Egypt Opens a Citizenship by Investment Program: Invest $ 250,000 and Egypt Passport Is Yours/
The Cabinet of Ministers of Egypt recently signed an agreement on the granting of citizenship to foreigners who either buy real estate or invest in the country. Now it is the 12th official country that offers citizenship by investment program.
Now, foreigners have three ways to obtain Egypt passport:
Donation to the state treasury in the amount of $ 250,000
The purchase of the real estate by an individual or legal entity in the amount of at least $ 500,000
Bank deposit in the amount of $ 750 000, which is returned after 5 years
Before the law adoption, foreigners had to live in Egypt for 10 years before applying for naturalization, and citizenship, as a rule, was transferred through a father or mother.
Last year, the government already passed the Citizenship Act for investments, for which you have to pay $ 420,000, with the possibility of obtaining a passport five years after living in Egypt. After reviewing the legislation, it was simplified and in the near future, the country offers citizenship in an accelerated manner for 6 months.
Learn more about Citizenship by Investment Program
A special citizenship unit will also be created to consider investment applications, which will make decisions within three months. During the consideration of applications, investors are promised to issue a temporary residence permit for a period of six months.
To become an Egyptian citizen the applicant:
Should not have any criminal record
Should not have any mental illness
All applicants will be subject to security checks.
Family and children will also be able to apply for citizenship.
About Egypt Passport:
Visa-free travel with an Egyptian passport is only possible in 49 countries.
Why can Egyptian citizenship be interesting?
1. The size of the economy ($ 1.3 trillion) and access to the world through international logistics routes to the markets of Europe, the Middle East, Africa, the Indian subcontinent.
2. Suez Canal, which is the shortest connection between the east and west. Each year, about 8% of shipping is going throw it.
3. A popular tourist destination. About 8.3 million tourists were in Egypt in 2017.
4. In the MENA region (the Middle East and North Africa), Egypt is becoming an important consumer market. The emergence of global brands and the expansion of retail prove it.
5. Egypt has the largest population, which implies the need for residential and commercial real estate. As for real estate prices, they are lower compared to European prices.