Egypt cabinet has approved new citizenship law paving way for foreign investors to seek fast track citizenship for investments in the country. The move is part of Egypt’s bid to boost its finances. Under the new citizenship by investment scheme, there are five paths to becoming an Egyptian national:
- Donation: $250,000 (donation to state treasury, non-refundable)
- Real Estate Investment: $500,000 (individuals or legal entities)
- Investment project: $400,000 (foreigner’s share in the project cannot be less than 40%)
- Bank Deposit: $750,000 (refundable after 5 years in the local currency, without interest)
- Bank Deposit: $1 million (refundable after 3 years in the local currency, without interest)
The amounts stipulated in the 4th and 5th items have to be deposited into a special account under the Central Bank of Egypt (CBE) treasury.
Prior to the latest rules, foreigners had to live in Egypt for ten consecutive years before applying for naturalization and citizenship, in general, was transferable through a father or mother.
Dual Citizenship: Persons who become naturalized Egyptian citizens may keep their original nationality if the other country permits it.
Egypt Passport Mobility: Egypt ranked No. 168 in the CEOWORLD magazine’s Global Passport Ranking for 2019, with 49 visa-free countries– but not, notably, the United States or the UK.
- Asia: Cambodia, Hong Kong, Indonesia, Laos, Macao, Malaysia, Maldives, Nepal, Tajikistan, and Timor-Leste.
- Africa: Benin, Burkina Faso, Cape Verde Islands, Comores Islands, Ethiopia, Ghana, Guinea, Guinea-Bissau Kenya, Madagascar, Mauritania, Mauritius, Mozambique, Rwanda, Senegal, Seychelles, Somalia, Tanzania, Togo, Uganda, Zimbabwe.
- Oceania: Cook Islands, Marshall Islands, Micronesia, Niue, Palau Islands, Samoa, and Tuvalu.
- Caribbean: Dominica, Haiti, St. Kitts and Nevis, St. Vincent and the Grenadines.
- Americas: Bolivia, Ecuador, and Nicaragua.
- Middle east: Iran, Jordan, Lebanon, and Yemen.
Egypt has no visa-free treaty with any major economic powers, such as the United States, China, Japan, Germany, United Kingdom, India, France, Italy, Brazil, and Canada. Citizenship by investment is a practice and a choice offered for many seeking a second nationality in the countries where they often travel to or have a business in.
Egypt’s economy: Egypt’s economy is projected to grow by 5.8% of GDP in 2020 and to see a growth rate of 5.7% in 2021, according to study. The annual inflation rate is predicted to fall from 13.9 percent in 2019 to 5.9 percent in 2020. Egypt’s tourism is projected to hit a record of $15.1 billion in 2020 and $17.3 billion in 2021.
It also expected an increase in the volume of foreign direct investments to register $6.3 billion in 2020 and $7.3 billion in 2021. It expected that the country’s tax revenues will rise from $43.5 billion in 2019 to $53 billion in 2020 and to $58.6 billion in 2021.
The primary budget surplus will go up by 2.1% of GDP in 2020 and 2.2% in 2021, while the fiscal balance is projected to hit $26.8 billion in 2020 and $27.3 billion in 2021.
It suggested that the foreign debt will recede to 17.2% of GDP in 2020 and to 16.7% in 2021, the country’s foreign reserves will register $43.5 billion in 2020 and $41.7 billion in 2021.
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