Earning the Egyptian Nationality for Libyan Citizens
Egyptian nationality is known for being one of the strongest Arab nationalities, which is why many Arab citizens, including Libyans, plan to apply and obtain Egyptian nationality due to the current economic prosperity that Egypt is enjoying, especially in the real estate field.
How Libyans Can Earn Egyptian Nationality?
On 14 March 2020, official sources announced the new law that states the requirements of obtaining Egyptian nationality for foreigners, which was issued from the House of Representatives Law No.190/2020. This law’s aim is to facilitate the process of application and to clearly state the requirements for applicants, which include the importance of the applicant being sane, an adult, has a stable source of income, and does not have any criminal record.
There are also other requirements that include:
- Investing in a project with a $400,000 capital or partnering in a project with a 40% share. In case of the project has ended before 5 years of its start, the investor has to deposit a non-refundable $250,000 to the Central Bank of Egypt
- Buying a state-owned real estate property which could be land, a factory, an apartment, or a building; worth no less than $500,000 transferred from abroad. In case the property is sold before 5 years of the date of the contract, the foreigner’s nationality application is in danger and they are required to transfer a non-refundable $250,000 to the Central Bank of Egypt
- Depositing $750,000 as a trust in the Central Bank of Egypt and it can be refunded after 5 years in Egyptian pound with no interest
- Depositing $1 million as a trust in the Central Bank of Egypt (transferred from abroad) and it is refundable after 3 years in Egyptian pounds and without interest
- Depositing a non-refundable $250,000 to the Central Bank of Egypt
Advantages of Investing in Real Estate for Foreigners
According to Law No.230/1996, Egyptian law allows foreigners to invest and buy Egyptian real estate properties which include already-built properties and lands, using their passports.
For many, real estate investments are much better and more rewarding than bank investments due to the following reasons:
- The prices of real estate in Egypt are rapidly increasing with the rate of 40%
- The increase in the rental prices of administrative units compared to residential units
- 10-15% annual increase of rental prices in Egypt
- The decrease in cost of living in Egypt, which attracted more foreign investments
How to Buy A Real Estate Property to Earn Egyptian Property
According to the amendments to the law on granting Egyptian citizenship to foreigners, real estate investment or the purchase of a housing unit in Egypt worth $500,000 are steps that can be followed.
The Cabinet of Ministries emphasized that according to specific conditions, the property must be purchased from a state-owned company.
Best Egyptian Cities and Areas to Buy A Property in for Foreigners
Egypt enjoys many areas and cities whose net worth testify for its investments, and they include various types of real estate such as administrative, commercial, and residential. Also, each area is known for its strong infrastructure and for having all types of services that its residents might need. Some of these cities are:
The New Administrative Capital: This project includes a number of developers and luxurious projects that all function under the supervision of the government. Therefore, it automatically attracts foreign investments and many commercial hubs that all provide the clients with various options of investments; commercial, residential, and administrative
The New Alamein City: This project is known for its strategic location on the North Coast and for enjoying many natural sceneries. Moreover, the magnitude of investments pumped into it reached tens of billions in order to transform this area into a smart city that is designed to provide its residents with a modern, luxurious, efficient, and calm lifestyle. Some of its most famous projects include North Edge Towers, the Latin Neighborhood, and Mazarin Compound.