Egypt amends foreigners' residence law

Egypt’s Interior Minister, Major General Magdi Abdel Ghaffar, announced today an amendment for a ministerial decision on the regulation of foreigners’ residency in Egypt, Egyptian Independent reported.

The new amendment allows foreigners to be granted a temporary non-tourist residency for a period of five years, which can be renewed for those who own one or more properties in Egypt worth not less than $400,000.

The government recently announced in a statement that it had agreed to a proposal to amend the regulations of granting a non-tourist residency in Egypt for foreigners who buy housing units. The move, which was said to be implemented “gradually,” aimed at coping with the current rise in the value of real estate and the increase in property prices.

“The value [of the real estate property] required has been increased from $50,000 to $100,000 in the case of a one-year residence permit; and will be raised to $400,000 in the case of a five-year residence permit,” according to the government statement.