The Egyptian government announced a new decision published in the official gazette, modifying the financial conditions and procedures for granting Egyptian citizenship to foreign investors in exchange for purchasing facilities, investing in companies, or depositing sums of money in dollars, according to "Ahram Gate."
Egyptian citizenship will be granted to applicants if one of the following conditions is met:
1. Payment of $250,000 to the public treasury, which is non-refundable.
2. Deposit of $500,000 in the central bank, which will be refunded after 3 years at the exchange rate announced at that time, without interest.
3. Purchase of any state-owned property valued at $300,000.
4. Payment of $100,000 non-refundable, in addition to investing $350,000 in Egypt.
The decision includes allowing the amounts specified in the first and third items to be paid in installments over a period not exceeding one year. In this case, citizenship will only be granted after complete payment of the specified amounts. During the installment period, the applicant will be granted temporary residency in the country for purposes other than tourism.
It also states that if the applicant fails to make the payments or retracts their application, any previously paid amounts will be refunded in Egyptian pounds at the exchange rate announced by the central bank on the date of the refund, and this amount will not exceed the exchange rate on the payment date, without interest.
