Egypt grants foreigners residency in return for deposits


Sun, 30 Apr 2017 - 04:05 GMT

Egyptian parliament opening session 2016 - AP

Egyptian parliament opening session 2016 - AP

CAIRO- 30 April 2017: The Parliament’s Defense and National Security Committee approved on Thursday a draft law that grants residency to foreigners in Egypt in return for bank deposits in foreign currency.

Head of the committee, Kamal Amer, told reporters that the law serves Egypt’s interests and that it does not negatively affect national security.
Amer said that the law will grant residency in return for deposits, which is different from granting citizenship in return for investments.

According to the new law, foreigners can only apply for citizenship after five years of residency. Amer said that citizenship will be granted only if the relevant conditions are met and after a security allowance.



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