Egyptian nationality shall be granted to foreigners in return for minimum of $250,000
The Official Gazette published, on Wednesday morning, the decision of Prime Minister Mostafa Madbouly, on granting the Egyptian nationality to foreigners in return for depositing a minimum of US$250,000 with the Central Bank of Egypt.
The text of the decision was as follows:
The text of the first paragraph of Article 1 of the Prime Minister’s Decision No. 3099 of 2019 referred to shall be replaced with the following text: “With due regard to the conditions stipulated in subparagraphs 1 and 3 of Clause IV of Article 4 of Law No. 26 of 1975 regarding Egyptian nationality, the prime minister shall, based on the proposal of the Naturalization Applications Examination Unit, grant the Egyptian nationality to the naturalization applicant in four cases.
1- Purchasing real estate owned by the state or other public legal persons for an amount not less than $300,000, transferred from abroad in accordance with the rules of the Central Bank of Egypt.
2- Establishing or participating in an investment project with an amount of not less than $350,000, in accordance with the rules and procedures stipulated in the Egyptian investment law, in addition to depositing $100,000 as direct revenues in foreign currency to be transferred to the state’s public treasury, and shall not be returned.
3-Depositing $500,000, through a bank transfer from abroad in accordance with the rules in force in the Central Bank of Egypt, or by depositing the amount in cash directly in the account designated for that in the Central Bank, provided that it has entered Egypt through a customs port and has been documented by customs, as a deposit to be refunded after three years have passed in Egyptian pounds at the exchange rate declared at the time of redemption, without interest.
4-Transferring $250,000 as direct revenues in foreign currency to the public treasury of the state, that shall not returned, through a bank transfer from abroad in accordance with the rules in force in the Central Bank, or by depositing the amount in cash directly in the account designated for that in the Central Bank. This is provided that the sum has entered Egypt through a customs outlet and has been documented by customs authorities.