Egypt offers citizenship for $ 10,000

T. Belman. Egypt must look with envy at Trump’s Plan  to get the Gulf States to invest $100 B in Jordan to strengthen their economy and to finance new immigrants. I have long argued that Egypt is under such dire pressure for money that it would be possible to induce them to take in Gazans.

See Memo to Kushner.

The Egyptian parliament is promoting a bill aimed at improving the country’s economic situation. A special committee will examine the candidates and respond to them in accordance with security considerations

By Assaf Gabor, MAKOR RISHON

The Egyptian parliament has announced a bill to the effect that anyone interested in Egyptian citizenship can receive one for a payment of $ 10,000. The aim of the bill, at the initiative of Egyptian MP Kamal Amer, is to assist Egypt in the economic crisis it is in and to promote economic development for the preservation of the country’s resources and the achievement of national security.

During a press conference, which he convened after meeting with the security committee, Amer said that his bill includes a number of conditions to implement the law. One of them is a change in the existing law that distinguishes between foreign citizens today in Egypt divided into several categories. Another necessary change is the expansion of the prime minister’s rights to grant citizenship to any foreigner who buys a state-owned property or alternatively invests money in establishing projects that benefit the state. Another possible investment path is the encouragement of financial investments or the deposit of a sum in foreign currency.

The bill also speaks of the establishment of a special committee in the Council of Ministers that will include representatives from the security and economic authorities. The Committee shall review the applications for citizenship submitted after payment of ten thousand dollars or equivalent in Egyptian pounds. Three months after the deposit, the committee will give its response to the applicant subject to national security considerations. In the event of initial approval of the application, the applicant will reside in Egypt for a period of six months to complete the necessary procedures and declarations.

The Egyptian population is approaching 100 million people, which certainly challenges the administration. The political developments and the upheaval of the regimes since 2011 have led to security problems and a sharp drop in tourism to Egypt, which constituted a large percentage of the state’s revenues. Some 15 million tourists entered Egypt before the end of Hosni Mubarak’s regime. They put in $ 13 billion in revenue for the country. Today the situation is improving but still stands at only $ 7 billion in revenue.

Egyptian President Abd al-Fatah al-Sisi is developing large programs and projects to increase the number of jobs and promote the Egyptian economy. The constant pursuit of investors is carried out in parallel with the regular expenditure of the Egyptian security forces whose job is to create a sense of stability.