Prime Minister Mostafa Madbouly has signed off on granting the Egyptian citizenship to foreigners who either buy assets or invest at least USD 250,000 (EGP 4.03 mn) in the country, Invest-Gate reports.

Under the draft law, non-Egyptians can be citizens by either buying state-owned or private properties worth no less than USD 500,000 (EGP 8.06 mn), pumping over USD 400,000 (EGP 6.45 mn) in a minimum 40% stake in an investment project, or depositing cash ranging from USD 250,000 (EGP 4.029 mn) to USD 1 mn (EGP 16.12 mn) into a zero-interest local bank account, according to the Cabinet statement on December 10.

The USD 750,000 (EGP 12.09 mn) amount could be withdrawn in local currency and without interest after five years, whereas USD 1 mn (EGP 16.12 mn) is refundable with zero interest after three years.

However, the USD 250,000 (EGP 4.029 mn) deposit is non-refundable and goes directly into the state’s treasury, the statement highlighted, noting that all payments shall be transferred from abroad, pursuant to the Central Bank of Egypt (CBE) regulations in this regard.

The legislative amendments have been passed during the Cabinet’s weekly meeting, headed by Madbouly, in accordance with Law No. 190 of 2019. Besides, the establishment of a unit to monitor applications for Egyptian citizenship has been mandated.

Previously, Madbouly explained that the changes are aimed at offering additional incentives to investors, thereby enhancing the local investment climate, at a time when the country was pushing ahead with a sweeping economic program to boost growth. Prior to the latest policies, foreigners had to reside in Egypt for almost a decade before applying for citizenship.