Residence-to-Citizenship by Investment Bill Passed by Egyptian Parliament

On 16 July 2018, the Egyptian parliament passed a law that will grant residency – and, subsequently citizenship for applicants who have a continued residence of five-years in Egypt – to those who deposit an equivalent of US$ 391,000 (seven million Egyptian pounds) in one of the country’s state-owned banks.

A report revealed that the new programme has several unconventional features compared to the other programmes currently trending in the RCBI-market:

–  Those approved under the deposit option are permitted to apply for a citizenship within a five-year period in contrast with other programmes who offer this citizenship option only after a ten-year period

–  Family members of the main applicant are obliged to reside in Egypt to qualify for citizenship alongside the main applicant

–   Once the citizenship application has been approved in the fifth year of residence, the bank deposit is transferred to the Treasury, hence converting the investment in to a donation

–   Those who become naturalised through this scheme will only be eligible to “exercise their political rights”(likely meaning the right to vote), five years after obtaining their citizenship status

According to a report on Mada Masr:

 

“The legislation sparked backlash in Parliament from lawmakers who used nationalist arguments to criticize it, noting that the amendments essentially put Egyptian citizenship up for sale.”

Subscribe to our newsletter for the latest citizenship by investment and golden visa news!

Leave a Reply

Your email address will not be published. Required fields are marked *