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Wednesday, 12 August 2020

Gov’t mulls granting citizenship in exchange for increasing working capital

Foreigners could be granted the Egyptian citizenship if they invest more working capital into their Egypt-based companies if a proposal gets a green light from the Madbouly Cabinet, Al Mal reports. The proposal was submitted by Sameh Sedky, the executive director of the Investment Ministry department responsible for processing citizenship requests. Cabinet had approved legislative amendments late last year that gives foreigners who hold assets in Egypt a path to citizenship. This path would be granted to foreigners if they deposit a non-refundable USD 250k into a local bank account that goes directly to the government, or deposit USD 750k-1 mn that will be refunded after a set number of years. Foreigners can also invest more than USD 400k in an investment project or purchase state-owned or private property worth at least USD 500k.

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