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

24 Strange and Wonderful World Records Held by Egypt and the Egyptians

Egyptian StreetsSeptember 21, 2018

HONY Inspires Pepsi to Make Egyptian Children School Wish Come True

Egyptian StreetsSeptember 20, 2018

Hollywood Stars Attending Gouna Film Festival

Nour EltiganiSeptember 20, 2018

KFC Encouraging Egyptians to Extend Acts of Kindness to Delivery Drivers

ES BuzzSeptember 17, 2018

Egypt’s ‘Velocity Triathlon’ Wins Germany Triclub Ironman Competition

Egyptian StreetsSeptember 12, 2018

Art House Theater Zawya Relaunch to Honor Chahine Legacy

Mirna El SaiedSeptember 9, 2018

10 Vintage Egyptian Film Posters from a Bygone Era

Mirna AbdulaalSeptember 7, 2018

Egyptian Woman ‘Spat on by Man over Short Dress’

Donya SadekSeptember 1, 2018
Egyptian Streets is an independent, young, and grass roots news media organization aimed at providing readers with an alternate depiction of events that occur on Egyptian and Middle Eastern streets, and to establish an engaging social platform for readers to discover and discuss the various issues that impact the region.

© 2017 Egyptian Streets. All Rights Reserved.