Egypt’s cabinet has approved a proposal related to Parliament’s Law 190 to grant foreigners Egyptian citizenship, subject to certain investment conditions. The decision was announced by the Prime Minister Mostafa Madbouly to Egyptian media recently.The eligibility is governed by four main conditions such as buying state-owned property for a minimum of $US 500,000, investment in a project worth $US 400,000 at least and with a partnership not less than 40 percent of the project’s capital, depositing an amount of $US 750,000 from abroad, to be paid back in Egyptian Pound after five years as per the Central Bank of Egypt’s rate, and without interest. The fourth condition is depositing $US 250,000 as foreign funds to the state’s budget.
Government of Egypt has been making various attempts to enhance Egypt’s foreign exchange reserves, by offering citizenship to foreigners. Last year, Egypt’s House of Representatives approved a bill that would grant foreign residents Egyptian nationality, if they deposited seven million pounds over a period of five years. ln 2018, the Ministry of Interior declared that the government would be able to grant residency to foreigners owning residential properties in Egypt. This move was to regain confidence in Egypt’s economy and invite foreign investors back to the country since 2011.
Offering Citizenship in return for investment is a practice adopted by many seeking a second nationality in the countries where they often travel to or have business. Countries like Moldova, Dominica, Cambodia, Turkey, Canada, Malta, Cyprus, Montenegro, Bulgaria etc. offer the same option of buying citizenship, while some other nations offer residency. Egyptian citizenship can also be acquired by staying in Egypt for ten consecutive years.
