Deputy Minister of Housing for National Projects Khaled Abbas says in an exclusive statement to Invest-Gate that the residency-for-property ministerial decree has been officially issued and approved by Passports, Emigration & Nationality Administration, and the Ministry of Interior.

“Any foreign national will be granted residency if s/he pays the property’s price in full in case of an established unit or a minimum sum of USD 100,000 as a down payment for an under-construction unit,” Abbas previously stated.

“Requirements for the residency include proof of ownership through providing an initial contract stamped by the official body which has the authority over the land, as well as a proof of transferring the amount of required money from abroad,” he added.