Book an appointment with us, or search the directory to find the right lawyer for you directly through the app.Find out more
We are excited to share the latest edition of the Law Update, beautifully and appropriately titled “Sustainable Horizons: The Saudi Arabian Vision.” Giving special honor to the Kingdom’s 2030 vision, this update focuses on a collection of both informative and inspiring articles.
For those in construction, you can learn about how the tendering environment impacts risk-pricing for contractors, the updates on the legal framework of the construction industry and how contractors can protect themselves against financial difficulties.
There is good news too from the kingdom’s banking sector, from which the practice of “Open Banking” is being pushed for! But what is open banking? We’re answering that too.
Also . . . Are there any women trail blazers in Saudi Arabia you can name? We’ll help you with that. We cover how the Middle East has been making strides in empowering women in the entrepreneurial space,most notably in STEM fields.Read the full edition
The Egyptian government published in the Official Gazette Decree no. 876 for the year 2023 (the “New Decree”) dated 8th March 2023, amending the provisions of Decree no. 3099 for 2019 on the conditions for acquiring Egyptian citizenship (the “Old Decree”). The New Decree lowered the financial prerequisites required for foreigners to acquire the Egyptian citizenship previously introduced by the Old Decree as follows:
1. State-owned property
The New Decree lowered the threshold required from foreigners applying for citizenship through the purchase of state-owned property or a public body corporation from USD 500,000 to USD 300,000. The said threshold may be paid in instalments over a one year period. During the period of the instalments (one year) the foreigner will be granted temporary residency. The citizenship may not be granted before full payment.
The provisions of the New Decree allow the money to be transferred either from abroad or locally with proof that the amount entered the country from a customs port.
In the event that the foreigner fails to pay all instalments or withdraws its request, the paid amounts will be refunded without interest and in Egyptian pound at the official exchange rate on the date of reimbursement.
2. Investment project
Similar to obtaining the citizenship through purchase of state owned property, the New Decree lowered the threshold required from foreigners applying to citizenship through founding or co-founding an investment project from USD 400,000 to USD 350,000. The foreigner is required to deposit a non-refundable USD 100,000 with the public treasury.
Said amount may be transferred from abroad or locally with proof that the amount entered into the country from a customs port.
3. Direct deposit
Pursuant to the provisions of the Old Decree, foreigners may acquire the citizenship through a five-year deposit of USD 750,000 or a three-year deposit of USD 1,000,000 from abroad.
However, pursuant to the provisions of the New Decree, foreigners may apply for citizenship under one sole program in exchange of a three-year direct deposit of USD 500,000. The said deposit may be reimbursed after the three-year period at the official exchange rate at the time of reimbursement without interest. The deposit may be transferred from abroad or internally with a proof that the amount entered into the country from a customs port.
4. Direct revenue
Foreigners may acquire the Egyptian citizenship through a non-refundable deposit of USD 250,000 with the public treasury in accordance to the New Decree. Said deposit may be transferred from abroad or locally with proof of entry from a country’s custom port. Similar to obtaining citizenship through state owned property, the deposit hereunder may be paid in instalments within a one year period. of the instalment (one year). During such year, the foreigner will be granted temporary residency. The citizenship will be granted upon full payment.
Previously pursuant to the Old Decree, foreigners were required to pay the deposit in one lump sum.
For more information regarding the newly promulgated Decree, please contact Ayman Sherif Nour, Partner, and Head of Corporate Structuring, Egypt Office or Rita Kevork.
Partner, Head of Office - Egypta.email@example.com
To learn more about our services and get the latest legal insights from across the Middle East and North Africa region, click on the link below.