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Invest $250 000 and you, too, can be an Egyptian

Purchasing state-owned property and investing with an ownership stake can also grant you citizenship.
Egypt opens its investment doors to foreigners as it looks to bring in hard currency. Image: Shawn Baldwin, Bloomberg

Egypt’s cabinet signed off on granting citizenship to foreigners who either buy property or invest in the country, making good on a promise floated last year as the Arab world’s most populous nation looked to bring in hard currency.

Under the law, foreigners could become citizens either by purchasing state-owned property worth at least $500 000, investing at least $400 000 with an ownership stake of no less than 40% of the project capital, or depositing cash ranging from $250 000 to $1 million into a local account.

Those ponying up $750 000 could withdraw the funds in local currency after five years, without interest, while parking $1 million allows for withdrawal after three years, also interest-free. A $250 000 deposit, however, is non-refundable and goes directly into state coffers. The statement said there are conditions tied to the real-estate option, which relates to a 1975 law governing citizenship.

Legislators had earlier said the changes were aimed at offering additional incentives to investors at a time when the country was pushing ahead with a sweeping economic program to boost growth. Officials had chafed at the suggestion that they were selling citizenship.

Prior to the latest rules, foreigners had to live in Egypt for a decade before applying for naturalisation and citizenship, in general, was transferable through a father or mother.

© 2019 Bloomberg L.P.

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Who in his right mind want to live in Egypt?
Or invest half a mill in Egypt?

Dubai is more attractive to state capture criminals.

Come to think off it. It is pretty pathetic to try and sell citizenship.

Well I do want to be an American so…..

A guy i know invested in Slovenia. Bought a flat and rented it out and registered it as a business.

Did he get anything in return or just invested offshore?

Why would you want to buy citizenship in a country with military conscription?

According to the Henley Passport index, Egypt’s Passport is ranked 92nd in the world with only 49 destinations that Egyptians can go to visa free. South Africa is ranked 53rd with 100 visa free destinations. However, Brazil is ranked 17th with 170 visa free countries to choose from. Both Egypt and South Africa fail hopelessly. With such a poor showing, Egypt has a cheek to even offer citizenship for sale when there are many other countries that offer more and you pay less. As far as South Africa is concerned, Dr. Aaron, you need to get you finger out and get a better deal for South African Passport holders from your counterparts in other countries. We offer many more countries visa free entry than is offered to South Africans.

$250,000 to live in an oppressive theocracy with minimal freedom….c’mon, you’re having a laugh.

I’ll give you $0 now with $0 monthly installments into the future to never visit. Sound like a deal?

There are too many things one can do with $250 000, and gaining citizenship of Egypt is not in the top twenty of those things. Otherwise I can get you the citizenship of North Korea for less than half that, if you like to live in a more stable Dicktatorship.

A camel can live without water for eight days, but who wants to be a camel ?

…it makes me think, WHY do we as Saffas want to exchange one desert (e.g. parts of Northern Cape) region for another one like the Sahara?
We’re doing it already: the brave generations of farmers that continue to farm in SA’s dryer regions.

Invest with no interest? So, basically one is paying to get shafted?

End of comments.

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