Last Update 18:19
Monday, 16 September 2019

Correction: Egypt cabinet increases value of property to qualify for 1-year residence permit to $100,000

Ahram Online , Thursday 4 May 2017
Passengers at CAI
File Photo: Passengers handle their luggage at a check-in counter in Cairo Airport (Photo: Reuters)
Views: 28421
Views: 28421

This article was published yesterday under the headline “Egypt cabinet sets proposed fee for one-year permit to foreigners at $100,000” and contained several errors. The cabinet’s new measure increases the value of the property a non-Egyptian must hold from $50,000 to $100,000 in order to qualify for a one-year residence permit; it does not institute a fee for purchasing the permit. It also does not require all foreigners seeking a one-year residence permit to do so via ownership of property. We regret the error.

Egypt's cabinet on Wednesday amended legal regulations that allow non-Egyptians who hold property in the country to obtain residence permits, increasing the value of property required to apply for a one-year residency permit to $100,000, up from the existing figure of $50,000.

In an official statement, the cabinet said the new regulations represent an incentive for foreigners to buy residential property in Egypt in light of an increase in the value of real estate.

A five-year residency permit will be available for those non-Egyptians who own property worth $400,000 or more, the statement said.

The cabinet's decision comes a few days after parliament's defence and national security committee approved a governmental draft law to amend regulations related to granting citizenship to foreigners.

The head of the committee Kamal Amer said the aim of the draft bill is to create a new a regulatory system for granting residency to foreigners in the wake of a spike in foreigners' requests for residencies in Egypt amid ongoing conflicts in the region.

Foreigners seeking to obtain residency in the country, under the proposed legislation, would have to place a Certificate of Deposit (CD) in the required amounts in foreign currency with no interest rate in Egyptian banks. Foreign residents who maintain a five-year CD in banks would qualify to apply for citizenship.

Amer added that citizenship would only be granted after security clearance and following the approval of several security apparatuses.

Egypt has been attempting to attract foreign investments by easing bureaucratic governmental procedures. Last week, Egypt's Prime Minister Sherif Ismail said a new investment law is expected to be issued this month.

Short link:


Ahram Online welcomes readers' comments on all issues covered by the site, along with any criticisms and/or corrections. Readers are asked to limit their feedback to a maximum of 1000 characters (roughly 200 words). All comments/criticisms will, however, be subject to the following code
  • We will not publish comments which contain rude or abusive language, libelous statements, slander and personal attacks against any person/s.
  • We will not publish comments which contain racist remarks or any kind of racial or religious incitement against any group of people, in Egypt or outside it.
  • We welcome criticism of our reports and articles but we will not publish personal attacks, slander or fabrications directed against our reporters and contributing writers.
  • We reserve the right to correct, when at all possible, obvious errors in spelling and grammar. However, due to time and staffing constraints such corrections will not be made across the board or on a regular basis.

© 2010 Ahram Online.