Foreign Residents Now Need to Submit Financial Proof in Hard Currency

Egyptian Prime Minister Mostafa Madbouly issued a decree signalling new requirements for foreigners seeking residency in Egypt for both tourism and non-tourism purposes. As per the decree, individuals must now provide evidence of payment, in dollars or equivalent foreign currencies, for residency fees, late fines, and expenses associated with the issuance of residence cards.

To meet this requirement, foreigners are expected to present a receipt confirming the transfer of funds through an authorised bank or exchange company. Furthermore, the decree mandates that foreigners residing unlawfully in Egypt must regularise their status by obtaining an Egyptian sponsor and depositing administrative expenses of USD 1,000 into a designated bank account, according to an official statement from the Egyptian cabinet.

The grace period for foreigners to adjust their status has also been extended. Originally set to end on December 15, 2023, the deadline has been pushed to March 15, 2024.