New Investment Opportunity in Egypt

Parliament in Egypt had approved a bill that amended their law to introduce the grant of Egyptian Nationality to foreign investors for the price of 7 million Lei (approx. US$420,000) in September 2018.

In early July 2019, the government had put forward amendments to the law in relation to obtaining Egyptian Nationality through investment. The first is that naturalization would be granted to any individual who purchases a property that is owned by the state or public legal persons. The second amendment is through establishing an investment project in lieu with the Investment Law no.72, 2017 provisions.

They are looking to form a new committee to manage the incoming surge of applications. The cost for the process of the application will be US$10,000 for all investors. The process of the application and the due diligence will take approximately 3 months after which the investors will receive the decision as to whether they received residency or not. They will be granted a 6 months visa during which any remaining procedures will be completed. Once the investors have been cleared, they will then receive their official residency in Egypt.

It is emphasised that if any investors are found to have participated in illegal activities, they will no longer keep their residency permit.

Further, there are no political rights to foreign individuals or families unless they have resided in Egypt for at least 5 years.

Posted in Articles, Editorial.

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