Egypt: Parliament approves in principle new law regulating granting citizenship by investment
Published: 9/Juil/2019
Source: Daily News Egypt
The Egyptian parliament approved on Sunday some amendments drafted by the government to two laws regulating Egyptian nationality (law 26/1975), and the residence of foreigners in the country (89/1960).
The parliament’s forth legislative term will conclude this week, totalling 10 months in office.
In 2018, the parliament officially approved granting the Egyptian nationality to foreigners for depositing EGP 7m in foreign currency in a local bank, and the nationality will be granted within five years from the date of deposit.
The new amendment classified the foreigners residing in Egypt into three categories: foreigners with special, normal, or temporary residence, instead of deposit residence.
The new law stipulates that the Prime Minister may grant Egyptian nationality to any foreigner who has purchased a property owned by the State or other public legal persons or by establishing an investment project in accordance with the provisions of the Investment Law No. 72 of 2017.