Want Egyptian Citizenship? All It Takes Is Dollars.
Foreigners can acquire Egyptian citizenship if they purchase property in US dollars or deposit dollars in an Egyptian bank, The New Arab reported, citing local media reports which quote the official gazette. The amounts cited are real estate property valued at $300,000 or deposits of $500,000 in an Egyptian bank. The deposited money must be withdrawn three years later in Egyptian pounds and with no interest.
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Egypt’s economy has suffered from a shortage of US dollars in recent months. At the same time, the Central Bank of Egypt has devaluated the Egyptian pound before the US dollar three times, weakening the local currency almost 50% in the last year.
The economic crisis has forced the Egyptian government to look for new sources of foreign currency.
