The Egyptian Cabinet approved on Tuesday a draft law to regulate granting Egyptian nationality, setting five conditions, according to the Al-Ahram Portal.
The first is the purchase of a state-owned property, or the purchase of a property owned by a legal person at no less than US$500,000 to be transferred from abroad, in accordance with the regulations of the Central Bank of Egypt (CBE).
Secondly, establishing or participating in an investment project with an amount of no less than $400,000 to be transferred from abroad, in accordance with the CBE’s regulations.
The $400,000 must be no less than 40 percent of the project’s capital, in accordance with investment Law No. 72 of 2017.
Third, depositing $750,000 transferred from abroad, in accordance with the CBE regulations, as a deposit that will be recovered after five years and converted to the Egyptian pound, at the exchange rate declared by the Central Bank on the date of recovery without interest.
Fourth, depositing one million dollars transferred from abroad, in accordance with the regulations of the CBE, as a deposit that will be recovered after three years in Egyptian pound at the exchange rate declared by the Central Bank on the date of recovery, without interest.
Finally, depositing $250,000 transferred from abroad, in accordance with the regulations of the CBE, as non-refundable direct income in foreign currency that is transferred to the state’s public treasury.
The amounts stipulated in the third and fourth items have to be deposited into a special account under the CBE treasury.
