Egyptian Cabinet Meeting - (Archive)
CAIRO – 4 May 2017: An amendment to the foreign residency law which requires a bank Certificate of Deposit does not apply to students, according to parliamentarian Yehia el-Kedwany.
“The increase in the prices of residential property does not apply to foreign students because they probably cannot afford it,” Kedwany told Egypt Today Thursday.
“According to the new law, expatriates must place a Certificate of Deposit worth $100,000 in order to obtain a one-year residency in Egypt. The amount has been determined to cope with the increase in real estate value,” said Kedwany.
He added that a five-year residence permit will be available for those who seek to acquire citizenship and residency, which requires a Certificate of Deposit worth $400,000; the deposit could be refunded after the residence permit has expired.
Foreigners who receive security clearance and the approval of security apparatuses are eligible to obtain Egyptian citizenship after holding residence in Egypt for five years.
This decision followed the approval of the Parliament’s Defense and National Security Committee on a draft law on Thursday, April 27 to amend regulations concerned with granting citizenship to foreigners.
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