Egypt cabinet has approved new citizenship law paving way for foreign investors to seek fast track citizenship for investments in the country, the egyptian media reported today.
Egypt now officially offers a becomes the 12th country to offer a CBI scheme and joins other countries in the CIP club, in a bid to inject investments in to the country.
Under the new proposals, there are three paths to become an Egyptian national
- Donation: $250,000 ( donation to state treasury)
- Real Estate: $500,000 (individuals or legal entities)
- Bank Deposit: $750,000 (refundable after 5 years)
The Government first floated the CIP law last year to grant investors citizenship for 7 million Lei (US$420,000) and citizenship to be granted with reduced 5 year time living in Egypt .
Now the legislation has been simplified to grant fast track citizenship within six months.
The cabinet has approved the establishment of a special citizenship unit to look into investment applications. The unit takes decisions within 3 months and during that time investors will be given a six month temporary residence permit. The special unit will recommend approved applications to office of the prime minister for granting citizenship.
All applicants will be subjected to security checks and must have no criminal record or mental illness. Family and children are accepted for citizenship.
Dual Citizenship
Under Egyptian law, acquiring another citizenship is acceptable, but requires that those who apply for another nationality inform appropriate Egyptian officials. Persons who become naturalized Egyptian citizens may keep their original nationality if the other country permits it.
Taxes
Individual income tax rates in Egypt are progressive, up to 22.5%. Income tax is imposed on the worldwide income of Egyptian residents. Non-residents are subject to tax on income earned or realized in Egypt.
Egypt Passport
Egypt has a weak travel passport with visa free to only 49 countries. Some of the important countries where egyptians can travel without visas.
| Cambodia * Hong Kong (SAR China) Indonesia Laos * Macao (SAR China) Malaysia Maldives * Nepal * Tajikistan * Zimbabwe * Oceania Cook Islands Marshall Islands * |
Micronesia Niue Palau Islands * Samoa * Tuvalu * Caribbean Dominica St. Kitts and Nevis Bolivia * Ecuador Iran Jordan Lebanon * Yemen |
* VOA (visa on arrival)
Why Egypt?
there are significant reasons to invest in Egypt and its citizenship is still in demand. Here are some solid reasons why!
1. Egypt is a $1.3 trillion dollar economy, with access key global markets in Europe, the Middle East, Africa and the Indian Subcontinent are all readily accessible from Egypt on key international logistics routes.
2. Egypt enjoys the existence of the Suez Canal, which is considered to be the shortest link between the east and the west due to its unique geographic location. Approximately 8% of the world’s maritime shipping passes through the Suez Canal each year.
3. Egypt is becoming a biggest tourist destination about 8.3 million tourists visited Egypt in 2017
4. Egypt has emerged as a consumer market of significant importance in the MENA region, as witnessed by the arrival of dozens of global brands and the sharp expansion of retail sales in the past years.
5. Egypt is home to the largest population and market in the Middle East, this implies a steady – if not growing – need for residential and commercial property great demand for residential construction in Egypt driven by high population growth rate and a high urbanization rate. The property prices are low compared to Europe, added advantage for investors .
