Amendment of Provisions on Granting Citizenship to Foreigners
Introduction
Egypt’s Council of Ministers approved a draft resolution to amend some provisions on granting citizenship to foreigners, and also made a number of other decisions to increase dollar revenues.
Acquisition of Real Estate
According to the decisions of the Council of Ministers adopted during the meeting held today, the draft decision provided for the adoption of the following text: “Acquisition of real estate in the amount of at least three hundred thousand US dollars, transferred from abroad in accordance with the rules in force in the Central Bank, or in an amount which must be imported into the Republic of Egypt.” In Arabic through one of the customs ports and this was confirmed by customs.”
The phrase “together with a statement confirming the payment of duty in the amount of ten thousand US dollars transferred from abroad in accordance with the rules in force at the Central Bank of Egypt, or that this amount entered the Arab Republic of Egypt through one of the customs ports verified at the customs office, and deposited in an account designated for this purpose “at the Central Bank of Egypt” with the wording “together with proof of payment of a fee of ten thousand US dollars or its equivalent in Egyptian pounds.”, paid by bank transfer from abroad in accordance with the rules in force at the Central Bank and credited to an account designated for this purpose at the Central Bank.”
In case of purchasing real estate, the applicant for naturalization must provide the following documents: a copy of the real estate purchase and sale agreement, a copy of the property license, the accompanying receipt, if any, and confirmation of deposit of the specified amount in one of the banks. Central Bank license, either by transfer from abroad, or by depositing the amount. From one of the customs ports, prove this at customs, then hand it over to the bank, and a declaration of non-disposition of property for a period of five years, as well as a statement that the property is registered in the Real Estate Register or under the supervision of one of the state jurisdictions.
Benefits for Egyptians Living Abroad
The Council of Ministers approved a bill approving certain benefits for Egyptians living abroad.
The bill, approved by the Egyptian Council of Ministers at its meeting today, stipulates that an Egyptian who has a valid legal residence abroad and has not previously received the benefits mentioned in Law No. 161 of 2022, regarding the provision of certain benefits to Egyptians abroad, can benefit from its provisions provided that it meets all the conditions stipulated in the aforesaid law and in accordance with the provisions, rules and procedures contained therein and the decisions implementing it, provided that the amount of money due is paid in foreign currency. currency in accordance with Article (1) of Law No. 161 of 2022 within 3 months from the date of entry into force of this Law.
The bill also provides that the Council of Ministers may extend the above-mentioned period by one similar period, publish this law in the Official Gazette and enter into force on the day following the day of its publication.
Allocation of Land to Real Estate Companies
The Egyptian Council of Ministers also confirmed that the Board of Directors of the New Urban Communities Authority has approved some requests regarding the allocation of some plots of land to some real estate investment and urban development companies under the US dollar sales system from outside the country.
Source
Source: RT