Egypt’s Prime Minister Mostafa Madbouly has directed the government to facilitate the procedures for foreigners who own property in Egypt to acquire a non-tourist temporary residence permits as per a recently passed law.

Madbouly, who is also minister of housing, utilities and urban communities, held a meeting with officials from the ministries of interior and housing on Friday, state agency MENA reported.

The directive comes in accordance with Minister of Interior Mahmoud Tawfik’s decision in May that foreigners who own one or more properties in the country worth at least $400,000 may be granted five-year renewable residency permits.

Foreigners who own one or more properties in Egypt worth $200,000 may be granted non-touristic residence permits for three years, as part of the same decision.

Madbouly stated that this decision, in addition to law no. 27 of 2018 which regulates real estate in new urban communities, will contribute to fostering the Egyptian real estate industry abroad, aiming to generate a large foreign exchange income to revive the real estate development sector.

The prime minister also called for coordination between the central bank and the ministries of housing and interior, as well as real estate developers, to activate the decision and market its positive economic impacts.

Interior ministry officials stressed that the procedures required to obtain residency for foreigners according to this decision will take a week at maximum, with coordination between relevant authorities, to overcome any obstacles and to facilitate the implementation of the decision.