Egypt’s parliament officially approved handing Egyptian nationality to foreigners in exchange for a deposit of EGP 7m, during a plenary session on Monday.
This came a day after the parliament provisionally approved a draft law to amend some of the provisions of Decree Law No 89 of 1960 regarding the entry and residence of foreigners in and out of Egypt and Law No 26 of 1975 on Egyptian nationality.
Egyptian Parliament Speaker Ali Abdul Aal postponed the final vote on the bill to Monday’s session because of the absence of a two-thirds majority of members, and it was approved only in principle.
The amendment requires those who want to obtain Egyptian nationality to deposit EGP 7m or its equivalent in a foreign currency. The nationality will be granted to them five years after the time of the deposit.
The Egyptian government said that the law aims to encourage the investment of Arab and foreign funds in economic projects, while facilitating the long-term residence of foreigners in Egypt, and to provide an atmosphere of confidence, and stability to reassure investors about their money and projects.
