DUBAI 5 February 2019: Egypt has opened up its citizenship to foreigners following in the steps of Canada, Australia and other countries which offer passports against investments.
The Council of Ministers of Egypt issued a decision whereby foreign nationals can obtain Egyptian citizenship provided that they meet specific conditions as outlined in the law, said immigration specialists Fragomen.
The conditions outlined in the law include:
- Purchasing a property worth a minimum of USD 500,000 in one of the areas designated by the relevant authorities in Egypt; or
- Investing in a new or existing business of a minimum of USD 400,000 in accordance with the Investment Law; or
- Depositing USD 750,000 to the Central Bank of Egypt (refundable after five years with no interest); or
- Depositing USD 1 million to the Central Bank of Egypt (refundable after three years with no interest); or
- Depositing USD 250,000.00 to the Central Bank of Egypt as a non-refundable payment towards direct revenue to the state.
Applicants must be able to meet all prescribed eligibility conditions for a minimum of five years (with some exceptions), otherwise they must pay a non-refundable fee of USD 250,000 in order to maintain his/her citizenship, Fragomen said.