Deputy Minister of Housing for National Projects Khaled Abbas unveiled on November 4 the necessary requirements for foreigners who will be granted the Egyptian residency in return for purchasing a real estate property, Invest-Gate reports.

“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 downpayment for an under-construction unit,” Abbas said in an official statement.

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

However, the deputy minister noted that the Ministry of Interior’s Passport, Emigration, and Nationality Administration will have to determine the length of residency.

According to Abbas, the requirements of renewing the residency include the submission of a letter from the owner to prove that s/he still owns the residential unit.