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

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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.

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