The citizenship by investment program formally began operating in Egypt on March 14, 2020. This is the date of publication of Parliamentary Law No. 190, which establishes the conditions and procedure for issuing a passport for contributions to the country's economy.
By April 2021, the Egyptian government created a special department that will accept and review investors' applications. By summer, the department plans to launch an official program website.
The program is not limited in time or number of passports. The terms of the program and the procedure for obtaining a passport are set by the program department.
Investment options under the Egyptian citizenship program
1. Purchase of real estate worth $500,000 or more. This amount can include the purchase of several objects at once. Allowed to buy housing, commercial real estate and land. Real estate can be commissioned or under construction. To participate in the program accepted only transactions in facilities owned by the state.
2. Investment in business from $400,000. The investor starts a new company in Egypt or invests in an existing local business. Under the terms of the program, the investor must also own at least 40% of the shares of the company in which he invests.
3. A charitable donation of $250,000, which the investor transfers to the program department's account at the Central Bank of Egypt. The optional contribution is a one-time and non-refundable donation..
4. Deposit in a bank. In order to obtain citizenship, the investor opens an interest-free deposit at the Central Bank. The minimum deposit amount is set in US dollars, but the money must be converted into Egyptian pounds before being deposited in the bank. The term of the deposit depends on the amount invested.
Additional program costs. The investor also pays a government fee of $10,000 regardless of the investment option chosen. The fee must be paid prior to application.
How to pay for participation in the program. By law, the investor must pay for the investment from abroad: the department will not accept transfers made from Egyptian bank accounts. The sponsor can be a spouse or friend of the investor. Transfers are accepted from the personal account of the investor or sponsor, or from the account of the company he owns. The investment condition should be fulfilled only after the department approves the investor's application.
The holding period for investments is 5 years. If the investor sells real estate, declares bankruptcy, or closes the deposit before the deadline, he can be deprived of citizenship. But it is possible to keep the country’s passport: for this investor needs to pay a charitable contribution of $250,000.
Who Can Obtain Egyptian Citizenship by Investment
The Egyptian citizenship program by investment is primarily designed for Syrian businessmen who live in the country as refugees. Before the program was launched, businessmen had asked the Egyptian government several times to create a faster path to citizenship.
By naturalization, a foreigner can become a citizen of Egypt if he has lived in the country for at least 10 years. It takes an average of 6 to 9 months to obtain citizenship by investment.
An adult investor with a legal source of income, good health and no criminal record can apply for the program.
The investor will not have to renounce his or her citizenship in order to obtain Egyptian citizenship.
Investor's family. The investor is allowed to include in the application:
- A spouse or more than one spouse who is legally married to the investor;
- Children under the age of 21 who are not married.
Children are granted citizenship at the same time as the investor, the spouse two years after the investor.
Egyptian citizenship obtained through the investment program is inherited by the investor's children. This means that newborn children will become Egyptian citizens automatically by birthright.
Egyptian citizens have the right to live, work, do business and study in the country without restrictions. They can also obtain an E2 business visa in the United States and travel visa-free to 90 countries including Iran, Jordan and Hong Kong.
Citizenship by Investment programs are also available in the Caribbean and European countries. A Caribbean passport will cost from $100,000. The minimum investment for the European program is €350,000, or about $422,000. This is the cost of participation in the Montenegrin citizenship program.
Immigrant Invest is a licensed agent of Caribbean and European citizenship by investment programs. If you want a second passport, seek advice from investment program experts.