{"id":596769,"date":"2019-07-08T04:00:34","date_gmt":"2019-07-08T04:00:34","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/08\/house-nods-to-investment-act-law-allowing-foreigners-to-obtain-egyptian-passports\/"},"modified":"2019-07-08T04:00:34","modified_gmt":"2019-07-08T04:00:34","slug":"house-nods-to-investment-act-law-allowing-foreigners-to-obtain-egyptian-passports","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/08\/house-nods-to-investment-act-law-allowing-foreigners-to-obtain-egyptian-passports\/","title":{"rendered":"House nods to Investment Act, law allowing foreigners to obtain Egyptian passports"},"content":{"rendered":"<p><a id=\"tldr-story-01\" class=\"content-anchor\"><\/a> <b>LEGISLATION WATCH- It was a busy day at the House of Representatives <\/b>as MPs rush to clear bills off their tablebefore flocking to Sahel for their annual summer recess.<\/p>\n<p><b>Amendments to the Investment Act that aim to extend incentives to<\/b><strong>\u00a0existing projects<\/strong> got a final nod at the House general assembly yesterday, <a href=\"http:\/\/www.miic.gov.eg\/Arabic\/MediaCenter\/News\/Pages\/%D9%85%D8%AC%D9%84%D8%B3-%D8%A7%D9%84%D9%86%D9%88%D8%A7%D8%A8-%D9%8A%D9%88%D8%A7%D9%81%D9%82-%D8%B9%D9%84%D9%89-%D8%AA%D8%B9%D8%AF%D9%8A%D9%84%D8%A7%D8%AA-%D9%82%D8%A7%D9%86%D9%88%D9%86-%D8%A7%D9%84%D8%A7%D8%B3%D8%AA%D8%AB%D9%85%D8%A7%D8%B1-%D8%A8%D8%AD%D8%B6%D9%88%D8%B1-%D9%88%D8%B2%D9%8A%D8%B1%D8%A9-%D8%A7%D9%84%D8%A7%D8%B3%D8%AA%D8%AB%D9%85%D8%A7%D8%B1-%D9%88%D8%A7%D9%84%D8%AA%D8%B9%D8%A7%D9%88%D9%86-%D8%A7%D9%84%D8%AF%D9%88%D9%84%D9%89.aspx\">the Investment Ministry said in a statement<\/a>. The amendments add a clause to Article 12 that allows companies developing existing projects to benefit from incentives offered to new projects established after the law was issued in 2017.<\/p>\n<p><strong>Amendments to Article 48 <\/strong>cap notary fees on contracts at EGP 10k or 0.25% of the value of paid-up capital in a bid to lower costs for investors. The notary fees have previously been arbitrary and was an area of concern to investors.<\/p>\n<p><b>The law also means GAFI is now in charge of monitoring FDI: <\/b>The General Authority for Investments (GAFI) will be responsible for calculating FDI in order to produce accurate figures. The Central Bank of Egypt has traditionally issued FDI data along with the Investment Ministry.<\/p>\n<p><b>Amendments to the Mineral Resources Act also received initial approval<\/b>,<a href=\"https:\/\/www.shorouknews.com\/news\/view.aspx?cdate=07072019&id=270aa31b-8074-467e-bb9d-5e8dd8748944\">MENA reports<\/a>. The new amendments would introduce additional incentives for companies to invest in the mining sector. They would allow for the expansion of concession areas, granting a new authority the power to issue licenses for areas of unlimited size. If the amendments are passed, companies would be able to renew their licenses for more than one term. Separate contracts would be used for exploration and excavation areas, and royalties will be capped at 20% of the value of annual production. You can read more details about the amendments <a href=\"https:\/\/enterprise.press\/stories\/2019\/06\/11\/mineral-resources-act-amendments-set-for-parliamentary-approval-before-summer-recess\/\">here<\/a>.<\/p>\n<p><b>Legislative amendments that would allow foreigners who hold assets in Egypt to apply for citizenship<\/b> were also granted approval by the House, <a href=\"https:\/\/www.almasryalyoum.com\/news\/details\/1410752\">Al Masry Al Youm reports<\/a>. The prime minister will be able to grant Egyptian passports to foreigners who buy a state-owned or private property, set up a project in accordance with the Investment Act, or deposit hard currency once the changes are signed into law by President Abdel Fattah El Sisi and the executive regulations governing them are published. An authority comprised of foreign, investment, and interior ministry officials, as well as other security authorities, will be set up to consider applications. We noted <a href=\"https:\/\/enterprise.press\/stories\/2019\/06\/11\/house-committee-approves-legislation-allowing-foreign-asset-holders-to-apply-for-egyptian-citizenship\/\">last month<\/a> that the applications, not the actual passport, would cost around USD 10,000 or the EGP equivalent.<\/p>\n<p><em>Updated on 8 July 2019 to add context<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>LEGISLATION WATCH- It was a busy day at the House of Representatives as MPs rush to clear bills off their tablebefore flocking to Sahel for their annual summer recess. Amendments to the Investment Act that aim to extend incentives to\u00a0existing projects got a final nod at the House general assembly yesterday, the Investment Ministry said [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":596770,"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":[8572],"tags":[72,1786,7115,274,1377,125,180,373,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-596769","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-enterpriseam","tag-foreign-affairs","tag-healthcare","tag-house-of-representatives","tag-investment-act","tag-investment-watch","tag-legislation","tag-mining","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"1c514aaa-97b8-4ebb-8bdf-f6937134abbc","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/1\/662.jpg","photo_position":"above","related_issue":[596764],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>House nods to Investment Act, law allowing foreigners to obtain Egyptian passports - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2019\/07\/08\/house-nods-to-investment-act-law-allowing-foreigners-to-obtain-egyptian-passports\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"House nods to Investment Act, law allowing foreigners to obtain Egyptian passports\" \/>\n<meta property=\"og:description\" content=\"LEGISLATION WATCH- It was a busy day at the House of Representatives as MPs rush to clear bills off their tablebefore flocking to Sahel for their annual summer recess. Amendments to the Investment Act that aim to extend incentives to\u00a0existing projects got a final nod at the House general assembly yesterday, the Investment Ministry said [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2019\/07\/08\/house-nods-to-investment-act-law-allowing-foreigners-to-obtain-egyptian-passports\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2019-07-08T04:00:34+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2020\/1\/662.