Egypt to offer citizenship by investment to foreigners for US$ 392,000
Egypt is offering citizenship by investment to investors who make a deposit of at least 7 million Egyptian pounds (US$ 392,000) or the equivalent in foreign currency and then hand it over to the Treasury after five years. The cabinet approved amendments to the citizenship law for a vote in parliament in 2016, but it was amended further in 2017 before being brought before the house in 2018.
Reasons behind Egypt citizenship by investment program changes
Egypt’s economy has been severely affected by the drastic fall in both foreign investment and tourism revenues with domestic public debt stood at LE3.4 trillion pounds, equivalent to 83.8 percent of gross domestic product (GDP) at the end of December 2017.
This month Egypt raised natural gas prices for households and businesses by between 33.3% and 75%, the latest among tough austerity measures aimed at rebuilding the country's economy battered by years of unrest since a 2011 uprising.
The new citizenship by investment changes target foreign investors, as part of Egypt's efforts to boost up badly required investment and simplify doing business in the country. Also , the new amendments are aimed at promoting Arab and foreign investments in the country and bolstering investors' confidence that they will put their money in an environment of stability, a report by the parliament's defence and national security committee said earlier last week.
Highlights of the Egyptian citizenship by Investment Program (CIP)
- The minister of interior may grant Egyptian citizenship to all foreigners that have resided in Egypt for a period of at least five consecutive years prior to applying for naturalization.
- Upon the acceptance of the naturalization request, the value of the deposit (7 million Egyptian pounds = US$ 392,000) shall be transferred to the public treasury.
- Foreigners' spouses and children will not be eligible for citizenship unless they reside in the country.
- Those who have obtained the Egyptian nationality will only be able to exercise political rights five years from the date when they acquired citizenship.
- They will also not be elected or appointed to a representative body until after ten years from their date of naturalization.
- Foreigners seeking citizenship must also be able to speak Arabic and have no criminal record.
The existing law states that to be eligible for Egyptian citizenship, you must have lived in the country for a minimum of 10 consecutive years, and you must be over 21 years of age. You cannot have a criminal record, and you must be able to prove that you are mentally sound and have no serious physical disabilities that would make you “a burden on the state.” You must be able to demonstrate competency with Arabic and prove that you have a legal means of earning a living. That is to say, the new rules allow those foreigners who are able to meet the conditions the option to gain Egyptian citizenship at an accelerated pace.
Egypt Citizenship benefits
It is not directly clear what economic benefits a foreigner would obtain by acquiring citizenship as Egypt places some limitations on foreign investment projects, although it does prohibit foreign ownership of agricultural land and property in the Sinai Peninsula, where it faces an Islamist insurgency. Nevertheless, Egyptian citizenship benefits are a gateway to a new world:
Final thoughts: Citizenship by Investment Programs 2018
- Individuals who obtain citizenship through Egypt’s Citizenship by Investment Program are entitled to the same rights as any other Egyptian citizens except except in the cases prescribed by law. These include the right to live and work in Egypt at all times.
- Egypt allows individuals to hold dual citizenship, and citizenship may be extended to family members, such as a spouse, dependent children. Contact us today to get the List of countries that allow Dual Citizenship.
- As of May 2018, Egyptian citizens had visa-free or visa on arrival access to 50 countries and territories, ranking the Egyptian passport 85th in terms of travel freedom (tied with Algerian and Jordanian passports). Contact us to learn more about the best countries for second citizenship.
If you are a father, mother, businessperson, investor, an entrepreneur or a manager, it would be prudent to obtain a second passport and to enjoy the visa free travel. This way, you will get the benefits of having dual citizenship, which grants you more freedom to travel and without a glitch grow your business, career and secure your family. There are many states that are perfect for acquiring a second citizenship (passport).
Contact Quebec Investment Consultation & Management Services (QICMS) LLC
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