Egyptian Citizenship by Investment is a program originally created to legalize those entrepreneurs from neighboring states who already live in the country. However, for years they could not get the desired status. The bureaucratic processes here are very archaic, but the current president of Egypt decided to take a radical approach to solving many problems, including this one. In other words, the development and launch of the option generated primarily domestic demand.
Now the number of options in the immigration market has dwindled. For example, the popular program of Montenegro has completed its work. So much more has been said about the Egyptian Citizenship by Investment program.
APEX studied the issue in detail, visited Egypt and personally spoke with officials.
As well as with developers and realtors representing the local real estate market. As a result, we publish answers to the most frequent questions about the Egyptian passport program.
❓When was the Egyptian Citizenship by Investment Program launched
So, on March 14, 2020, the government published Parliamentary Law No. 190 (adopted in 2019) on obtaining Egyptian passport by investment. Further, the authorities initiated the launch of the Egyptian Citizenship Examination Unit. This is a specialized unit in the office of the Prime Minister of Egypt.
«In the industry of investment citizenship, it is important that the state has a separate department that is responsible for processing. This actually means that the program actually works. Since an effective mediation between the state structure, officials, and the external environment should be built. As our extensive experience of interaction with different countries on launching and establishing the processing of investment citizenship programs shows, the department should be removed from the structure of the Ministry of Immigration or other department in charge of the program. Egypt has been preparing for the launch of its own program for a long time and is developing it quite dynamically. And in general, the country is now experiencing a real boom in construction and transformation», – says Nuri Katz, President and owner of Apex Capital Partners.
«Another sign of CIP’s quality is the licensing of contractors who prepare and submit applications from investors. This is international practice. Also in the Caribbean, and in Montenegro. Our company, Apex Capital Partners, will also work with Egyptian applications as a licensed agent. What does this mean for the applicant? The state openly shows who officially interacts with the authorities, who receives full information, who is competent. The applicant chooses among such agents with whom it is more comfortable for him to work, who has a representative office in his country, speaks a language he understands».
❓What options are available now for obtaining an Egyptian passport by investment
Investors may choose from four investment options.
1. Buying a property. An investor can purchase one or more properties in any location except the Sinai Peninsula for an amount of $300,000 or more. It is important that one object of high value can acquire several investors in shares and submit several applications for citizenship on this basis.
2. Participation in a local company. An investor can open a new company in Egypt or invest in an existing company in Egypt. Both equity participation and full ownership of the investor are allowed. This option requires an investment of $350,000 and will also require a non-refundable contribution to the government fund of $100,000. Please note that the principal amount of $350,000 can be used for the needs of the company or simply withdraw after obtaining citizenship.
3. Contribution to the Treasury of Egypt. The investor is obliged to make a non-refundable contribution (donation) to the treasury of the Central Bank of Egypt in the amount of $250,000 US dollars.
4. Deposit in a local bank (Central Bank of Egypt). A deposit of at least $500,000 for three years in Egyptian pounds without the possibility of receiving interest on the deposit. The exchange rate for the return on investment will be the rate at the time of withdrawal of the bank deposit.
❓What’s going on in the local real estate market right now
In Egypt, 16 new cities are being built by the efforts of the authorities, and a new administrative center of Cairo is also being built. Nearly 6.5 million people are expected to move to this “new Dubai”. For a very long time, there were no relevant options on the market for, in fact, the local population, therefore, even in new huge projects. Almost everything was sold out at the stage of excavation. Moreover, here you can sign a contract for the purchase of real estate, making only 5% of the cost. There are many who want, the supply cannot satisfy the demand.
❓Do I need to visit Egypt to apply for the program
Egyptian citizenship by investment can be obtained remotely. Previously, there really was a requirement to come to the filing of documents, but now everything is done by proxy. However, the applicant may choose to visit Egypt for the initial submission of documents, which will certainly speed up all the processes.
❓How to transfer money to invest in the program? Can I deposit cash
In accordance with the rules set by the Central Bank of Egypt, investors’ applications may be funded by investments transferred from abroad or by funds received from abroad. Provided that the funds passed through the official customs checkpoint and were received by the applicant in Egypt after his application for citizenship was assigned a registration number.
❓Can a third-party transfer money for the main applicant’s program
Yes, transfers from third parties or companies are allowed on account of the applicant’s investment. Moreover, transfers are allowed both from a personal and from a commercial bank account.
❓What are the costs for the first stage? How much do I need to pay to start the processing
At this stage, an advance payment for the legal services is made. Next comes the preparation of the necessary documents for submission along with APEX. After that, you will need to pay a state fee of $10,000 (combustible payment). After 3-6 months (terms may vary), the application is approved. And only after approval it will be necessary to make the chosen investment. Up to this point, the investor can choose the option.
❓Can dependent family members be included in the application
A spouse and children under the age of 21 (at the time of approval) can be added to the Egyptian citizenship application. According to local laws, the investor (if it is a man) can include up to 4 wives along with their children in the application. Please note that the spouse will only receive an Egyptian passport 2 years after the main applicant. Before that, it will be in the status of a residence permit.
The list of dependent family members for the application is short, which is in the Egyptian passport program, which is similar in Turkey. If you want to apply for alternative citizenship for several generations at once, pay attention to Vanuatu. The Vanuatu Citizenship program is valid for the applicant’s spouse, his children, as well as parents.
