Source: Al Masry Al Youm
The National Defense and Security Committee of the House of Representatives on Sunday approved a bill amending the Nationality Law.
Chairman of the committee, Major General Kamal Amer said that these amendments aim at granting citizenship in exchange for investments, which will have a positive impact towards achieving economic development and national security.
The amendments, he added, specify conditions for granting citizenship and stipulate the prime minister’s approval to grant citizenship towards every foreigner who buys property, establishes investment projects, or make a deposit in foreign currency. A unit from the Cabinet will examine requests to acquire the Egyptian citizenship.
The new citizen has to pay US$10,000 in return, according to Amer.
The current law, No. 173 of 2018, authorizes the Minister of the Interior to grant nationality to a foreigner who has been residing in Egypt for five consecutive years and made a deposit of not less than LE7 million. The deposit is owned by the state if the foreigner’s request is approved.
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