Attracting Foreign Investment through the Newly Introduced Amendments on Acquiring the Egyptian Citizenship

The Egyptian government published in the Official Gazette Decree no. 876 for the year 2023 (the “New Decree”) dated 8th March 2023, amending the provisions of Decree no. 3099 for 2019 on the conditions for acquiring Egyptian citizenship (the “Old Decree”). The New Decree lowered the financial prerequisites required for foreigners to acquire the Egyptian citizenship previously introduced by the Old Decree as follows:

1. State-owned property

The New Decree lowered the threshold required from foreigners applying for citizenship through the purchase of state-owned property or a public body corporation from USD 500,000 to USD 300,000. The said threshold may be paid in instalments over a one year period. During the period of the instalments (one year) the foreigner will be granted temporary residency. The citizenship may not be granted before full payment.

The provisions of the New Decree allow the money to be transferred either from abroad or locally with proof that the amount entered the country from a customs port.

In the event that the foreigner fails to pay all instalments or withdraws its request, the paid amounts will be refunded without interest and in Egyptian pound at the official exchange rate on the date of reimbursement.

2. Investment project

Similar to obtaining the citizenship through purchase of state owned property, the New Decree lowered the threshold required from foreigners applying to citizenship through founding or co-founding an investment project from USD 400,000 to USD 350,000. The foreigner is required to deposit a non-refundable USD 100,000 with the public treasury.

Said amount may be transferred from abroad or locally with proof that the amount entered into the country from a customs port.

3. Direct deposit

Pursuant to the provisions of the Old Decree, foreigners may acquire the citizenship through a five-year deposit of USD 750,000 or a three-year deposit of USD 1,000,000 from abroad.

However, pursuant to the provisions of the New Decree, foreigners may apply for citizenship under one sole program in exchange of a three-year direct deposit of USD 500,000. The said deposit may be reimbursed after the three-year period at the official exchange rate at the time of reimbursement without interest. The deposit may be transferred from abroad or internally with a proof that the amount entered into the country from a customs port.

4. Direct revenue

Foreigners may acquire the Egyptian citizenship through a non-refundable deposit of USD 250,000 with the public treasury in accordance to the New Decree. Said deposit may be transferred from abroad or locally with proof of entry from a country’s custom port. Similar to obtaining citizenship through state owned property, the deposit hereunder may be paid in instalments within a one year period. of the instalment (one year). During such year, the foreigner will be granted temporary residency. The citizenship will be granted upon full payment.

Previously pursuant to the Old Decree, foreigners were required to pay the deposit in one lump sum.

How can we help?

For more information regarding the newly promulgated Decree, please contact Ayman Sherif Nour, Partner, and Head of Corporate Structuring, Egypt Office or Rita Kevork.