Egypt has eased the conditions for granting residence permits to foreigners to save hard currency in light of the current economic conditions in the country.
The decision granted foreigners a temporary residence permit for a renewable period of five years for those who own one or more properties in Egypt worth at least US$200,000 instead of US$400,000, and for a renewable period. for three years for those who own one or more properties worth at least $100,000 instead of $200,000.
The decision also allowed a residence permit for a renewable year for those who own one or more properties worth at least US$50,000 and for a period of three years subject to a bank deposit of US$100,000 or its equivalent in another foreign currency. and for a period of one year in accordance with a bank deposit in the amount of 50,000 US dollars or an equivalent amount in another foreign currency.
The details are as follows:
– For a period of 5 years with the possibility of renewal for anyone who owns one or more real estate in the Arab Republic of Egypt, in the amount of at least 200,000 US dollars.
– For a period of 3 renewable years for those who own one or more real estate in the Arab Republic of Egypt in the amount of at least 100,000 US dollars.
– For a year with the possibility of renewal for everyone who owns one or more real estate in the Arab Republic of Egypt in the amount of at least fifty thousand US dollars.
– for a period of 3 years, based on a bank deposit of 100,000 US dollars or its equivalent in another foreign currency.
For one year, subject to a bank deposit of USD 50,000 or its equivalent in other foreign currency, required to obtain a residence permit in accordance with the provisions of this article.
The decision was taken following consideration of Law No. 9 of 1960 on the Entry and Residence of Foreigners in and out of the Arab Republic of Egypt, and Law No. 230 of 1996 governing non-Egyptian ownership of built-up real estate and unoccupied land. and Law No. 14 of 2012 on Integrated Development in the Sinai Peninsula; And Law No. 72 of 2017 promulgating the Investment Law; And Law No. 194 of 2020 promulgating the Central Bank and Banking System Law.
Source: RT