Egypt’s Prime Minister Approves Law Allowing Foreign Investors to Acquire Citizenship
On Tuesday, the 10th of December, Egypt’s Prime Minister, Mostafa Madbouly approved the Parliament’s Law 190, which states that foreigners can obtain Egyptian citizenship upon meeting certain investment conditions.
This act was considered as a move to sustain and boost Egypt’s economy, to encourage foreign investments and invite previous investors back to the country.
Nevertheless, there are four main conditions that would make a person eligible for citizenship. The first one would be, buying state-owned property for a minimum of $US 500,000. The second condition is to join an investment project worth $US 400,000 and with a partnership rate of not less than 40 percent of the project’s capital.
Moreover, the third condition demands that a deposit not less than $US 750,000 from abroad should be made and should be paid back after five years in EGP with zero percent interest, according to the Central Bank of Egypt. Finally, the fourth condition implies that a deposit of $US 250,000 can be made under foreign funds to the state’s budget, which facilitates the process.
There are other means in which foreigners can attain Egyptian citizenship which include the following; having resided in Egypt for ten consecutive years, being born to Egyptian parents or, finally, being born in Egypt.
On the other hand, in 2018, the Ministry of Interior stated that the government would be able to grant residency to foreigners owning residential properties in Egypt in order to enhance Egypt’s financial state along with its hard currency.
WE SAID THIS: A step towards a wealthier economy!!