Egyptian authorities continue to work on improving the investment citizenship program. They have announced new rules that are expected to make the program more efficient.
Investors can now pool their funds to purchase a single real estate property, with each investor required to contribute a minimum of $300,000. For example, three investors could jointly invest in a $900,000 property to meet the program's requirements. This change is expected to encourage more group investments and make high-end real estate more accessible for obtaining citizenship.
New banking requirements have been introduced for those purchasing real estate not from developers but in the private sector in Egypt. Investors are now required to open a personal bank account in Egypt and transfer the entire investment amount of $300,000 into it. The funds should then be converted to Egyptian pounds and paid to the seller.
This requirement does not apply to those purchasing real estate from government developers. They can make payments directly from outside Egypt without needing to open a local bank account.
Investors should now provide building permits for any property they plan to use for citizenship purposes. This requirement applies even to government-owned properties.
The program for obtaining Egyptian citizenship through investment remains highly sought after, particularly through the acquisition of real estate priced at $300,000 or more. Investors have the option to select one or more properties, including residential and commercial units, both completed and under construction. The list of eligible properties is government-approved, and the purchased property cannot be sold for five years.
Source: Investment Migration Insider
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