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

Master Traditional Egyptian Crafts at the National Museum of Egyptian Civilization’s Art Workshops

Marina Makary23 June 2022

The Light Rail Transit System: An Upgrade to Egypt’s Transportation Infrastructure

Marina Makary23 June 2022

Egyptian Amir El-Masry Cast as Mohamed Al-Fayed in Season 5 of Netflix’s ‘The Crown’

Seif Saleh23 June 2022

In Paintings: Exploring the Colors of Rural Egypt

Mona Abdou23 June 2022

3 Ways Young Egyptians Can Reconnect With Their Rural Roots

Mirna Abdulaal20 June 2022

Egypt Has an Internet Issue, NileSat 301 Plans to Fix That

Shereif Barakat20 June 2022

Egyptians Can Now Apply to Join Netflix’s ‘Squid Game’ Reality Show

Eleonora Christo Vostanis18 June 2022

From Beijing to al-Sayeda Zeinab: How the Gayer-Anderson Museum Curated World History

Mona Abdou17 June 2022