Egyptian Citizenship by Investment – Program Updates

The Egyptian citizenship by investment program was launched by the government in 2020, aimed primarily at stimulating the economy by attracting foreign capital to the national treasury. The Department of the Program began accepting initial applications from candidates in 2021. To acquire citizenship through investment, applicants can choose from various options: purchasing real estate, investing in an active business project, opening a deposit account in the Central Bank of Egypt, or making a one-time, non-refundable contribution. The first three options offer a path to recoup the investment.

The minimum investment threshold for Egypt’s citizenship-by-investment program starts at $250,000. Securing a second passport takes about 6-12 months. As in other countries with similar programs, investors are not required to learn the national language, pass exams, or demonstrate integration into local society. Additionally, the primary investor’s legal spouse and children under the age of 21 may apply for citizenship alongside the main applicant.

Updates to the Citizenship Program in 2024

In 2024, updates were made to Egypt’s citizenship program. This review, conducted by licensed agency GARANT.in, covers the program’s recent changes, the advantages of Egyptian citizenship, participation options, documentation requirements, and other important details.

Seven Advantages of Egyptian Citizenship Through Investment

Egypt is a popular tourist destination, attracting both tourists and investors. Why might applicants consider obtaining a second passport in this African country, and what benefits does it provide?

1. Alternative Location – The investor and their family receive not only citizenship but also the right to permanent residency in Egypt. If desired, citizens may relocate to Egypt and stay for an unlimited period.

2. Eligibility for the E-2 Investor Visa – Egyptians are eligible for the U.S. E-2 visa, allowing them to relocate to the United States. To obtain this visa, applicants must either purchase or establish a business in one of the U.S. states. While there is no formal minimum investment, the practical threshold generally starts at $100,000.

3. Access to Egyptian Banking Services – Egyptian citizens can freely use services from local banks, including various national and international branches. Applicants may open accounts in different currencies, such as USD or EUR, and conduct global financial transactions, make quick transfers, deposit funds, and access credit services. Investors may open savings accounts, obtain credit lines, or transfer their business accounts to a chosen bank.

4. Tax Optimization – Egypt has nine free zones where entrepreneurs can establish businesses without corporate tax. This option attracts entrepreneurs from around the world. The Arab Republic of Egypt also has a Department of Entrepreneurship, which assists aspiring entrepreneurs in launching startups.

5. International Travel – Egypt’s passport ranks 90th on the Passport Guide Index and 80th on the Passport Index. Citizens can travel visa-free to 67 countries and obtain e-visas for Singapore, Côte d'Ivoire, Sri Lanka, and the Seychelles.

6. Citizenship for the Entire Family – Investors may include their legal spouse and children under 21 in the application. Children acquire citizenship simultaneously with the main applicant, while spouses gain citizenship after two years. Applicants do not need to renounce their original citizenship since Egypt allows dual nationality, and Egyptian citizenship is also inheritable.

7. Low Investment Threshold and Refundable Ownership – Egypt’s citizenship-by-investment program is financially comparable to those in Vanuatu and the Caribbean. Investments can be recouped after five years while retaining citizenship status and benefits. Refunds are not available only if the applicant selects the non-refundable option through the National Fund.

Updates to Egypt’s Investment Program in 2024

The program has been operating successfully for several years, but the government is actively enhancing conditions to increase investor interest. New rules have been introduced to make the program more competitive and efficient.

1. Joint Real Estate Investments – Under this new provision, multiple investors can combine their funds to acquire a single property, provided each partner contributes at least $300,000. Experts anticipate that this option will increase demand for premium real estate.

2. Updated Banking Requirements – New rules apply to those planning to buy real estate in the private sector rather than directly from developers. Such applicants must open a personal bank account in Egypt and deposit at least $300,000, which they must then convert to Egyptian pounds before transferring to the seller.

3. Construction Permits – Applicants are now required to obtain construction permits for any type of property development, even for government-owned properties.

Participation Options in the 2024 Program

The program was first launched in 2020, with applications opening in April 2021 and the official website becoming available in mid-2021. In 2023, the program underwent initial changes, with the investment threshold for business investments, bank deposits, and real estate purchases being nearly halved.

Today, Egypt’s citizenship by investment program offers four options. Investors can transfer funds from abroad using either their personal or corporate bank accounts if they are the owner of the business.

