Egypt's cabinet proposal could act as an expensive path to citizenship.
In an effort to support Egypt's booming real estate market and support hard currency reserves, Egypt's cabinet approved on Wednesday a controversial law granting foreign investors and individuals the right to obtain residency in the country in exchange for a monetary fee, ranging between $100K for one-year-residency up to $ 400K for a five-year-residency. After 5 years of residency, foreigners will be automatically eligible to apply for an Egyptian nationality. The law is yet to be approved by Parliament and ratified by the president to go into full effect, Al Ahram reports.
For each residency requested by foreigners, a Certificate of Deposit in an Egyptian bank with the corresponding amount of money needs to be presented to the authorities. Applicants will be subject to thorough security and background checks by Egypt's security apparatuses, says MP Kamal Amer to Al Ahram.
Other than attracting foreign investors, which is in line with Egypt's ongoing economic reforms, the move also comes in a time where requests for residencies in Egypt are witnessing a hike due to the ongoing conflicts in the region, which have forced millions to leave their homes behind and seek safer countries to live.