a
Print
version

Egypt has introduced changes to its citizenship by investment program

  • 1
The authorities aim to make the scheme more efficient.

What has happened

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.

Pooled real estate investments

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

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.

Building permit

Investors should now provide building permits for any property they plan to use for citizenship purposes. This requirement applies even to government-owned properties.

About the program

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

Photo by Omar Elsharawy on Unsplash

Quoting conditions of Prian.info materials

Share the link:
Tags: Egypt, Market Analysis, Immigration, Investment, Immigration programs

Read also

Portugal has made important amendments to its citizenship law
Now the five-year naturalization period will begin from the date of submission of the application...
Spain reforms immigration rules
If the new migration regulation is approved, thousands of immigrants already living in the...
The gap between the cadastral and market value of real estate in Greece is widening.
We're explaining what this is due to and what the consequences are.
The pace of housing price growth in large cities of Bulgaria is slowing down
According to Bulgarian Properties, the prices of housing in the country have increased by an...
Official housing price statistics in Serbia for the first quarter 2024 has been revealed
The prices show moderate growth.
Innovative Strategy: Purchase а Property Overseas and Enjoy Free Vacations in 110 Countries
Understanding the World's Biggest Vacation Exchange Program

Interesting to read

News and articles on the topic «Egypt»

Egypt has introduced changes to its citizenship by investment program

The authorities aim to make the scheme more efficient.

  • 11.10.2024
  • 1

Property Finder has named the main trends in the Egyptian real estate market in 2023

Residential properties are in great demand among investors.

  • 06.07.2023
  • 5