17 foreigners granted Egyptian citizenship after fulfilling bank deposit requirements

Ahram Online , Sunday 10 Apr 2022

Egypt’s Prime Minister Mostafa Madbouly approved Egyptian citizenship to 17 foreigners for bank deposits in Egyptian banks in accordance with the latest amendments passed in 2019 to laws that govern citizenship and residency regulations for foreigners.

Egypt prime minister Mostafa Madbouly (Photo: Al-Ahram)

According to the decree, Egyptian nationality was granted to a Palestinian, a Briton and 15 Syrians after having met the requirements for bank deposits in Egypt.

In December 2019, the cabinet announced amendments to laws regulating citizenship and residency for foreigners that would allow Egyptian citizenship to be granted to foreigners in three ways related to investments.

The first is though buying properties owned by the government or other public figures for at least $500,000 or by setting up an investment project of at least $400,000 or through a direct deposit in a foreign currency of $750,000 which goes as direct revenue into the state treasury, or by a refundable cash deposit with no interest in a special account in the Central Bank of Egypt (CBE).

The cabinet has assigned a unit to review citizenship requests by assessing the rules and procedures as well as the needed data and documents to make decisions about them.

The cabinet also launched an official website called “Egyptian Citizenship by Investment” to give support in English and Arabic for those interested in getting the Egyptian citizenship by investments.

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