Egypt requires foreigners applying for residency to pay fees in dollars

CAIRO – 31 August 2023: Foreigners who apply for residency in Egypt are required to pay fees in dollars or other hard currencies as per a Cabinet decision issued on Thursday.

Foreigners residing illegally in Egypt have to legitimatize their residency in three months provided that they should be hosted by Egyptian citizens, and they should pay $1,000 in administrative fees as per the rules and conditions set by the Ministry of Interior, the Cabinet decision added.

In early March 2023, Egypt announced that foreigners applying for Egyptian citizenship should meet certain criteria, which include buying state-owned real estate worth not less than $300,000, or establishing or participating in an investment project worth not less than $350,000.

The decision, which was published in the official gazette, stipulates that the financial value of the purchase shall be transferred from abroad in accordance with the rules set by the Central Bank of Egypt.

Also, the amount of money should enter Egypt through one of the customs outlets and should be registered at customs.

The decision also states that investors applying for citizenship should deposit the $350,000 in direct revenues at the state’s treasury.

Egypt suffers from a shortage in dollars, and is working on a set of rules to obtain hard currencies.

Egypt is scheduled to join the BRICS bloc of developing nations [Brazil, Russia, India, China, and South Africa] along with five other countries including the UAE and Saudi Arabia starting January 2024.

Minister of Finance Mohamed Maait said in a previous statement that dealing in national currency among member states of the BRICS helps Egypt in “rationalizing consumption in the currencies basket of the import bill."