Raghda El-Sayed
The Egyptian Prime Minister, Dr. Mostafa Madbouly, has issued a decree amending some of the conditions and procedures for granting Egyptian citizenship to foreign investors.
The official Egyptian newspaper published the decree, numbered 876 for the year 2023, to ease the conditions for granting citizenship to foreigners and to increase the influx of foreign currency into Egypt.
The decree specifies several cases for granting Egyptian citizenship to foreigners, including:
- Owning a government or public company property worth no less than $300,000.
- Establishing or participating in a project worth no less than $350,000 and depositing $100,000 directly to the state treasury as non-refundable revenue.
- Depositing $500,000 as a deposit that can be refunded after three years in Egyptian pounds at the announced exchange rate, without interest.
- Depositing $250,000 as direct revenue in foreign currency to the state’s general treasury without refund.
Egypt will allow the installment of the amount within one year on the condition that citizenship is not granted until the full installments are paid.
Suppose the applicant fails to pay the installments or withdraws the application. In that case, the amounts paid in Egyptian pounds will be refunded at the exchange rate announced by the Central Bank on the date of refund, not exceeding the exchange rate on the date of payment, and without interest.
