Parliament Passes Bill to Grant Egyptian Nationality in Exchange for 7 Million EGP Deposit


According to Egypt Independent, the Egyptian parliament passed a bill on 15 July giving foreign residents the opportunity to acquire the Egyptian nationality in exchange for a seven million EGP bank deposit, or the equivalent in foreign currency, over the course of five years.

The bill did not get overwhelming support; with many MPs arguing that the Egyptian nationality should not be “for sale.” Those in favor argue that it could grant Egypt a reasonable amount of foreign currency and thereby benefit the Egyptian economy.

On the other hand, some argued that foreigners willing to invest in Egypt would not necessarily want to reside in the country; only requiring residency or visa facilitation rather than a nationality.

Latest Articles

Duchess Meghan Markle and Prince Harry Announce Pregnancy

On Monday 15 October the British royal family announced that the Duchess of Sussex is pregnant.

Read More

Your Weekend Movie Guide

prepare to be amazed by what the theaters have to offer this week.

Read More

Why We Should Support Low Budget Cinema

In the past few years, artistic cinema has been struggling to survive the strong wave of mainstream high-budget movies.

Read More

Physics Nobel Prize Winners Announced

On Tuesday, The Royal Swedish Academy of Sciences announced the winners of the Nobel Prize in Physics 2018 “for groundbreaking inventions in the field of laser physics.”

Read More

Page 1 of 159