Egypt amends rules of granting citizenship to foreigners
Updated 9/17/2023 7:46:00 AM
Arab Finance: Egypt’s cabinet approved a draft law amending some provisions of Prime Minister’s Resolution No. 3099 of 2019 regarding conditions of granting Egyptian citizenship to foreigners, according to a cabinet statement on September 14th.
The draft law stipulated the replacement of the clause requiring that foreigners shall purchase a property worth at least $300,000, with the amount transferred from abroad as per the rules applied by the Central Bank of Egypt (CBE), in order to qualify for citizenship.
Moreover, they shall not sell the property in a five-year period.
As per the amendments, foreigners can pay fees of $10,000 to apply for citizenship in US dollars or Egyptian pounds.
In addition, the cabinet will establish a division to look through citizenship applications, according to the resolution.
On March 8th, Egypt decided to grant its citizenship to foreigners who buy property owned by the government or juridical persons for at least $300,000.
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