Money-strapped Egypt affords citizenship to international buyers

CAIRO: Egypt introduced Wednesday it’s providing citizenship to international buyers prepared to spend a minimum of $250,000 within the nation, because it struggles to fill its depleted coffers. In keeping with state newspaper Al-Ahram, a call by Prime Minister Mostafa Madbouli printed within the official gazette, says the premier can now “grant Egyptian nationality” to candidates that meet certainly one of 4 situations.

Foreigners can both purchase a minimum of $300,000 of actual property in Egypt, make investments $350,000 within the nation, deposit $500,000 in an Egyptian checking account or “make a non-refundable $250,000 deposit in direct revenues in international forex into the state’s public treasury”.

It’s the newest in a sequence of measures by the federal government to woo international funding into Egypt, which is sapped dry of {dollars} and battling crippling inflation.