{"id":582852,"date":"2023-03-09T00:00:00","date_gmt":"2023-03-09T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/09\/in-a-bid-to-attract-fdi-the-govt-is-making-it-easier-to-acquire-citizenship\/"},"modified":"2023-03-09T00:00:00","modified_gmt":"2023-03-09T00:00:00","slug":"in-a-bid-to-attract-fdi-the-govt-is-making-it-easier-to-acquire-citizenship","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/09\/in-a-bid-to-attract-fdi-the-govt-is-making-it-easier-to-acquire-citizenship\/","title":{"rendered":"In a bid to attract FDI, the gov\u2019t is making it easier to acquire citizenship"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"> <\/span><span style=\"font-weight:700\">It\u2019s getting easier (and less expensive) for investors to acquire Egyptian <\/span><span style=\"font-weight:700\">citizenship: <\/span><span style=\"\">In its latest attempt to <\/span><span style=\"\">secure much-needed hard currency, the Madbouly <\/span><span style=\"font-weight:400;\">government has come out with an expanded and more generous citizenship-for-FX program that would allowing foreigners additional paths to Egyptian citizenship.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">How does it work?<\/span><span style=\"\"> Under rules published in the <\/span><span style=\"\">Official Gazette<\/span><span style=\"\"> yesterday, foreigners will be able to become green passport holders if they <\/span><span>purchase assets <\/span><span style=\"font-size:10.5pt;\">\u2014<\/span><span> be it state-owned or private property <\/span><span style=\"font-size:10.5pt;\">\u2014 <\/span><span style=\"font-weight:400;\">worth no less than USD 300k using USDs from abroad. They can also establish a solo or joint investment project with an USD 350k investment in addition to depositing USD 100k into the state treasury. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Direct deposits are also an option: <\/span><span>Foreigners can also get in line for citizenship by depositing USD 500k into a zero-interest account at an Egyptian bank. This would be refunded after three years in EGP based on the exchange rate at the time. Alternatively, the<\/span><span>y still have the option of ma<\/span><span style=\"font-weight:400;\">king a USD 250k non-refundable deposit into the state treasury.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The capital requirements have gone down:<\/span><span> Under <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2019\/12\/11\/foreigners-can-now-buy-citizenship-for-usd-250k-8274\/\" style=\"\">previous rules<\/a><\/span><span style=\"font-weight:400;\">, foreigners were required to purchase property worth at least USD 500k while the minimum three-year refundable deposit was set at USD 1 mn.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">To sweeten the pot even further: <\/span><span style=\"font-weight:400;\">Foreigners can transfer in their capital over a 12-month period and would not be eligible for citizenship until after that period. The rules are silent on residency requirements.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">International coverage: <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-03-08\/egypt-expands-offer-to-buy-citizenship-to-attract-vital-dollars\" style=\"\">Bloomberg<\/a><\/span><span style=\"font-weight:400;\"> took note of the news.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>This is a latest effort to address Egypt\u2019s chronic FX shortage.<\/p>\n","protected":false},"author":1,"featured_media":582853,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7206],"tags":[104,72,2234,871],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-582852","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-economy","tag-enterpriseam","tag-foreign-exchange","tag-regulation-watch","wpautop","entry"],"acf":{"mongo_id":"2c70383b-d7f7-4dac-a973-78afc798f621","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/3\/Egyptian-passport-1600.jpg","photo_position":"below","homepage_title":"","full_issue_title":"","related_issue":[582847],"teaser":"This 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three months to import cars in exchange for FX deposits","rel":"","context":"In &quot;Cabinet watch&quot;","block_context":{"text":"Cabinet watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/regulation\/cabinet-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/9\/1013.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":586013,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/03\/new-rules-making-it-easier-for-foreigners-to-acquire-citizenship-approved-by-mps\/","url_meta":{"origin":582852,"position":1},"title":"New rules making it easier for foreigners to acquire citizenship approved by MPs","author":"enterpriseam admin","date":"3 May 2023","format":false,"excerpt":"Foreigners can now obtain citizenship by investing USD 300k in Egypt.","rel":"","context":"In &quot;LEGISLATION WATCH&quot;","block_context":{"text":"LEGISLATION 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A bill that proposes granting foreigners Egyptian citizenship in return for a \u201csubstantial\u201d USD bank deposit is inherently flawed. No foreigner in their right mind would opt for buying citizenship in a third-world country rather than using the same funds to invest\u2026","rel":"","context":"In &quot;On Deadline&quot;","block_context":{"text":"On Deadline","link":"https:\/\/enterpriseam.com\/egypt\/category\/on-deadline\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":641042,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/09\/11\/urfi-babies-with-foreigners-get-egyptian-citizenship\/","url_meta":{"origin":582852,"position":3},"title":"\u201cUrfi\u201d babies with foreigners get Egyptian citizenship","author":"enterpriseam admin","date":"11 September 2017","format":false,"excerpt":"The Supreme Administrative court has ruled that children born to Egyptian mothers and foreign fathers under Urfi marriage contracts can have Egyptian citizenship,according to AMAY.","rel":"","context":"In &quot;Egypt Politics + Economics&quot;","block_context":{"text":"Egypt Politics + Economics","link":"https:\/\/enterpriseam.com\/egypt\/category\/egypt-politics-economics\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":587792,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/01\/bills-on-everything-from-citizenship-to-fake-weather-news-officially-become-law\/","url_meta":{"origin":582852,"position":4},"title":"Bills on everything from citizenship to \u2018fake weather news\u2019 officially become law","author":"enterpriseam admin","date":"1 June 2023","format":false,"excerpt":"Foreigners now have more routes to a green passport","rel":"","context":"In &quot;LEGISLATION WATCH&quot;","block_context":{"text":"LEGISLATION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/legislation-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/5\/1776.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":590279,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/17\/the-government-wants-to-relax-foreign-ownership-rules-on-real-estate-to-raise-fx\/","url_meta":{"origin":582852,"position":5},"title":"The government wants to relax foreign ownership rules on real estate to raise FX","author":"enterpriseam admin","date":"17 July 2023","format":false,"excerpt":"The move is part of a raft of decisions recently approved by the government\u2019s new investment council","rel":"","context":"In &quot;Real estate&quot;","block_context":{"text":"Real estate","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/real-estate\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/7\/643.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/582852","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=582852"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/582852\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/582847"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/582853"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=582852"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=582852"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=582852"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=582852"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=582852"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}