The Cabinet of Egypt has approved the country’s citizenship by investment law allowing the offering of citizenship to foreigners who would have acquired property or invest in the country to acquire, making good on a promise that was floated in 2018 as the government seeks to diversify its sources of revenue, reported Bloomberg.
Under the law, foreigners could become citizens either by purchasing state-owned property worth at least $500,000, investing at least $400,000 with an ownership stake of no less than 40 per cent of the project capital or depositing cash ranging from $250,000 to $1 million into a local account.
Those ponying up $750,000 could withdraw the funds in local currency after five years, without interest, while parking $1 million allows for a withdrawal after three years, also interest-free.
However, a $250,000 deposit is non-refundable and goes directly into state coffers. The cabinet stated that there are conditions tied to the real-estate option, which relate to a 1975 law governing citizenship.
Legislators had earlier said that the changes were aimed at offering additional incentives to investors at a time when the country was pushing ahead with a sweeping economic programme to boost growth. Officials had chafed at the suggestion that they were selling citizenship.