Will investors shell out cash for Egyptian citizenship?
To encourage foreign investment and help the country's financial recovery, the Egyptian parliament is considering amending the constitution to grant citizenship to investors.
The Egyptian government has recently proposed a draft law to amend the country’s nationality law. It would give investors the right to apply for citizenship after living and investing in Egypt for five years. The bill has caused controversy and dispute both within parliament and among the public. While some Egyptians argue it will encourage investment and help the country’s financial recovery, others maintain that nationality is not something that should be sold.
The draft law was submitted to the Cabinet by Egyptian economist Sameh Sidqi earlier this month. It would amend Presidential Decree No. 89 of 1960 on Entry, Residence and Exit of Foreigners and Law No. 26 of 1975 Concerning Egyptian Nationality. The government announced Aug. 2 that it was being discussed in the Egyptian State Council.
Speaking to Al-Monitor, Sidqi said, “The bill grants Egyptian nationality to foreigners who deposit $500,000 [in foreign currency] in an Egyptian bank. If nationality is granted, the sum may not be refunded. The foreigner shall obtain nationality within five years, but if the application is rejected, the sum may be retrieved.”
He said that approving this bill “requires amending the clause related to nationality in the Egyptian Constitution, as well as another clause of the Investment Law, so that any investor who deposits the required sum may be granted Egyptian nationality if he or she meets the conditions set by the Cabinet.”
