Initiative will support the country’s economy and reduce pressure on its foreign currency reserves
The government of Egypt intends to offer residency to investors that purchase property within the country. According to a report by Daily News Egypt, the length of the residency offered will be tied to the cost of the property, with five years being the maximum length offered.
According to the report, the executive regulations for the residency law are being fine-tuned and will be issued within a month.
“The law provides for foreign clients the right to stay for one year in return for buying a property in Egypt worth $100,000, while for three years, the property should be worth $200,000, and for five years $400,000,” explained Tarek Shoukry, head of the Real Estate Development Chamber in the Federation of Egyptian Industries.
In May last year, the cabinet approved an amendment to the rules for granting residency to foreigners for non-touristic purposes, including granting foreigners a residence in Egypt for one year, in the case of buying housing units with the mentioned amount of money.
“The application of that law will support the Egyptian economy, which is expected to receive billions of dollars annually from the proceeds of the law. The dollar revenues of the initiative will ease pressure on foreign currency reserves, as it contributes to the provision of billions of dollars to banks from outside the country, which strengthens reserves, especially, since the amounts are transferred from abroad, which ensures that there is no extra pressure on the local demand of dollars,” Shoukry noted.