Egypt has opened a new citizenship for investment scheme granting citizenship to foreigners who make investments in business, real estate in the country.
The Egyptian parliament has amended the Article 2 of the Law of Residence act of Foreigners to grant citizenship for making investment in the country.
In 2018 The Egypt’s parliament approved a bill amending a law for the first time on granting Egyptian nationality to foreign residents in return for a bank deposit of 7 million Egyptian pounds or an equivalent in foreign currency over 5 years. The move is said to ease Egypt’s economic burden and boost investment in the country.
Foreigners who invest 7 million Lei (US$420,000) in real estate or investment projects that creates new jobs and brings economic development in Egypt, will be granted citizenship at the discretion of the Prime Minister.
The Government will setup citizenship unit to review applications. Applicants had to pay US$10,000 in fees equivalent in Lei and the unit will make a decision on the outcome of the application within 3 months.
Under the new rules, The Egyptian citizenship will be withdrawn from individuals found guilty of participating in illegal activities, such as terrorist act, fraud or other criminal activities.
No political or voting rights will be given with citizenship to foreigners. Family and children eligible for citizenship if they live in Egypt for five years. Under the standard naturalization scheme requires ten years of living in Egypt to become a citizen.
Why invest in Egypt?
Although Egypt has a weak travel passport with visa free to only 49 countries, there are significant reasons to invest in Egypt and its citizenship is still in demand.
- 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.
- 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.
- Egypt is building its new political structure to fulfill the dreams of all Egyptians who called for change, dignity, freedom of speech and social.
- Egypt is becoming a biggest tourist destination about 8.3 million tourists visited Egypt in 2017
- 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.
- 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 .
