Egypt agrees to residency permits in exchange for ‘deposits’

A major committee in the Egyptian parliament has passed a draft bill granting foreigners residency permits in exchange for a foreign currency deposit. This was agreed by the National Security and Defence Committee during a discussion to amend parts of Law 89 of 1960, regarding the entry and residency of foreigners in Egypt and their exit, and Law 26 of 1975, regarding Egyptian citizenship.

“The draft bill aligns with Egyptian interests and does not affect national security,” insisted committee head Kamal Amer. “Instead, it supports national security’s economic aspect.” He noted on state television that the bill aims to formulate a new system for foreign residency in Egypt.

Amer added that depositing foreign currency is not an end in itself, but merely a means to manage the new procedures. He said that such deposits amount to indirect investment which encourages Arab and foreign investments in economic projects in Egypt.

The official explained that there is a difference between residency with a deposit and citizenship in return for investment. With the new amendment, the latter will be linked to buying assets or paying certain amounts in fields specified by the state. This system is followed in some Asian countries. Meanwhile, residency with a deposit will mean that a foreigner will ask to reside in Egypt with the goal of investment, and after 5 years of residency will have the right to apply for citizenship.