The pharaonic bloodline conferred to the Egyptians could be disrupted in the coming years. The government has approved a law that will allow foreign investors to acquire Egyptian citizenship. This means, even if their fathers or their mothers are not from the country, they can still acquire citizenship.

Under the law, foreigners can become citizens either by purchasing state property worth at least $500,000, investing at least $400,000 with at least a 40% stake in the project capital, or by depositing money ranging from $250,000 to $1 million in a local account. Investors who will deposit $750,000 could withdraw the funds in local currency after five years, without interest, while those who have made a $1 million deposit will be able to take their money back after three years, also without interest.

As the 3-year economic program with the International Monetary Fund (IMF) comes to an end, the Egyptian government still has a lot to do to stabilize its economy internally. Attracting foreign capital is crucial for the country which wants, at the same time, to cut debt. A solution is to grant citizenship to foreign investors.

Idriss Linge