Arab Finance: President Abdel Fattah El-Sisi has ratified a law amendment granting citizenship to real estate purchasers from the private sector after it was limited to public property purchasers, Asharq Business reported on May 31^st.

Earlier in March, Egypt decided to grant its citizenship to foreigners who buy a property owned by the government or juridical persons for at least $300,000.

Citizenship will be also offered to foreigners who deposit an amount of $500,000 refundable after 3 years in Egyptian currency.

In addition, Egypt will grant citizenship to foreigners who participated or established an investment project for a minimum of $350,000, whilst depositing an amount of $100,000 as direct revenue in the foreign currency, which is transferred to the state’s public treasury and not refundable.

Foreigners who deposit a sum of $250,000 as direct revenue in foreign currency, which is later transferred to the public treasury and not refundable, also have the right to hold Egyptian citizenship.

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