On Wednesday, Egypt lowered the financial requirements for foreigners who apply to acquire Egyptian citizenship by purchasing state-owned property, starting investment projects, or depositing various sums in US dollars in the public treasury.
In 2019, Egypt issued a decree allowing foreigners to apply for Egyptian citizenship by purchasing property, investing in companies or depositing certain sums of money in US dollars.
The new amendments to the 2019 decree lower the sum of money for foreign investors who apply for nationality based on the purchase of state-owned property or a public body corporation to $300,000, down from $500,000.
The sum can be paid in installments during a one-year period.
Applicants will be granted a tourist residency during that period.
Citizenship will be granted upon completion of payments.
The new amendments allow the money to be transferred either from abroad or locally with proof that the amount entered the country from a customs port.
The paid amounts will be refunded without interest and in Egyptian pounds at the official exchange rate on the date of reimbursement if the applicant fail to pay all installments or withdraw their request.
According to the new amendments, foreigners can now apply for Egyptian nationality based on founding or co-founding an investment project valued at $350,000, down from $400,000.
Direct deposit
According to the new amendment, foreigners can apply for nationality in exchange for a three-year direct deposit of $500,000.
This deposit can be reimbursed after the three-year period at the official exchange rate at the time of reimbursement and without interest.
Finally, applicants can make a non-refundable deposit of $250,000 in the public treasury.
This amount can be transferred from abroad or locally with proof of entry from a country's custom port.
The sum can be paid in installments within a one-year period.
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