Obtaining Egyptian citizenship by investment24 Jun 2019 4178 Views
Recent Amendments approved by Parliament on obtaining Egyptian citizenship by investment
The Egyptian nationality given by the right of blood (jus sanguinis), this means that citizenship is not determined by place of birth but by having one or both parents who are citizens of the state. However, there are some exceptions, the nationality is given to a person who is foundling, or someone with unknown parents as stated by law. In addition to naturalization, which means the process by which citizenship is granted to a foreign citizen or national after he or she fulfills the requirements as stipulated by the law.
Foreigner, according to Article 1 of Law No. 88 of the year 2005 concerning the amendment of some provisions of Law No. 89 of the year 1960 regarding the entry and residence of foreigners in Egypt, is any person who does not have the Egyptian nationality.
Accordingly, Law No. 154 of the year 2004 amending certain provisions of Law No. 26 of the year 1975 concerning Egyptian nationality determined who is considered an Egyptian; Article 2 states that “each of the following is deemed Egyptian:
(1) A child born to an Egyptian father or an Egyptian mother.
(2) A person born in Egypt from unknown parents is considered Egyptian unless proven otherwise. …..”
In terms of residence, foreigners are divided into four categories:
- Foreigners with special residence.
- Foreigners of normal residence.
- Foreigners with temporary residence.
- Foreigners who are granted residency in return for bank deposits.
Foreigners who are granted residency in return for bank deposits, are foreigners who come to invest in Egypt and deposit an amount of money in an Egyptian bank that is not less than seven million EGP, or an equivalent amount in foreign currency. The Prime Minister shall determine the equivalent amount by issuing a decision.
Recently, the media and press mentioned that the Egyptian parliament is discussing a bill to grant Egyptian nationality to foreigners based on several conditions; most remarkably condition is to grant the nationality based on establishing investment projects. The bill discussed enabling those who pay ten thousand dollars to obtain Egyptian citizenship.
Mamdouh Muklad, a member of the National Defense and Security Committee, said that “the committee approved this law on specific terms: granting citizenship to all those who bought property from the state or public legal persons or to leave a deposit that could be used in foreign currency.” Submit the application attached to ten thousand dollars (or the amount equivalent to the Egyptian pound) paid from abroad. “
It should be noted that this condition mentioned in the bill is different from the Foreigners who are granted residency in return for bank deposits mentioned in the Law. In this bill, nationality is granted in full to who has established an investment project. These new conditions are expected to encourage the investors to Egypt.