Business & Economy

Egypt grants citizenship for this amount!

The Egyptian Official Gazette announced new laws that facilitate the granting of nationality for sums of money through specific and clear channels and conditions.
With the permission of the Prime Minister, nationality may be granted in the event of the purchase of property owned by the State or other public legal persons in the amount of at least $ 300 thousand, or the establishment or participation in an investment project in the amount of at least $ 350 thousand and the deposit of $ 100 thousand in direct foreign currency revenues to the State’s general treasury.
An amount of $ 500 thousand could be deposited as a deposit recovered after 3 years in pounds at the rate of exchange declared at the time of recovery and without interest, along with the possibility of depositing $ 250 thousand in direct foreign currency revenues to the State’s general treasury and not being received.
The decision affirmed that the amounts provided for in items 1 and 4 may be repaid within a period not exceeding one year. citizenship “, in which case nationality is granted only after full payment has been made, During the instalment period, naturalization applicants are granted temporary residence in the country other than tourism. In case of non-payment or retraction in the application, the payment in Egyptian pounds shall be refunded at the exchange rate declared on the date of recovery.

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