29 Sep Egypt citizenship by investment [2023 Guide]
This article explores the intricacies of acquiring Egyptian citizenship through investment. We will provide a comprehensive overview of the program, including the benefits, eligibility criteria, and application process.
Readers will gain insights into the investment options, the associated benefits, and the legal requirements to become an Egyptian citizen.
By the end of this read, prospective investors will be equipped with essential information to make informed decisions about this unique opportunity to obtain Egyptian citizenship.
Benefits of Egypt citizenship for investors
Foreign investors who obtain Egyptian citizenship can enjoy the privilege of travelling to 65 countries without needing a visa.
Countries such as Hong Kong and Malaysia are easily accessible, while nations like Australia, Sri Lanka, and Seychelles require electronic authorisation in advance.
The program is designed with the investor’s financial security in mind. Participants can reclaim their investments five years after receiving the passport. This can be achieved by selling a business, closing a deposit in an Egyptian bank, or selling real estate.
However, this is not applicable if the investor opts for the non-refundable contribution to the state fund.
Egypt is committed to attracting foreign investors and has established nine free zones where businesses are exempt from corporate income tax. This tax incentive is a significant advantage for investors looking to maximise their returns.
Free healthcare and education
Egyptian citizens are entitled to free healthcare and educational services. Education charges are non-existent from elementary level through to university, ensuring every citizen has access to quality education.
No need for language proficiency exam
The process of obtaining citizenship is hassle-free, as investors are not required to take a language or history exam.
Additionally, investors are not required to reside in or visit the country to maintain their citizenship status.
In the following section, we will delve into the eligibility criteria and the specific steps to apply for the Egypt citizenship-by-investment program, ensuring prospective investors are well-informed of the requirements and procedures involved.
Application process for Egypt citizenship by investment
The Egypt citizenship-by-investment program is open to any foreigner, regardless of nationality, provided they pass a due diligence check. The main applicant must be an adult, have a legal source of income, and no criminal records.
A medical examination is also required. Minors under 21 can obtain citizenship simultaneously with the main applicant, while the spouse can receive a passport two years later.
There are four primary paths to obtaining Egyptian citizenship by investment:
- Direct contribution of $250,000: This involves making a non-refundable charitable donation to the State’s Public Treasury. Payment can be made in instalments over one year.
- Buying real estate worth a minimum of $300,000: Investors can purchase housing, commercial real estate, or land plots. Transactions involving state-owned properties are accepted, and the real estate can be commissioned or under construction.
- Investment project with a minimum of $350,000: Starting a new company or investing in an existing local business in Egypt, coupled with a charitable donation of $100,000 to the government.
- Interest-free deposit of $500,000 or more in a local bank for three years: The deposit is refundable in Egyptian pounds at the exchange rate announced by the Central Bank of Egypt on the date of the refund.
Every investor is required to pay a government fee of $10,000, regardless of the chosen investment option. This fee is mandatory and must be paid before applying. If the investor decides to sell real estate or declares the company bankrupt before the specified ownership period of five years, they risk losing their citizenship unless they make a non-refundable contribution starting from $250,000 to the program department’s account.
Step-by-step procedure to obtain Egypt citizenship by investment
The journey to obtaining Egyptian citizenship begins with a preliminary check conducted by specialists. This step is crucial to identify any potential risks that could lead to a denial of Egyptian citizenship and to mitigate those risks.
Applicants are required to gather a set of essential documents to proceed with the application. These include a copy of the main applicant’s international passport, birth certificate, four passport-size photographs, and certificates of no criminal record from the country of residence and the Egyptian authorities, among others. All documents must be certified and prepared in accordance with the program’s requirements.
The investor is required to apply in person, either at the department’s headquarters at the General Authority for Investment and Free Zones (GAFI) or at the offices of immigration brokers. A government fee of $10,000 is also required at this stage, and the transfer must be made from abroad.
The Program Department conducts a thorough review of the investor’s documents in two stages. The first stage involves a check against the databases of Egyptian security agencies, leading to preliminary approval. The second stage of due diligence continues after the investor fulfils the program obligations.
Obtaining a temporary residence permit in Egypt
After the first stage of due diligence, investors are granted a six-month residence permit to enter the country. This is contingent upon the submission of documents confirming the investment transfer.
Obtaining an Egyptian passport
Upon successful completion of all the steps and approval from the Egyptian Prime Minister, investors are awarded a naturalisation certificate and passport, marking the culmination of the citizenship by investment journey.
Frequently asked questions
How much is Egyptian citizenship?
The cost of obtaining Egyptian citizenship through investment varies depending on the chosen investment option.
Applicants can opt for a non-refundable donation of $250,000 to the Egyptian government, invest $300,000 in real estate, commit $350,000 to an existing or new business, or make a $500,000 deposit in an Egyptian bank account. Additionally, a government fee of $10,000 is applicable to all options.
What are the benefits of Egyptian citizenship?
Egyptian citizenship offers a plethora of benefits, including visa-free access to 65 countries, tax incentives through nine free zones, and entitlement to free healthcare and educational services.
Moreover, investors can reclaim their investments after five years, and there is no requirement to take a language or history exam.
How to get an Egyptian passport?
Obtaining an Egyptian passport requires a foreign investor to make a significant financial commitment to the country’s economy. The options include buying real estate, starting or investing in a business, making a non-refundable contribution, or placing an interest-free deposit in a local bank.
Each option comes with specific criteria and benefits, and a government fee of $10,000 is mandatory.
Can a foreigner get Egyptian citizenship?
Yes, the Egypt citizenship-by-investment program is open to foreigners of any nationality. The key requirements include passing a due diligence check and fulfilling the investment criteria. The program is designed to be inclusive, offering various investment options to cater to a diverse range of investors.
Does Egypt allow dual citizenship?
Yes, Egypt has a flexible policy that allows dual citizenship. Investors who obtain Egyptian citizenship are not required to renounce their original nationality, offering the convenience of holding two passports and enjoying the benefits associated with each.
How long does it take to get Egyptian citizenship?
The entire process of obtaining Egyptian citizenship through investment typically takes six to 12 months. This includes the application process, due diligence checks, approval, and the issuance of the Egyptian passport.
In summary, the Egypt citizenship-by-investment program presents a golden opportunity for investors seeking to expand their global reach, offering a range of benefits, including visa-free travel, tax incentives, and dual citizenship. The process is streamlined, with multiple investment options tailored to meet diverse financial capacities and objectives.
To explore this lucrative opportunity and commence your journey to obtaining Egyptian citizenship, we encourage you to contact Huriya Private for expert guidance and support.