If you are interested in living in an African country, Egypt can be your option. The rich history and great tourism aside from the wealthiest African nations in terms of GDP could be interesting for some to invest and receive citizenship. Egypt citizenship by investment is possible for foreign applicants, and this article will provide you with whatever you should know about it.
Who is eligible for Egypt citizenship by investment?
To be eligible for Egypt citizenship by investment, you need to invest in the country in one of the following investment options:
You need to buy one or two real estates from a project owned by the government worth at least $500,000.
The applicant can invest in a company already working in Egypt or set up a new company in the country. The required investment is $400,000, and the applicant must hold 40% of the stake or share in the company—Egypt investment law number 72 provided in 2017 by the government.
The applicant needs to make a $250,000 contribution to a government unit which is non-refundable.
You can make a bank deposit for at least $750,000. The investment is non-refundable until five years and then is refunded in Egyptian currency without any interest.
You could also invest $1 million, which is refundable after three years in Egyptian currency but without any interest.
No criminal background
The applicant needs to provide a clean record certificate from the Police or judiciary officials in his/her home country.
Aside from the required funds to invest in Egypt, you need to have enough money to cover your or your family’s expenses. You need to prove it through bank statements.
Egypt citizenship by the investment application process
The application process for Egypt citizenship by investment could differ a bit for each national, but the standard process is as follows:
1. Find an appropriate investment option
The first step to apply for Egypt citizenship by investment is to find the appropriate investment option. The ways you can invest in the country are explained above. You need to find out which one is suitable for you by your conditions. Do your research not to waste your funds and time.
2. Creat an account with the Naturalization Applications Examination Unit
The first step is to visit Egypt personally. You need to get to Cairo and visit the General Authority for Investment and Free Zones unit headquarters located on Salah Salem Road. You could also apply through immigration mediators. Choices are yours.
3. Fill in the application form and submit the requirements
You need to complete the application form and submit the following requirements:
- Birth certificate
- A photo
- Document of dependents
- Clean record certificate from your home country.
- A criminal status sheet is issued by the Egyptian authorities for the naturalization.
- Medical commission certificate issued from a hospital specified by the head of the Naturalization Application Examination Unit.
- The applicant has the right to preserve the right of confidentiality of his application and related decisions.
4. Pay Egypt citizenship by investment fees
The application fee for Egypt citizenship by investment is $10.000, and you need to pay it from a bank account abroad to the Presidency of the Council of Ministers. The paid fee must be to the Naturalization Application Examination Unit at the Central Bank of Egypt.
Remember that the fee is non-refundable.
5. Wai for the application to be processed
The authorities will evaluate the document and inform the applicant whether the documents are missing or not. If yes, you need to resubmit them. The officials also check that the application fee has been transferred or not.
The Egyptian officials then examine your case and decide whether to grant you a visa or not. They will also consult the case with security officials and ask for their advice. The national security considerations are also assessed. It takes about three months until they make their decision.
6. Complete the further procedures within the provided temporary residency
When the Egyptian officials approve your application, they will grant you a six-month residence permit. you need to complete the application process in this period and:
- Buy property, or
- Approve investment project, or
- Depositing the amount of money in the Central Bank of Egyp
7. Final decision and issuance of residence permit
When the applicant completes the application within six months period or sooner, the authorities review it and decide on it. If everything is fine, they will issue the residence permit.
Egypt citizenship by the investment processing time
The standard processing time for Egypt citizenship by investment is nine months. When you submit the documents at the beginning, it takes at most three months until the officials issue the temporary residence permit so you can move to the country and complete the procedures. You have six months to complete the investment and submit the required supporting documents. When everything is complete, it takes at most three months, so the authorities decide on the application and issue the final residence permit.
Can you transfer funds from inside the country?
No. The law doesn’t allow you to transfer funds from someone or a company inside the country, and it must be transferred abroad.
Do you have to renounce your citizenship to Egypt citizenship by investment?
No. You don’t have to renounce or revoke your original citizenship for Egypt citizenship by investment. The government permits dual citizenship.
Does Egypt citizenship by investment permit you to bring your family?
Yes. The program enables you to bring your family and wives. The government recognizes polygamy, and there is no legal ban or prohibition on it. Your family includes your one or two spouses and children under the age of 21. But you must have enough funds to cover your expenses in Egypt.
Children of the main applicant receive citizenship right away, but the spouse or spouses receive it after two years.
Is your child born in Egypt? What happens to his/her citizenship?
If the child is born from parents who have received Egypt citizenship by an investment after moving to the country, he/she receives citizenship automatically.
What can dependents do in Egypt?
The dependents and applicants have the right to work and study in Egypt or do business without any form restrictions.
Let’s sum up…
You can become an Egyption citizen through Egypt citizenship by investment program if you are eligible and have enough funds. The article explained who is eligible to apply, requirements, investment options, the application process, and answered FAQs.
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