Buzz

Foreign Residents To Be Granted Egyptian Nationality For a Deposit of 7 Million LE

mm
Foreign Residents To Be Granted Egyptian Nationality For a Deposit of 7 Million LE

Photo Credit: Egypt Independent

Egypt’s House of Representatives approved a bill on Sunday that grants Egyptian nationality to foreign residents in return for a bank deposit of 7 million pounds over 5 years, Egypt Independent reports.

MP Kamal Amer pointed out that the cash deposit in foreign currency is merely a regulation of the procedures for residency, and added that it is an indirect investment that would encourage further investment projects in Egypt.

In agreement, MP Mohammed al-Sewidy said the draft law helps improve the investment climate in Egypt.

However, the draft law was also met with intense opposition, as MP Haitham Al- Hariri accused the government’s decisions as an attempt to bring money into the company, even if it meant selling the Egyptian nationality with a deposit.

“Investors are asking to facilitate residency and visa procedures, not nationality, because investors are not eager to stay in Egypt because Egypt has no education, health or services to be coveted, but they have other ambitions,” Hariri said in a statement.

However, parliament speaker Ali Abdel Aal rejected his speech and stated that many countries all over the world offer nationality to their residents, yet this must be accompanied with set conditions to secure the seriousness of the request.

Egyptian Team Breaks Records Again at the Silverstone Racing Circuit
Case Of Three Slaughtered Children Found in Plastic Bags in Egypt Solved

Subscribe to our newsletter


Buzz
mm
@https://twitter.com/mirna_abdulaal

Mirna Abdulaal is a writer, researcher and aspiring public/political communication specialist interested in women's rights, cultural heritage and fashion, and political communication.

More in Buzz

Egypt’s Controversial Revolutionaries

Mona Abdou12 January 2022

AFCON 2022: Dazzling Past and Shaky Present of Egypt’s Favourite Tournament

Amina Zaineldine11 January 2022

Gravediggers: Symbology of Egypt’s Jackal

Mona Abdou9 January 2022

A Guide: Recognizing and Alleviating Anxiety

Mirna Abdulaal7 January 2022

Netflix Releases Teaser for Popular Egyptian Dramedy “Finding Ola”

Marina Makary5 January 2022

Ataba Square: Cairo’s Famed Historical and Cultural Hub

Farid Ayman ElShenawy1 January 2022

21 Photos That Defined Egypt in 2021

ES Buzz30 December 2021

Egypt’s History of Burning Incense

Mona Abdou29 December 2021