Egypt: Thirsty for dollars, government eases citizenship terms for foreigners
Source: Middle East Eye
Egypt has eased its citizenship restrictions for foreigners, as the country struggles to secure enough US dollars to import food for its people and repay its accumulating debts.
On Tuesday, Prime Minister Mostafa Madbouly issued Decree no. 876/2023, reducing the amount of money foreigners require in order to obtain Egyptian citizenship, as stipulated under a 2019 decree.
Foreigners can now obtain citizenship by investing $300,000, instead of $500,000 as per the 2019 decree, in the purchase of real estate, including plots of land and buildings owned by the government or by Egyptian citizens.
They can also invest $350,000, instead of the previously required $400,000, in founding or contributing to the capital of investment projects.
Additionally, the new decree allows foreigners to obtain Egyptian citizenship if they deposit $500,000, instead of $750,000, in a local bank. This money can be regained after three years, but without any interest, according to the new decree.
Read further: https://www.middleeasteye.net/news/egypt-citizenship-terms-foreigners-eased-thirsty-dollars