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11-Jun-2019

Legislative amendments to allow foreign asset holders to apply for citizenship receive committee-level approval

Legislative amendments that would allow foreign asset holders to apply for the Egyptian citizenship received committee-level approval at the House of Representatives, according to Egypt Today. Prospective applicants would have to have bought a state-owned or private property, set up a project in accordance with the Investment Act or deposited hard currency. Applications would cost around USD10k or the equivalent in EGP. An authority comprised of foreign, investment and Interior Ministry officials would be set up to consider applications submitted online. The amendments will now be up for a final general assembly vote. If passed, they need signoff from President Abdel Fattah Al Sisi and then would become real only when the executive regulations governing them are published. 

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