Cairo: Egypt will offers citizenship to foreign investors. The Egyptian government has decided to give citizenship to foreign investors willing to spend at least $250,000 in the country. Prime Minister Mostafa Madbouli announced this.
As per the decision, Egyptian Prime Minister can now ‘grant Egyptian nationality’ to applicants that meet one of four conditions. Foreigners can either buy at least $300,000 of real estate in Egypt, invest $350,000 in the country, deposit $500,000 in an Egyptian bank account or ‘make a non-refundable $250,000 deposit in direct revenues in foreign currency into the state’s public treasury’.
Earlier in 2018, Egypt parliament had passed a law allowing foreigners to apply for the Egyptian nationality with a bank deposit of 7 million Egyptian pounds — at the time around $400,000 — or its foreign currency equivalent.
The country took this decision to attract more foreign investment. Egypt is facing a economic crisis. The foreign reserves currently stand at $34.35 billion, down from $41 billion in February 2022. The Egyptian pound has lost half of its value in a year. Inflation is rising in the country and now stands at 26.5%.