{"id":28247,"date":"2018-07-20T09:58:01","date_gmt":"2018-07-20T09:58:01","guid":{"rendered":"https:\/\/v2.ecomnewsmed.com.ecn-01.ovea.com\/2018\/07\/20\/egypt-to-offer-citizenship-to-foreigners-at-340000-e-for-investment-purposes\/"},"modified":"2020-08-11T11:33:36","modified_gmt":"2020-08-11T09:33:36","slug":"egypt-to-offer-citizenship-to-foreigners-at-340000-e-for-investment-purposes","status":"publish","type":"news","link":"https:\/\/www.ecomnewsmed.com\/en\/2018\/07\/20\/egypt-to-offer-citizenship-to-foreigners-at-340000-e-for-investment-purposes\/","title":{"rendered":"Egypt to offer citizenship to foreigners at 340,000 \u20ac for investment purposes"},"content":"\nUnder the new amendment passed by parliament, foreigners who make a deposit of 7 million Egyptian pounds or the equivalent in foreign currency are offered the opportunity to obtain the citizenship in one single condition: they\u2019ll have to surrender the deposit to the Egyptian State after five years. \n\u201cUpon the acceptance of the naturalisation request, the value of the deposit shall be transferred to the public treasury\u201d, the amendment said. The head of parliament\u2019s defence and national security committee, General Kamal Amer, said the new law is \u201can investment act, not a political one\u201d. \nThus, foreigners who acquire the Egyptian citizenship won\u2019t enjoy any political right in the first five years, and will need 10 years to be eligible for election or appointment to a representative body.\nWhat you need to know about Egyptian nationality\nThe Egyptian law is based on both place of birth and Egyptian parentage for determining whether a person is an Egyptian citizen. The following are deemed Egyptian nationals:\n\nThose who have settled in Egypt before November 5, 1914 without being nationals of foreign countries and have maintained their residence in Egypt until the Citizenship law came into force;\nThose who were enjoying the Egyptian nationality according to the provisions of law no. 391 for 1956;\nThose who had acquired the United Arab Republic nationality between 1958 and 1961.\n\nA person may become an Egyptian citizen after at least 10 consecutive years of residence in Egypt. Children aged under 21 get the Egyptian citizenship automatically if a responsible parent is naturalised.\nTo see more, discover our latest videos on the Egyptian economy :\u00a0\n\n\n\u00a0\n\u00a0\n","author":42,"featured_media":5339,"comment_status":"open","ping_status":"open","template":"","tags":[5754,5752,5764,5761,5763,5751,5756,5755,5753,2961,5750,5759,5762],"location":[5600],"class_list":["post-28247","news","type-news","status-publish","has-post-thumbnail","hentry","tag-business","tag-business-support","tag-communities","tag-decision-makers","tag-direct-broadcasting","tag-economy","tag-employment","tag-employment-training","tag-entrepriseslife","tag-institutions","tag-news","tag-politics","tag-trending","location-egypt"],"short_url":"","have_related_news":null,"chapo":"Egypt has been looking to boost its finances and draw back foreign investment that fled the country after the 2011 uprising. The country is now offering citizenship to foreigners who deposit at least 7 million Egyptian pounds (approximately 340,000 \u20ac) and then hand it over to the Treasury after five years.","media":{"src":"https:\/\/www.ecomnewsmed.com\/app\/uploads\/2020\/03\/cairo-bank-1.jpg","srcset":"https:\/\/www.ecomnewsmed.com\/app\/uploads\/2020\/03\/cairo-bank-1.jpg 550w","sizes":"550px","alt":"Malgr\u00e9 un contexte national difficile, les banques \u00e9gyptiennes se portent bien 1","width":550,"height":360,"ratio":0.65,"credit_photo":""},"media-news-header":{"src":"https:\/\/www.ecomnewsmed.com\/app\/uploads\/2020\/03\/cairo-bank-1-1006x658.jpg","srcset":"https:\/\/www.ecomnewsmed.com\/app\/uploads\/2020\/03\/cairo-bank-1-1006x658.jpg 1170w","sizes":"1170px","alt":"Malgr\u00e9 un contexte national difficile, les banques \u00e9gyptiennes se portent bien 1","width":1170,"height":658,"ratio":0.65,"credit_photo":""},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - 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