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Will investors shell out cash for Egyptian citizenship?

To encourage foreign investment and help the country's financial recovery, the Egyptian parliament is considering amending the constitution to grant citizenship to investors.
An Egyptian man shows his passport after voting in a referendum on his country's new constitution at the Egyptian embassy in Amman January 9, 2014. Egyptians living outside the country on Wednesday began voting in a referendum on the new constitution. The referendum marks the first time Egyptians have voted since the removal of President Mohamed Mursi in July, and is seen as much as a public vote of confidence on the roadmap and army chief Abdel Fattah al-Sisi as the constitution itself. REUTERS/Majed Jaber
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The Egyptian government has recently proposed a draft law to amend the country’s nationality law. It would give investors the right to apply for citizenship after living and investing in Egypt for five years. The bill has caused controversy and dispute both within parliament and among the public. While some Egyptians argue it will encourage investment and help the country’s financial recovery, others maintain that nationality is not something that should be sold.

The draft law was submitted to the Cabinet by Egyptian economist Sameh Sidqi earlier this month. It would amend Presidential Decree No. 89 of 1960 on Entry, Residence and Exit of Foreigners and Law No. 26 of 1975 Concerning Egyptian Nationality. The government announced Aug. 2 that it was being discussed in the Egyptian State Council.

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