Invest $US250,000 and you, too, can be an Egyptian

Egypt’s cabinet signed off on granting citizenship to foreigners who either buy property or invest in the country, making good on a promise floated last year as the Arab world’s most populous nation looked to bring in hard currency.

Under the law, foreigners could become citizens either by purchasing state-owned property worth at least $US500,000 ($733,846), investing at least $US400,000 with an ownership stake of no less than 40 per cent of the project capital, or depositing cash ranging from $US250,000 to $US1 million into a local account.

Those ponying up $US750,000 could withdraw the funds in local currency after five years, without interest, while parking $US1 million allows for a withdrawal after three years, also interest-free.

A $US250,000 deposit, however, is non-refundable and goes directly into state coffers. The statement said there are conditions tied to the real-estate option, which relate to a 1975 law governing citizenship.