The number of applications for the CBI (Citizenship by Investment) program has increased recently, the Egyptian Investment Citizenship Office said. The government has already received more than 1,000 applications, the agency said.
The authorities have amended the program in an attempt to make it more transparent and effective.
What are the changes?
- Now applicants can jointly invest in one property, provided that the share of each of them exceeds $300,000. For example, three foreigners can invest in real estate worth $900,000, and each of them will meet the requirements of the program. This change is likely to attract more joint investments in luxury real estate. Applicants must now open a personal bank account in Egypt and transfer the full amount of $300,000 to it before converting the funds into Egyptian pounds and paying the seller. This new requirement applies to those who buy real estate not from the developer, but on the secondary market. This rule does not apply to those who purchase an object from government developers; they can make payments directly from outside Egypt without opening a local bank account.
- Any real estate that an investor plans to use to obtain citizenship must have a construction permit. This rule applies even to government facilities.
Recall the terms of the program. An investor from abroad can apply for an Egyptian passport by purchasing residential or commercial real estate worth $300,000. It is allowed to select several objects with a total value of at least 300,000. You can invest both in ready-made housing and in projects under construction from among government-licensed projects. Real estate purchased under the program cannot be sold for 5 years.
Source: IMI
