The Сitizenship by Investment Program of Egypt. How to Get it and Why
September 01, 2021
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A country with a rich history and popular tourist resorts has decided to join the global citizenship store. Starting from 2020, investors who have used the terms of the program can become full-fledged citizens of Egypt. But what exactly should you do to get the passport? And who can use it?
On March 14, 2020, the Egyptian government issued the Parliamentary Law No. 190 regulating the rules for obtaining a country's passport for foreign investors. Now everyone can become a full-fledged citizen of Egypt and run their own business. But at what price?
Investment Options
Similarly to other immigration programs, the Egyptian format offers several solutions to choose from. They are united by two rules: first, all contributions and payments must be made from abroad, transfers within local banks are not accepted. Secondly, the investor cannot withdraw the invested funds or declare bankruptcy within 5 years. Otherwise, the Egyptian citizenship will be denounced.
Purchase of real estate for $500,000 and more. This is the easiest and quite common way to get a passport. Similar options are offered, for example, in Turkey and Montenegro, and the prices are also comparable. Under the terms of the Egyptian program, you can buy one or several objects at once, land or ready-made real estate, for residential or commercial purposes. The choice is wide. There is one "but": it is necessary to buy from the government. It will not be possible to become a citizen through the purchase from a private person. A kind reminder: you cannot sell what you have bought for 5 years. The saying is it's bad omen: you can lose your passport.
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Investments in local businesses from $400,000. It is also a well-known practice among countries offering citizenship: the administration of Antigua and Barbuda asks for a similar amount. But, back to Egypt. You can invest in a ready-made business or start everything from scratch. But you need to own at least 40% of the company's shares, this is a prerequisite.
Charitable contribution from $250,000. The further away, the cheaper it is. A charitable contribution is a well-known way of obtaining citizenship in the Caribbean countries, which have special state funds for this kind of investment. In our case, the money transfer must be made to a special account of the program in the Central Bank of Egypt. This fee is non-refundable, but it is a one-time payment.
Interest-free bank deposit. Here the conditions become more interesting: on the one hand, the amount required for the deposit exceeds the other investment options. On the other hand, all this money can be returned. Specifically:
For a deposit for 5 years, you need to make 750 thousand dollars.
For a deposit for 3 years, you need to deposit 1 million dollars.
Important! The account must be replenished in the local currency - the Egyptian pound.
Additional expenses. Regardless of the chosen option, the investor must pay a state fee of $10,000. You need to do this before applying for participation in the program.
Who Can Participate in the Program
The main reason for the existence of the Egyptian citizenship program was the Syrian businessmen who were forced to leave their country as a result of the war. It was they who appealed to the Egyptian government with a request to prepare a program that allows obtaining citizenship of the country in an accelerated format. Naturalization allows you to get a passport after 10 years of residence in the country. The new investment citizenship program allows you to issue a long-awaited document in just 6-9 months.
Fortunately, the government did not impose additional conditions or restrictions on investors from other countries. This means that any willing investor can consider Egypt as another option for obtaining a second passport. There is no need to give up the main citizenship, which is also a plus.
The requirements for investors are more than standard: a stable source of income, good health, no criminal record. Additionally, you can include spouses and children under the age of 21 in the application.
Learn more about other Citizenship-by-Investment programs
Saint Lucia
Saint Lucia Citizenship by Investment Program
CitizenshipFor 3 months
from 100 000 $
Antigua and Barbuda
Antigua and Barbuda Citizenship by Investment Program
CitizenshipFor 3 months
from 100 000 $
Saint Kitts and Nevis
Saint Kitts & Nevis Citizenship by Investment
CitizenshipFor 2 months
from 250 000 $
Malta
Malta Individual Investor Program
CitizenshipFor 15 months
from 700 000 €
Bulgaria
Bulgarian Investment Immigration Program
CitizenshipFor 24 months
from 512 000 €
Dominica
Dominica Citizenship by Investment
CitizenshipFor 2 months
from 100 000 $
Turkey
Turkey Citizenship by Investment - Real Estate
CitizenshipFor 3 months
from 400 000 $
Vanuatu
Vanuatu Citizenship by Investment Program
CitizenshipFor 1 month
from 130 000 $
Montenegro
Montenegro Сitizenship by Investment
CitizenshipFor 3 months
from 450 000 €
Egypt
Egypt Citizenship by Investment
CitizenshipFor 6 months
from 250 000 $
Grenada
Grenada Citizenship by Investment Program
CitizenshipFor 4 months
from 150 000 $
Advantages of the Program
Egyptian citizenship allows you to live, study and work in the country without any restrictions. An Egyptian passport allows you to travel without a visa through 90 countries, including Iran, Jordan and Hong Kong, as well as get an E2 business visa for the United States.
Egyptian citizenship is inherited by the investor's children, that is, the investor's newborn child receives Egyptian citizenship automatically.
Who is Interested in This Program
The main beneficiaries of the initiative were those who asked for it – businessmen of the Middle East region who are interested in a safe future for themselves and their loved ones.
But do not discount the fact that Egypt was and remains a popular tourist destination. The pandemic has caused very serious damage to the economy. The desire to revive the former pace of development may push the country's leadership to take loyal measures to attract foreign investment, allowing them to earn money in an unusual market.
Every year, European programs meet more and more resistance from the European Commission, which demands to review the conditions for obtaining so-called "golden visas" and passports: Cyprus has taken the first blow, followed by Malta, and then Portugal joined the parade of tightening.
Such powerful forces are not yet hanging over Egypt, although there are other factors that should not be discounted. And yet, fans of this country and investors who know how to play in risk conditions should take a closer look at this direction. After all, the Caribbean states have only benefited from the creation of citizenship programs, and so far Egypt has every chance to repeat this success story.
