Egypt offers citizenship to foreign investors willing to spend at least $250,000

Egypt offers citizenship to foreign investors willing to spend at least $250,000

CAIRO: Egypt announced on Wednesday it is offering citizenship to foreign investors willing to spend at least $250,000 in the country. According to state newspaper Al Ahram, a decision by Prime Minister Mostafa Madbouli published in the official gazette, says the premier can now “grant Egyptian nationality” to applicants that meet one of four conditions. Foreigners can either buy at least $300,000 of real estate in Egypt, invest $350,000 in the country, deposit $500,000 in an Egyptian bank account or “make a non-refundable $250,000 deposit in direct revenues in foreign currency into the state’s public treasury”. It is the latest in a series of measures by the government to woo foreign investment into Egypt. In 2018, parliament had passed a law allowing foreigners to apply for the Egyptian nationality with a bank deposit of 7 million Egyptian pounds - at the time around $400,000 - or its foreign currency equivalent. Now, however, transfers must be made in dollars, as Egypt scrambles to fill its depleted coffers. Cairo’s foreign reserves currently stand at $34.35 billion, down from $41 billion in February 2022, when the war in Ukraine unsettled global investors who pulled billions out of the country. Some $28 billion of