Egypt to provide citizenship to foreigners for 400 thousand dollars

Egypt to provide citizenship to foreigners for 400 thousand dollars
Mechanism of deposit and banks that can accept money of investors still unknown

Baku. 17 July. REPORT.AZ/ Egyptian Parliament approved amendments to the legislation according to which foreign citizens will be able to submit a petition to grant Egyptian citizenship in exchange for investments in the amount of not less than 7 million Egyptian pounds (about 400 thousand dollars), Report informs citing the RIA Novosti.

"A foreigner living in Egypt continuously for at least five years on a special investment visa and made a deposit of at least 7 million Egyptian pounds to the state Treasury of Egypt, will be able to submit to the Ministry of Internal Affairs of the country a petition for citizenship", - stated in the amendments approved by the deputies. In addition, such petitions will be personally considered by the head of the Interior Ministry of Egypt.

It is still unknown what will be the mechanism of making a deposit and which banks can accept the money of investors, as well as what benefits foreigners will receive from Egyptian citizenship”.

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