Buzz

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

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

More in Buzz

Social Buildingz: Egypt’s First Platform Connecting Homeowners to Finishing Providers

Nayrouz TalaatNovember 15, 2019

King of Pop: Amr Diab Steals the Show at Times Square in New York

ES BuzzNovember 13, 2019

Sufis March in Egypt to Celebrate the Birth of Prophet Muhammed

Egyptian StreetsNovember 9, 2019

Egyptians React to the Sad Death of Haitham Ahmed Zaki

Egyptian StreetsNovember 8, 2019

From Sudanese to Korean: A Guide to Cairo’s Authentic Cultural Food Scene

Nour EltiganiNovember 6, 2019

Confirmed Rumour: Katy Perry and Orlando Bloom Visit Egypt

Egyptian StreetsNovember 1, 2019

Five Popular Spots in Cairo Where You Can Grab Delicious Weekend Brunch

Egyptian StreetsOctober 31, 2019

Egypt Produces the Most Plastic Pollution in the Arab World

InfoTimesOctober 31, 2019