Egypt announced on March 8 that it would be offering citizenship to foreign investors willing to spend at least $250,000 in the country, as it struggles to fill its devoured foreign reserves.
The announcement comes as the value of the Egyptian pound continues to plummet and the exchange rate of the US dollar continues to hike. Since March 2021, Egypt has been struggling with a shortage of foreign currency reserves. With three devaluations in less than one year, the Egyptian pound has lost nearly half of its value.
According to Prime Minister Mostafa Madbouly’s decree, the Egyptian nationality will be offered to foreigners based on one of four conditions: purchasing a state-owned property worth $300,000 (EGP 9,3 million), depositing $500,000 (EGP 15,4 million) in an Egyptian bank account to be reimbursed in local currency after three years, founding or co-founding an investment project valued at $350,000 (EGP 10,8 million), and making a non-refundable deposit of $250,000 (EGP 7,7 million) into the state’s public treasury.
The money, which has to be in US dollars, can be transferred locally or abroad.