New passport scheme: Egypt Citizenship by Investment Program

Published at: 13/02/2020 11:40 am

New passport scheme: Egypt Citizenship by Investment Program

The cabinet of Egypt approved the amendment of the nationality law to grant citizenship for investors, according to the Egyptian Streets

There are five investment options under the new Citizenship by Investment Program of Egypt:

- The applicant buys a state-owned property for a minimum of USD 500,000
- The applicant joins a qualifying investment project and his or her rate of shares is not less than forty per cent of the capital. 
- The applicant must deposit USD 750,000 for five years in a bank. The amount will be paid back in EGP and without interest. 
- The applicant must deposit USD 1,000,000 through direct wire transfer an exclusive CBE account and the deposit can be withdrawn in EGP after three years without interest.
- The applicant must deposit USD 250,000 as "foreign funds to the state's budget". 

Egypt joined the elite circle of those countries which offer citizenship in exchange for investment, like Montenegro, Malta, Cyprus, Turkey, St Kitts and Nevis, Grenada, Dominica, Antigua and Barbuda, St Lucia, and Vanuatu. 

Until now only those applicants could obtain Egyptian citizenship who were born there or have Egyptian parents. Through the residency option the applicant should live ten years in the country to qualify for the Egyptian passport. 

Egypt or officially the Arab Republic of Egypt, is a sovereign state in the northeast corner of Africa but its territory in the Sinai Peninsula "extends the continental boundary with Asia". The capital is Cairo and the official language is Arabic. Its population is almost 100 million and the GDP per capita is USD 3,047, the official currency is the Egyptian pound (EGP).

According to the first draft of the law accepted by the government in July 2019, the citizenship application fee will be USD 10,000. After the submission of an application, the foreign investor will receive an official reply within three months as to whether the request was accepted or rejected. The application can be filed online. 


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