Promising citizenship program restarts in Egypt. On March 7, 2023, the Decree no. 876/2023 of the Prime Minister of Egypt Mostafa Madbouly was published, it will soon be discussed in the Egyptian Parliament. This document introduces a host of changes to the country’s citizenship by investment program (CIP), specifically regarding the program’s investment criteria. The Citizenship of Egypt by investment program is a novelty in the investment market, has been operating since 2020, while about 200 passports have been issued.
What are the main changes to the Citizenship of Egypt by investment program?
Source and form of investments. The requirement that the investment amount be transferred from outside of Egypt will be removed. Applicants can now pay by cash from within the country, as long as that money has entered through an official customs checkpoint.
Promising real estate option. The new law cuts the minimum investment amount for real estate investments from $500,000 to $300,000 and also allows applicants to transfer the investment amount in installments over one year.
“A large premium real estate project, the “new Dubai”, will be built near Cairo, which has strong investment prospects. According to some sources, the business center of Cairo will move to the project location. It is most profitable to enter into such an investment at the very start of the project. I see great prospects behind this project, soon we will tell you more about it” – says Nuri Katz, President and Founder of Apex Capital Partners.
Donation option. The minimum investment amount for the donation option remains at $250,000. They will be able to pay the amount with a deferred payment within one year, for this period they will be issued a tourism residence permit, which will be changed to citizenship as soon as the amount is paid in full.
Bank deposit option. The non-interest bank deposit option will be reduced to $500,0000 with a holding period of 3 years. Applicants can recoup their principal after the holding period is over, but they will do so on the withdrawal date’s exchange rate and with no accrued interest. Previously this option required a $750,000 investment held for five years, or $1 million held for three years.
Founding or co-founding an investment project valued at $350,0000 (previously $400,000) plus applicants will now be required to pay a $100,000 donation in addition to their capital investment. Another change removes the condition that applicants own at least 40% of a company’s shares, allowing them to invest in any Egyptian company, be it an established or a new one.
Visa-free benefits of Egyptian passport
The Egyptian passport does not grant visa-free access to the EU, which means that the European Union will not pay close attention to this option, unlike Vanuatu, and will not ask for any restrictions. At the same time, there is a visa-free agreement with Hong Kong and an agreement with the United States, thanks to which Egyptian citizens can apply for a non-immigrant E-2 visa.
