Draft law to offer Egyptian nationality in exchange for five-year, USD 5 mn deposit draws fire from MPs
Long-term residence or citizenship for foreign investors? Not so fast. At least 70 MPs are ready to submit an “urgent request” to House Speaker Ali Abdel Aal on Sunday demanding the House turn its back on a bill that apparently has cabinet-level backing that would offer a path to Egyptian citizenship to foreign investors or individuals who deposit at least USD 5 mn in Egyptian banks for a period of five years, Al Masry Al Youm reported. Insert here our standard blather about the sale of national pride, national security, “Egyptian-ness” not being up for sale. Canada, the US, France, Spain — even bloody St. Kitts and Nevis offer paths to long-term residence or citizenship for foreign investors, as we mentioned a few weekends ago. But Masr? Perish the thought. (Yes, at least one of us is bitter this morning that he’ll never become Egyptian in law, if not in spirit. Odds this bill passes the House: On par with your chances of finding a snowman and a Salafi drinking beer with the Swedish Bikini Team. In the Western Desert. In August.)