Foreigners to Provide Financial Proof in Hard currency to Obtain Residency

Egypt's Prime Minister, Mostafa Madbouly, has issued a decree that requires foreigners who seek tourist or non-tourist residency in the country to provide proof of payment in dollars or equivalent foreign currencies for residency fees, late fines, or expenses related to residence card issuance. 

To meet this requirement, they must present a receipt that confirms the transfer of funds through an authorized bank or exchange company.

The decree also mandates that foreigners who are residing illegally in the country must regularize their status by securing an Egyptian sponsor and depositing administrative expenses equivalent to $1000 in a specified account within Egyptian banks. The Egyptian cabinet has released an official statement confirming this.

In November, the Egyptian government extended the grace period for unlawfully residing foreigners to adjust their status by three months. The deadline has been extended from 15 December 2023 to 15 March 2024.

The decision aims to facilitate the process for a new segment of foreigners targeted by the decree. According to a report by the International Organisation for Migration, around 9.1 million foreigners from 133 countries are currently living in Egypt. 

This number has increased since the beginning of the Sudanese civil war in April 2023, which resulted in more than 200,000 people fleeing to Egypt.

This decree is the latest in a series of measures aimed at augmenting foreign currency as Egypt is facing a shortage of US dollars due to rising debt and inflationary pressures.