The Egyptian Cabinet has approved an initiative by the Real Estate Development Chamber to grant temporary residence to foreigners in return for buying property, according to Daily News Egypt.
The newly formed Real Estate Development Chamber, affiliated with the Federation of Egyptian Industries (FEI), has presented an initiative to grant foreigners temporary residence for buying a property worth at least $100,000.
The report did not reveal how long the temporary residence would be for purchases of residence over $100,000, but stated that for housing units worth over $400,000 there would be a five-year temporary residency. Foreigners who buy property to make them eligible for the residency will have to go through thorough security investigations from the relevant Egyptian authorities. The amount will also have to be transferred from outside of the country to the Central Bank of Egypt (CBE).
Chairperson of the Egyptian chamber, Tarek Shoukry, said that the application of the initiative will heavily support the Egyptian economy, which is expected to receive billions of dollars annually from the proceeds of the plan.
Last week, the Cabinet approved an amendment to the rules for granting residency to foreigners for non-touristic purposes. The amendment is thought to ease pressure on foreign currency reserves, and contribute to the provision of billions of dollars to banks from outside the country, which strengthens reserves – since the amounts are transferred from abroad and ensure no extra pressure on the local demand of dollars.
