Foreign investors will soon be able to apply for five-year renewable residence permits under amended regulations from the General Authority for Investment and Free Zones (GAFI) to facilitate the procedures.
The permits will be issued using a points-based system that gives weight to “the project’s scope of activities (20 percent), the amount of paid-in capital (30 percent), the number of employees (30 percent), and the location of the project (20 percent),”
The move comes as part of the authority’s efforts to improve the investment climate and encourage more foreign direct investment to Egypt.
According to the new rules, foreign investors have the right to obtain five-year residency, renewable for similar periods throughout the project life.
Mohamed Abdel Wahab, GAFI’s Executive Director, explained that these controls come to activate the Investment Law which offers granting residency based on the business field of the company, the size of capital, the number of workers, and the location of the activity.
