In late March, Egypt’s government decided to launch a citizenship by investment program (CIP).
The program comes as an amendment to an older law that was released in 2019. Titled “parliament law No. 190,” it now allows foreigners Egyptian citizenship in exchange for investment.
The whole process will be overseen by a special unit, run directly from Egypt’s Prime Minister’s office.
Egypt CBI Program Basics
The program’s also quite lenient with regards to residency requirements. Newly nationalized investors aren’t obliged to stay within Egyptian territory for extended periods of time.
As for funds, investors are obliged to bring their investment funds from abroad. The funds must be in US dollars. The funds may come from personal or business bank account. They may also come from an applicant’s friends and relatives.
Currently, the program has no expiration date, through it does come with a lengthy processing time (of around 6 to 9 months).
Spouses and children (who are younger than 21) are allowed into the program. However, the spouse’s gain of citizenship is delayed by 2 years from that of the main applicant and children.
Let’s start with application fees. To apply and submit documents, there’s a $10,000 USD fee required per applicant.
As for documents required, they include:
- Main applicant’s personal documents
- Documents for dependents and spouse (if any)
- Clear criminal record
- Detailed medical report
- Documents to prove sources of wealth and investment funds
The previous list doesn’t include all the required documents. After submitting the documents and paying the fees, the applicant can wait until approval before submitting the rest of the investment funds.
Does the Program Offer Investment Options ?
Yes. In fact, the program offers 5 options to investors. All of the programs follow regulations set by Egypt’s Central Bank.
(1) Starting a Company.
Following regulations and rules listed in Egypt’s 2017 Investment Law No.72, investors can choose to launch or invest in a company in Egypt.
The minimum required for this program is $400,000. Also, the investor’s shares of the company should be at 40% (minimum).
(2) Purchasing Real Estate. All property bought for this option must come from government-owned projects. The minimum required investment is at $500,000 USD. Investors are allowed to buy more than one property for this option.
Both property and plots of land are allowed for this program. Also, investment amounts can’t be paid in installments. They must be paid in full.
(3) Donations. Egypt’s Central Bank offers investors the option to open a CIU account. There, they can make a $250,000 deposit as a contribution to the Egyptian economy. The amount donated is not refundable.
(4) Refundable Bank Deposit A. The minimum required is $750,000. The value is refunded following 5 years, in local currency, and with 0% interest. Loans may be taken out with the investment funds as a collateral.
(5) Refundable Bank Deposit B. The minimum required is $1 million. The value is refunded following 3 years, in local currency, and with 0% interest. Loans may be taken out with investment funds as a collateral.
(Important Note): If an applicant chooses to drop out of the bank deposit options and after paying some of the funds, they’ll be forced to switch to the donation program.
The same applies to investors wanting to sell their real estate for that option. Also, this applies to companies declaring bankruptcy, where the investors must switch to the donation program.