Tarek El-Tablawy & Abdel Latif Wahba/
Egypt is expanding the number of ways to acquire citizenship — including by paying in installments — to address a chronic shortage of foreign exchange that’s contributing to an economic crisis.
The regulations, outlined in the Official Gazette Wednesday, will allow citizenship to be bought in several new ways, on condition funds are transferred in hard currency from abroad. They include buying state-owned property for at least $300,000, or participating in a venture with a $350,000 investment plus depositing $100,000 in the state treasury.
Another option is a $500,000 deposit that would be refunded, without interest, in three years and payable in Egyptian pounds at the exchange rate of the time. The move is an extension of an initial version of the regulations.
The rules come as the North African nation strives to resolve a dollar crunch fueled in part by Russia’s invasion of Ukraine, which sparked an exit in foreign capital. Authorities have launched a number of initiatives aimed at luring investment, including offering stakes in 32 state-run firms, and a car-import plan for Egyptian expatriates.
One of the new options would award, under certain conditions, citizenship to those paying in installments over one year. Only after the full amount is paid would approval be granted, according to the decree.
*Bloomberg
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