Egyptian authorities have eased the conditions for granting its nationality to foreigners who invest in dollars in the country plagued by inflation and a lack of foreign currency, local media reported Wednesday, March 8.
Egypt decided to grant its citizenship to foreigners who buy a property owned by the government or juridical persons for at least $300,000, according to a decision published in the Egyptian gazette on March 8.
Citizenship will also be offered to foreigners who deposit an amount of $500,000 refundable after 3 years in Egyptian currency.
The country will grant citizenship to foreigners who participated or established an investment project for a minimum of $350,000, while depositing an amount of $100,000 as direct revenue in the foreign currency, which is transferred to the state’s public treasury and not refundable.
Foreigners who deposit a sum of $250,000 as direct revenue in foreign currency, which is later transferred to the public treasury and not refundable, also have the right to hold Egyptian citizenship.
A law passed by parliament in 2018 and amended by the prime minister in 2019 had paved the way for Egyptian nationality to be obtained through investment, such as when depositing in an Egyptian bank or buying real estate in dollars.
Reports indicate that the latest decision, by Prime Minister Mostafa al-Madbouly, is one in a series of measures aimed at bolstering the state’s coffers by attracting foreign investment.
It is reported that the Egyptian Official Gazette published Resolution No. 876 of 2023 to ease and simplify the conditions for granting citizenship to foreigners in order to inject more dollar currency into Egypt.
Egypt also allowed for the payment to be made in installments over a maximum of a year, on the condition that citizenship would not be awarded until all required payments had been made.
