Fragomen
Foreign nationals now eligible for Egyptian citizenship
, February 5, 2020
The Council of Ministers of Egypt has issued a decision whereby foreign nationals can obtain Egyptian citizenship provided that they meet specific conditions as outlined in the law.
The Council of Ministers of Egypt issued a decision whereby foreign nationals can obtain Egyptian citizenship provided that they meet any of the following conditions outlined in the law:
Purchasing a property worth a minimum of $500,000 in one of the areas designated by the relevant authorities in Egypt; or
Investing in a new or existing business of a minimum of $400,000 in accordance with the Investment Law; or
Depositing $750,000 to the Central Bank of Egypt (refundable after five years with no interest); or
Depositing $1 million to the Central Bank of Egypt (refundable after three years with no interest); or
Depositing $250,000.00 to the Central Bank of Egypt as a non-refundable payment towards direct revenue to the state.
Applicants must be able to meet all prescribed eligibility conditions for a minimum of five years (with some exceptions), otherwise they must pay a non-refundable fee of $250,000 in order to maintain his / her citizenship says Fragomen’s Worldwide Private Client Practice.. -- Tradearabia News Service
