Egypt has launched a brand new citizenship by investment programme, aimed at bringing significant increased foreign investment into the country.
Egypt is one of the most attractive countries for investors on the African continent. with connections to key global markets across Asia, Europe, the Middle East, America, as well as Africa. It is one of the wealthiest African nations in terms of GDP (PPP). The economy recorded an impressive +3.6% real GDP growth through the COVID pandemic without negative dip, according to IMF figures, and it is projected to grow 5.5% by 2022.
The government is aiming for 1.3 trillion Egyptian pounds of investment in the upcoming fiscal year. Recently, the real estate market has seen growing demand and is poised for a steep rise in prices and construction activities.
The programme requires a payment of US$10,000 for government fees, non-refundable, to start the process. Family members can be included in one single application. Then there are checks for a clean criminal record and a comprehensive medical report from the applicant, as well as other required documentation related to proof of wealth and source of funds. After receiving approval, applicants are required to pay the rest of the funds.
The investor, minor children (below 21, and not married) and the spouse will get citizenship at the same time after two years.
There are five different investment options, all of them must be funded by capital transferred from abroad. The transfer should be made in US dollars.
The investment options are:
- Real estate: the investor can buy one or more property must be from a government-owned project, with minimum investment of US$500,000.
- Company establishment: the investor may choose to set up a new company or invest in a previous company in Egypt. Minimum of investment US$400,000 and must have at least a 40% stake in the company.
- Donation: non-refundable contribution to the CIU account in the Central Bank of Egypt with US$250,000. The investor may also apply using the Central Bank of Egypt deposit investment programme.
The programme requires the applicant to make one of the following bank deposits:
- Make a bank deposit of US$750,000 refundable after 5 years, without interest.
- Make a bank deposit of US$1m refundable after 3 years, without interest. The transfer can be made from a business bank and a personal bank account. The whole process should take between six to nine months.
The Egyptian Citizenship by Investment Unit is expected to be launched in the next couple of months.
