Egypt’s House of Representatives approved on Monday amendments to the law on citizenship.
The amendments presented by the government allow foreigners who have bank deposits of at least EGP 7 million for five years in Egypt to be granted Egyptian citizenship.
The amendments include three articles, articles 4, 17 and 20, of Law No. 89 for 1960, concerning Egyptian citizenship and residence permits.
The newly amended Article 4 states that an adult resident foreigner can request and be granted the Egyptian citizenship if he or she has at least a five-year bank deposit of at least EGP 7 million in Egypt.
The new amendments on residence permits in Article 20 divide the residence permits of foreigners in Egypt into four types: special residence permits, normal residence permits, temporary residence permits and residence permits based on bank deposits.
The article also stipulates that the foreigners who have bank deposits of at least EGP 7 million or the equivalent in foreign currency can be granted residence.