditions for Obtaining Egyptian Citizenship first appeared on Egyptian Streets.