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Foreign Residents to Be Granted Nationality For a Deposit of 7 Million LE

Foreign Residents to Be Granted Nationality For a Deposit of 7 Million LE

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Photo Credit: Egypt Independent
Egypt’s House of Representatives approved a bill on Sunday that grants Egyptian nationality to foreign residents in return for a bank deposit of 7 million pounds over 5 years, Egypt Independent reports. MP Kamal Amer pointed out that the cash deposit in foreign currency is merely a regulation of the procedures for residency, and added that it is an indirect investment that would encourage further investment projects in Egypt. In agreement, MP Mohammed al-Sewidy said the draft law helps improve the investment climate in Egypt. However, the draft law was also met with intense opposition, as MP Haitham Al- Hariri accused the government’s decisions as an attempt to bring money into the company, even if it meant selling the Egyptian nationality with a deposit.

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تنوية هام: الموقع غير مسئول عن صحة ومصداقية الخبر يتم نشره نقلاً عن مصادر صحفية أخرى، ومن ثم لا يتحمل أي مسئولية قانونية أو أدبية وإنما يتحملها المصدر الرئيسى للخبر. والموقع يقوم فقط بنقل ما يتم تداولة فى الأوساط الإعلامية المصرية والعالمية لتقديم خدمة إخبارية متكاملة.

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