The Egyptian cabinet approved on Wednesday an amendment to a draft legislation, suggesting that foreigners be granted a one-year residency in Egypt in return for buying residential properties that cost no less than $US 100,000.
The previous draft legislation suggested the price of the residential properties worth $US 50,000. This proposal encompasses foreigners residing in Egypt, not tourists.
In a statement, the cabinet said this proposal will motivate foreigners to buy residential property in Egypt, particularly in light of the price hikes that are hitting real estate.
The statement added the increase will be gradual; foreigners seeking residency for five years would pay $US 400,000.
If ratified by the parliament, the proposed legislation will have to be approved by the president before it comes into force.
The decision of the cabinet comes a few days after the defense and national security committee at the Parliament approved the previous one suggesting granting residency to foreigners when they buy a residential property worth $US 50,000.
Head of the Parliamentary Committee Kamal Amer previously stated that this draft legislation will have no negative effects on Egypt’s national security.
Amer further added that it is not mandatory to grant foreigners the Egyptian nationality if they chose to pay $US 400,000 in return for five years residency, but it will be probable.
Meanwhile, a new investment law is on its way to being issued in order to ease up the governmental procedures needed to attract more foreign investments.