Egypt: Eligibility Conditions for Foreign Investors to Obtain Citizenship Relaxed
April 17, 2023
Effective immediately, the government of Egypt has reduced the eligibility conditions for foreign investors to obtain Egyptian citizenship. First, the threshold to purchase real estate in Egypt has been reduced to USD 300,000 and can be paid in installments over a year; previously, a real estate purchase had to be worth a minimum of USD 500,000 and be in an area designated by the relevant authorities in Egypt. Additionally, the investment threshold has been lowered to USD 350,000 for investment in a new or existing business in accordance with the Investment Law in Egypt; previously, the threshold was USD 400,000. Further, individuals can deposit USD 500,000 in the Central Bank of Egypt (refundable after three years without interest); previously, individuals were required to deposit USD 750,000 (refundable after five years). Lastly, foreign nationals can now deposit in installments over a year a non-refundable USD 250,000 towards direct revenue for the state’s public treasury; previously, the deposit could not be made in installments.
This alert is for informational purposes only. If you have any questions, please contact the global immigration professional with whom you work at Fragomen or send an email to [email protected].
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