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_khaled12

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

More in Buzz

Behind the Success: Decoding Mobinil’s Community-Focused Marketing

Farah Aly23 September 2023

Explainer: Will The New India-Europe Corridor Affect Egypt’s Suez Canal?

Egyptian Streets22 September 2023

A Beginner’s Guide to Skateboarding in Egypt

Omar Auf21 September 2023

Traveling to Egypt? Here’s How to Issue Your Visa

Marina Makary21 September 2023

City of Brass Review: Exploring a Story of Magic, Curses, and Djinn

Heidi Aref17 September 2023

The Shipwrecks of the Red Sea: a Diver’s Paradise

Muhammed Kotb15 September 2023

Turkish Delights and Thrills: 3 Must Watch Turkish Shows

Egyptian Streets15 September 2023

Rivo’s Lyricism: Five Passages from the Popular Series that Speak Volumes in Simplicity

Farah Aly14 September 2023