Egypt is offering citizenship to foreigners who deposit at least EGP7mn (USD392k) and then hand it over to the Treasury after five years, an amendment passed by Parliament on Monday said. Under the new law, foreigners who make a deposit of EGP7mn or the equivalent in foreign currency receive the option of taking citizenship if they surrender the deposit after five years. The head of Parliament’s Defence and National Security Committee, General Kamal Amer, said the new law complements recent amendments to an investment act that grants incentives to foreigners to invest in the country. He said foreigners who acquire citizenship would enjoy no political rights until after five years of citizenship and would need 10 years to be eligible for election or appointment to a representative body. Spouses and children will not be eligible for citizenship unless they reside in Egypt, he added. It was not immediately clear what economic benefits a foreigner would obtain by acquiring citizenship.