Egypt Citizenship by Investment Program Crossed 1000 Applications
The Deputy Head of Egypt Citizenship by Investment Unit Mr. Sherif Samy revealed on YouTube that the Egypt CBI program has crossed the milestone of 1000 applicants. The interview was recorded at Global Citizen Week Cairo 2024 held during April 22nd – 25th and was attended by over 250 participants. With 22 million people, the Greater Cairo is the largest urban area in Africa and the Middle East. With around 16000 high net worth individuals, Egypt is the 2nd wealthiest country in Africa.
Overview of the Egypt Citizenship by Investment Program
The Egypt Citizenship by Investment program is one of the youngest programs, started in 2020. The program mainly targets business persons who are already living and doing business in Egypt, while foreigners are also welcome to be a part of the program.
The program has already attracted 1000 applicants so far and half of them have paid the $10,000 as administration fee for paper verification. Among those who have already paid administration fees, half of them have obtained the Egypt citizenship and the remaining portion is in the process of owning an Egypt passport.
Main Contributor to Egypt Citizenship by Investment Program
Syrians are the largest group who are already doing business in Egypt and consider the country as a safe home for them. Around 75% of the applications for the Egypt Citizenship by Investment program include Syrian nationals. Initially, the Egypt CBI program required an investment of half a million USD to get the Egypt passport, however, the government has lowered the investment threshold to a minimum of $250,000 which has attracted the attention of many.
Key Attraction in Egyptian Real Estate for Investors
The Egyptian real estate sector is booming and real estate is the main attraction for investors seeking Egypt citizenship. Among the real estate sector, residential housing projects are the main area of interest, while people also show interest in industrial land to build a sort of manufacturing or processing units for their businesses.
Processing Time
The processing time for Egyptian citizenship could be completed within 9-month time frame. It includes 3 to 6 months for security checkups and the rest of the time for citizenship and passport printing.
What are the Investment Options for Investors?
Currently, the four investment options for the Egyptian citizenship program include donation, bank deposit, company establishment and real estate investment.
This is the cheapest investment option for Egypt citizenship where investors need to donate $250,000. This non-refundable contribution is made into the CIU account in the Central Bank of Egypt. Though you can pay the amount in instalments over a year, however, citizenship will only be granted once the entire donation amount is received.
You need to deposit $500,000 for a peri of 3 years to qualify for Egypt citizenship. You can withdraw your deposit after 3 years, however there is no accrued interest or ROI on your deposit.
Entrepreneurs and business persons can either establish a new company or invest in an already established company to be eligible for the Egypt citizenship program. The total cost of citizenship by establishing a company in Egypt is $450,000 ($350,000 for company establishment and $100,000 donation to the state).
Real Estate is the most in-demand and attractive option among investors seeking Egyptian citizenship especially after the government reduced the investment amount from $500,000 to $300,000. You can buy one or more properties or pieces of land with a minimum value of $300,000 or more.
Further, the restriction on buying real estate directly from the government is now lifted and investors can buy from any individual or real estate developer in Egypt. In real estate, residential units are most in demand, while people also search for industrial land to set up their factories or manufacturing units.
Visa Free Travel on Egypt Passport
Though the Egypt passport is not a strong one and offers limited mobility options, still there is still a group of people who consider this as their Plan B. According to Passport Index, Egypt passports offer visa-free, eVisa and visa-on-arrival access to 66 countries. The list includes:
Visa Free Travel with Egypt Passport
1: Barbadoos
2: Benin
3: Dominica
4: Gambia
5: Guinea
6: Haiti
7: Hong Kong
8: Iran
9: Jordan
10: Kiribati
11: Macao
12: Malaysia
13: Mauritius
14: Micronesia
15: Palestinian
16: Rwanda
17: Saint Kitts and Nevis
18: St. Vincent and the Grenadines
E-Visa or Visa on Arrival on Egypt Passport
1: Armenia
2: Bolivia
3: Burkina Faso
4: Burundi
5: Cambodia
6: Cape Verde
7: Comoros
8: Congo (Dem. Rep.)
9: Cuba
10: Djibouti
11: Equatorial Guinea
12: Ethiopia
13: Gabon
14: Ghana
15: Guinea-Bissau
16: Indonesia
17: Laos
18: Lebanon
19: Lesotho
20: Madagascar
21: Malawi
22: Maldives
23: Marshall Islands
24: Mauritania
25: Mozambique
26: Nepal
27: Nicaragua
28: Nigeria
29: Palau
30: Samoa
31: Senegal
32: Somalia
33: South Sudan
34: Suriname
35: Tajikistan
36: Tanzania
37: Timor-Leste
38: Togo
39: Tuvalu
40: Uganda
41: Uzbekistan
42: Viet Nam
43: Yemen
44: Zimbabwe
Rest of the countries not listed above requrie visa before travel from Egyptian nationals and passport holders.
Egyptian Citizenship by Investment Eligibility requirements
- The primary applicant must be at least 21 years old.
- Dependent children must be under 21 years of age.
- Personal documents for the spouse and dependents.
- A clean criminal record certificate.
- Spouses become eligible for citizenship after two years.
Benefits of Egyptian Citizenship by Investment
- Access to Banks:Â You can open a bank account without any hassle.
- Dual Citizenship:Â No need to renounce your original citizenship if your home country permits, so dual nationality is not an issue.
- US E2 Visa with Egyptian Passport:Â Egyptian passport holders become eligible for the US E2 visa that allows investment in the U.S.
- Business Expansion:Â Egypt is a business hub in Africa and is close to Europe and, the Middle East and the best port site for African countries. The country has ideal prospects for business and investment in various economic sectors, making it a promising hub for success and capitalizing on economic growth.
- Easy Communications:Â Egypt is an Arab country where English communication is widely spoken.
Final Words on Egypt Citizenship by Investment
Though Egyptian citizenship grants limited mobility and freedom to travel, there are some perks associated with Egyptian passports. Further, the Egypt citizenship is an ideal Plan B for many people, especially from the Middle East where economic and political stability is compromised while the security situation is also not good. That’s the big reason that the Syrian people are showing a great interest in an Egypt passport as it provides umbrella protection where they can live and work peacefully.
