Decision to grant Egyptian residency to foreign homebuyers will not be applied retroactively

The Housing Ministry’s recent decision to grant residency to non-Egyptian homebuyers will not be applied retroactively, deputy minister Khaled Abbas said, according to Al Mal. Foreigners who have bought and paid for homes in full prior to the issuance of the decision will not be eligible for residency under the program. Buyers of finished homes can claim immediate permits, while those who buy planned homes are required to have made down payments of at least 40% of the unit’s value or USD 100k, Abbas added.