Egypt’s Cabinet approved on Tuesday a draft decision issued by the Prime Minister Moustafa Madbouly regulating the granting of Egyptian nationality to foreigners in accordance with Law 190 of this year.
According to the law, the prime minister is entitled to grant Egyptian nationality to those who seek it in certain cases.
Firstly, those who buy a property owned by the state or other legal personality for at least $500,000. The prime minister, in coordination with the concerned authorities, shall issue a decision selecting the buildings and lands to be put for sale within a period that does not exceed 30 days from the issuance date of the decision.
Secondly, establishing or taking part in an investment project worth at least $400,000 with a partnership rate of over 40 percent of the capital according to the rules mentioned in the investment law, Law 72 of 2017.
Thirdly, making a deposit of $750,000 upon a banking remittance approval, to be paid back in Egyptian pounds five years after the depositing process at the exchange rate announced by the Central Bank of Egypt without interest.
Alternatively, making a $1million deposit upon a banking remittance approval, to be paid back in Egyptian pounds in three years, and at the declared exchange rate without interest.
Fourthly, depositing $250,000 upon a banking remittance approval as non-refundable direct foreign funds for the state’s general budget.
The cabinet also approved the establishment of a unit to check applications for Egyptian nationality.
Source: MENA & Ahram Online
