Egyptian nationality shall be granted to foreigners in return for minimum of $250,000

Egyptian nationality shall be granted to foreigners in return for minimum of $250,000

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