Non-refundable Contribution Starting at $250,000 – This one-time contribution must be transferred to the program’s account in the Central Bank of Egypt. It is the only option that is non-refundable, though the amount may be paid in installments over a year.

Real Estate Purchase Starting at $300,000 – One of the most popular options for obtaining a second passport is purchasing one or more properties worth at least $300,000. To qualify for citizenship, the property must be licensed or registered. Eligible properties include residential, commercial, and land plots. The purchased property may be sold after five years, allowing investors to recoup their investment while retaining citizenship benefits.

Investment in a Business Project Starting at $350,000 – Applicants may invest in an existing company or establish their own business in Egypt. Investments may be accessed at the investor’s discretion 25 days after transfer, with the option to recoup funds after five years.

Bank Deposit Starting at $500,000 – Applicants deposit funds into an account at the Central Bank of Egypt. Though this is the most expensive path, funds may be withdrawn in Egyptian pounds after three years.

Regardless of the chosen option, a government processing fee of $10,000 is required.

Eligibility Requirements for Investors and Family Members

Egypt’s citizenship-by-investment program initially targeted Syrian entrepreneurs residing in the country as refugees. Syrian nationals had repeatedly requested a more accessible path to Egyptian citizenship, faster than the naturalization process.

Participation in the program is open to nationals of any country, including Russia and Belarus. The Department of the Program reserves the right to deny applications that do not pass the due diligence process.

Eligibility Criteria for the Primary Applicant:

• Must be over 18 years old;
• All income sources must be legal and verified;
• Must be in good physical and mental health, not posing a risk to citizens;
• Must have no criminal record or unresolved convictions in either their country of origin or residence.

Family members eligible for inclusion:

• A spouse (if the investor has multiple legal spouses, all may be included in the application);
• Children under 21 who are single and have no children of their own.

Key Steps for Obtaining Egyptian Citizenship through Investment

Applicants can participate in the citizenship-by-investment program independently or with assistance from a licensed agency:

Preliminary Background Check

When contacting the international agency GARANT.in, lawyers conduct an initial background check on the applicant. This helps identify any complex aspects of the candidate's background, minimizing the risk of denial.

Document Collection and Preparation

Specialists prepare a customized list of required documents for each applicant, taking into account the chosen investment option, personal history, and any family members included in the application. The applicant gathers the necessary documents and submits them to the legal team. Professionals then prepare and notarize these documents, provide certified translations, fill out government forms, and draft statements or affidavits as needed.

Payment of the Mandatory Government Fee

Before submitting the citizenship application, the applicant must pay a one-time fee of $10,000. The funds must be transferred from abroad.

Submission of the Program Application

The investor or an authorized attorney submits the documents to the headquarters of the Department of the General Authority for Investment and Free Zones.

Initial Due Diligence Check

The applicant undergoes a multi-stage background check. During the first three months, Egyptian security authorities conduct a thorough review. If successful, preliminary approval is granted.

Issuance of a Temporary Residence Permit in Egypt

Following the initial background check, the applicant receives six-month residency status, allowing entry into Egypt to fulfill the selected investment requirement.

Final Application Approval

Once the investment requirement is met, the Department initiates a second stage of verification, which also takes approximately three months. If no issues arise, the Department recommends the applicant to the Egyptian Prime Minister, who holds the authority to sign the naturalization agreement.

Receipt of the Passport

The applicant and their family members personally receive their passports and naturalization documents.

Reasons for Denial of Egyptian Citizenship

A citizenship application may be denied for several reasons, including:

• Submission of an incomplete document set, improperly prepared documents, or inaccurate information;
• The applicant does not meet the program's requirements;
• The applicant has a criminal record or is deemed by authorities to pose a potential risk to national security or Egypt’s international reputation.

In the case of a rejection, applicants should address all noted issues and reapply. To avoid such situations, it is recommended to seek professional assistance from the outset.

If you have additional questions or wish to learn more about the benefits of obtaining a second passport in the Arab Republic of Egypt, GARANT.in’s specialists are ready to assist. We will help you choose the optimal investment option, explain the specifics and advantages of each approach, and manage all tasks related to document collection, preparation, notarization, and submission. We will help you prepare for and complete the due diligence process, as well as handle related matters such as company registration in Egypt, bank account setup, and verification of legal compliance for real estate or land assets. We support you every step of the way, providing prompt assistance and expert guidance!