Prime Minister Mostafa Madbouly issues a decree amending procedures for granting Egyptian citizenship to foreign investors on the conditions of buying properties, investing in local companies, or depositing amounts in USD, Invest-Gate reports.
The decree stipulates that investors shall be granted citizenship on the condition of buying state-owned properties with a value of $300,000.
The decree also allows for paying the amount in instalments over a year during which the applicant shall be granted tourism residency until the payment of the full price of the property.
The Prime Minister shall issue another decree determining the offered buildings and land in coordination with the Minister of Housing and the entity owning the offered assets.
In July 2019, Madbouly issued Law no. 140 of 2019 permitting the Prime Minister to grant residency to buyers of state-owned properties.