EGYPT INVESTMENT CITIZENSHIP PROGRAMME 2019

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Looking for obtain Egyptian citizenship by investment? While Egypt has been offering residency by investment since 2018, the programme is being upgraded into a fully fledged economic citizenship programme in 2019. Find out more about the new Egyptian investment citizenship programme below, or contact us now for a free consultation.

ABOUT THE EGYPT CIP

During September 2018, the parliament of Egypt approved an investment residency programme granting residency rights to foreign investors depositing $420,000 or more into an account of any of the Egyptian state owned banks. Such immigrant investors could then apply for naturalisation after holding residency for a period of 5 years.

In July 2019, however, amendments to this legislation was approved by parliament, paving the way for third country investors to obtain Egyptian citizenship directly – that is to say, without the need to hold Egyptian residency for a period of 5 years or more – in accordance with the stipulations of Investment Law No. 72 of 2017.

The new legislation allows for the Prime Minister to grant Egyptian nationality to any non-Egyptian investor who purchases a property owned by the State or other public legal entities, or launches an investment project. Citizenship would be granted to third country nationals making a government approved investment in real estate, however such immigrant investors will not be allowed to vote for a period of 5 years.

Egypt’s Head of parliamentary committee of national defence and security, Kamal Amer is on record as saying that the new incentives seek to encourage foreign investors to come to Egypt and invest.

While relatively little information is still available at present, the offering is likely to be structured in such a way as to appeal to those seeking to optimised their worldwide tax obligations.

A $10,000 government application fee will be applicable, which excludes professional services and due diligence fees, as well as the capital cost associated with the investment or in-country deposit of funds.

Bookmark this page and come back later – this information will be updated as more guidance becomes available, yet should be treated as general information only.

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