It’s getting easier (and less expensive) for investors to acquire Egyptian citizenship: In its latest attempt to secure much-needed hard currency, the Madbouly government has come out with an expanded and more generous citizenship-for-FX program that would allowing foreigners additional paths to Egyptian citizenship.

How does it work? Under rules published in the Official Gazette yesterday, foreigners will be able to become green passport holders if they purchase assets — be it state-owned or private property — worth no less than USD 300k using USDs from abroad. They can also establish a solo or joint investment project with an USD 350k investment in addition to depositing USD 100k into the state treasury.

Direct deposits are also an option: Foreigners can also get in line for citizenship by depositing USD 500k into a zero-interest account at an Egyptian bank. This would be refunded after three years in EGP based on the exchange rate at the time. Alternatively, they still have the option of making a USD 250k non-refundable deposit into the state treasury.

The capital requirements have gone down: Under previous rules, foreigners were required to purchase property worth at least USD 500k while the minimum three-year refundable deposit was set at USD 1 mn.

To sweeten the pot even further: Foreigners can transfer in their capital over a 12-month period and would not be eligible for citizenship until after that period. The rules are silent on residency requirements.

International coverage: Bloomberg took note of the news.