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/07\/08\/house-nods-to-investment-act-law-allowing-foreigners-to-obtain-egyptian-passports\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/07\/08\/house-nods-to-investment-act-law-allowing-foreigners-to-obtain-egyptian-passports\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"House nods to Investment Act, law allowing foreigners to obtain Egyptian passports\",\"datePublished\":\"2019-07-08T04:00:34+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/07\/08\/house-nods-to-investment-act-law-allowing-foreigners-to-obtain-egyptian-passports\/\"},\"wordCount\":413,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/07\/08\/house-nods-to-investment-act-law-allowing-foreigners-to-obtain-egyptian-passports\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2020\/1\/662.jpg?fit=%2C&ssl=1\",\"keywords\":[\"EnterpriseAM\",\"foreign affairs\",\"healthcare\",\"House of Representatives\",\"Investment Act\",\"investment watch\",\"legislation\",\"mining\",\"SPEED ROUND\"],\"articleSection\":[\"Speed Round\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/07\/08\/house-nods-to-investment-act-law-allowing-foreigners-to-obtain-egyptian-passports\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2019\/07\/08\/house-nods-to-investment-act-law-allowing-foreigners-to-obtain-egyptian-passports\/\",\"name\":\"House nods to Investment Act, law allowing foreigners to obtain Egyptian passports - 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The amendments also require prospective business owners to obtain permission\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":628683,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/05\/10\/amendments-to-house-of-representatives-act-will-be-extensive\/","url_meta":{"origin":596769,"position":1},"title":"Amendments to House of Representatives Act will be \u201cextensive\u201d","author":"enterpriseam admin","date":"10 May 2018","format":false,"excerpt":"LEGISLATION WATCH- Amendments to the House of Representatives Act will likely be \u201cextensive,\u201d House Legislative Committee secretary Ehab El Tamhawy tells Al Shorouk. In its current form, the law \u2014 which will set election guidelines and govern the establishment of coalition and party formations \u2014 is tailored to the assembly\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":604678,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/12\/10\/house-happy-with-competition-act-amendments-votes-to-extend-real-estate-tax-collection-period\/","url_meta":{"origin":596769,"position":2},"title":"House happy with Competition Act amendments, votes to extend real estate tax collection period","author":"enterpriseam admin","date":"10 December 2018","format":false,"excerpt":"LEGISLATION WATCH- House gives preliminary nod to Supply Affairs Law, Competition Act amendments: The House of Representatives\u2019 general assembly have preliminary approval to proposed amendments to the Supply Affairs Law and the Egyptian Competition Act, but postponed its final vote due to lack of quorum, Al Ahram reports. The amendments\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":628525,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/05\/07\/legislation-watch-two-party-system-part-two-of-the-press-act\/","url_meta":{"origin":596769,"position":3},"title":"Legislation watch: Two-party system, part two of the press act","author":"enterpriseam admin","date":"7 May 2018","format":false,"excerpt":"LEGISLATION WATCH- Is the House looking to bring about a two-party system? It indeed was a busy day at the House of Representatives, which also looked at amendments the House of Representatives Act, which govern election guidelines and coalition and party formations. Very little in the way of detail is\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":601343,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/02\/26\/parliament-committee-approves-economic-courts-act-amendments\/","url_meta":{"origin":596769,"position":4},"title":"Parliament committee approves Economic Courts Act amendments","author":"enterpriseam admin","date":"26 February 2019","format":false,"excerpt":"LEGISLATION WATCH- House committee gives nod to widening the jurisdiction of economic courts: The House of Representatives\u2019 Legislative Committee has approved amendments to the Economic Courts Act that aim to expand the scope of the nation\u2019s economic courts to cover new business and finance activity. The measures will also expedite\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":621904,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/21\/govt-to-send-real-estate-tax-act-amendments-to-house-in-december\/","url_meta":{"origin":596769,"position":5},"title":"Gov\u2019t to send Real Estate Tax Act amendments to House in December","author":"enterpriseam admin","date":"21 November 2018","format":false,"excerpt":"LEGISLATION WATCH- Gov\u2019t to send Real Estate Tax Act back to House in December: The Madbouly Cabinet has pledged to send amendments to the Real Estate Tax Act back to the House of Representatives for review in December, said Rep. Yasser Omar. The House had overhauled government-proposed amendments and drafted\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/596769","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=596769"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/596769\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/596764"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/596770"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=596769"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=596769"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=596769"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=596769"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=596769"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}