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Egypt Approves Law to Grant Foreigners Egyptian Nationality Under Conditions of Investment

December 11, 2019
Source: Reuters

On Tuesday, Egypt’s Prime Minister Mostafa Madbouly’s cabinet approved a draft decision related to Parliament’s Law 190 which would grant foreigners citizenship to Egypt, in special cases where they meet certain investment conditions. This decision was announced by the PM, as per various Egyptian news outlets including Al Masry Al Youm. There are four main conditions for this eligibility: buying state-owned property for a minimum of $US 500,000. Another condition is to join an investment project worth $US 400,000 at least and with a partnership rate of not less than 40 percent of the project’s capital. The third condition is depositing an amount of $US 750,000 from abroad, to be paid back in EGP after the deposit by five years in according to the Central Bank of Egypt’s rate, and without interest. Lastly, the fourth condition which would facilitate the acquisition of getting Egyptian nationality would be upon depositing $US 250,000 as foreign funds to the state’s budget. Last year, Egypt’s House of Representatives approved a bill that would grant foreign residents with the Egyptian nationality if they deposit seven million pounds over a period of five years, Egypt Independent…


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