Egypt is reportedly expanding its citizenship by investment program, including introducing an instalment payment plan, as the North African country seeks to address a chronic shortage of foreign exchange that is fuelling its economic crisis.
Under rules published in the Official Gazette seen by Bloomberg, foreigners will be able to become Egyptian passport holders if they purchase assets—be it state-owned or private property—worth not less than $300,000 using US dollars from abroad.
Foreigners can also establish a solo or joint investment project with a $350,000 investment in addition to depositing $100,000 into the state treasury. Another option is a $500,000 deposit that would be refunded, without interest, in three years and payable in Egyptian pounds at the exchange rate of the time.
The new regulations come as Egypt is leaving no stone unturned to resolve a dollar crunch that is being fuelled in part by the war in Ukraine—which sparked an exit in foreign capital. Egyptian authorities have unveiled several initiatives aimed at luring investment, including offering stakes in 32 state-owned companies and a car-import plan for Egyptian expatriates.
Egypt initially launched its citizenship by investment in 2018, paving the way for foreigners living in the country to apply for citizenship after five years of residency.
