The decision applies to foreign investors registered at the General Authority of Investment and Free Zones (GAFI).

The offered residencies are renewable for six months or a year.

Egypt's efforts to lure investors

Last week, Egypt's Supreme Council for Investment approved 22 decisions to promote local and foreign direct investment.

These include reducing the cost of establishing companies, simplifying the required approval procedures and expanding the issuance of Golden Licences.

The Egyptian business community welcomed the new decisions, with some experts and investors calling for their immediate implementation as well as even more legislative reforms.

Last week, Prime Minister Mostafa Madbouly announced that Egypt will allow foreigners to own property with no limits, but according to certain rules.