The Official Gazette published, on Wednesday morning, the decision of Prime Minister Mostafa Madbouly, on granting the Egyptian nationality to foreigners in return for depositing a minimum of US$250,000 with the Central Bank of Egypt.
The text of the decision was as follows:
The text of the first paragraph of Article 1 of the Prime Minister’s Decision No. 3099 of 2019 referred to shall be replaced with the following text: “With due regard to the conditions stipulated in subparagraphs 1 and 3 of Clause IV of Article 4 of Law No. 26 of 1975 regarding Egyptian nationality, the prime minister shall, based on the proposal of the Naturalization Applications Examination Unit, grant the Egyptian nationality to the naturalization applicant in four cases.
The four cases are as follows:
1- Purchasing real estate owned by the state or other public legal persons for an amount not less than $300,000, transferred from abroad in accordance with the rules of the Central Bank of Egypt.
The Prime Minister, based on a proposal by the Minister of Housing, Utilities and Urban Communities, in coordination with the concerned authorities, shall issue a decision specifying the buildings and lands available for sale.
The money should enter Egypt through a customs port and be documented by customs.
2- Establishing or participating in an investment project with an amount of not less than $350,000, in accordance with the rules and procedures stipulated in the Egyptian investment law, in addition to depositing $100,000 as direct revenues in foreign currency to be transferred to the state’s public treasury, and shall not be returned.
The $100,000 shall be transferred to the public treasury of the state through a bank transfer from abroad in accordance with the applicable rules of the Central Bank of Egypt. The money should enter Egypt through a customs outlet and be documented by customs.
3-Depositing $500,000, through a bank transfer from abroad in accordance with the rules in force in the Central Bank of Egypt, or by depositing the amount in cash directly in the account designated for that in the Central Bank, provided that it has entered Egypt through a customs port and has been documented by customs, as a deposit to be refunded after three years have passed in Egyptian pounds at the exchange rate declared at the time of redemption, without interest.
4-Transferring $250,000 as direct revenues in foreign currency to the public treasury of the state, that shall not returned, through a bank transfer from abroad in accordance with the rules in force in the Central Bank, or by depositing the amount in cash directly in the account designated for that in the Central Bank. This is provided that the sum has entered Egypt through a customs outlet and has been documented by customs authorities.
