Skip to main content

Egypt hopes new residency-for-deposits system will boost investments

Kamal Amer, the head of the Egyptian parliament's National Defense and Security Committee speaks to Al-Monitor about the residency-for-deposits system in Egypt and explains Egypt’s official stance toward the Red Sea islands of Tiran and Sanafir.
Egypt_residence-1.jpg
Read in 

CAIRO — In an interview with Al-Monitor, Kamal Amer, the head of the Egyptian parliament's National Defense and Security Committee, said that the introduction of a system granting residency to foreigners in return for bank deposits in hard currency “is in line with the Egyptian national security regulations.” This system was introduced earlier this month through amendments to the law on the entry, residency and exit of foreigners and the Egyptian Nationality Law.

Amer stressed that any person or foreign national posing a threat to Egyptian national security will not be allowed to enter the country.

Access the Middle East news and analysis you can trust

Join our community of Middle East readers to experience all of Al-Monitor, including 24/7 news, analyses, memos, reports and newsletters.

Subscribe

Only $100 per year.