Source: Daily News Egypt
By Mohamed Samir
Egypt’s cabinet on Tuesday set five requirements to grant nationality to foreigners by investment in the country’s economy, per Law No. 90 of 2019, a law recently approved by the Parliament.
The requirements include either purchasing state-owned or public juridical person-owned property valued at $500,000 or more, or to establish or partner in an investment project with $500,000 or more. Other cases include depositing $750,000 through direct wire transfer from abroad into a special Central Bank of Egypt (CBE) account and to be retrieved in Egyptian pounds after five years without interest, or depositing $1m through direct wire transfer from abroad in a special CBE account, and to be retrieved in EGP after three years without interest. The fifth case is to deposit $250,000 non-refundable, through a direct wire transfer to the CBE.
Moreover, the cabinet approved the establishment of a special unit to look into citizenship by investment applications.
According to the law, the application for obtaining Egyptian nationality shall be submitted at the unit’s headquarters or through its to-be official website accompanied with the required data and documents after the payment of a $10,000 fee.