A new player has emerged on the investment immigration market. The Egyptian Parliament has amended the country’s legislative framework so that ultra high-income foreign citizens will be able to obtain the country’s citizenship. This way, the authorities intend to repay the International Monetary Fund-issued loan. Egypt is currently implementing a number of economic reforms, including the creation of favorable conditions for foreign investors.
According to the requirements of Egypt’s passport program, a foreigner is issued a passport after they’d obtained a special investment visa and resided in Egypt for at least 5 years, and contributed at least 7 million Egyptian pounds (approximately the equivalent of $400,000) to the state treasury.
The application is submitted to the Ministry of the Interior of the Arab Republic of Egypt. Each application is reviewed personally by the head of the ministry.
To obtain a passport, an investor needs to deposit close to $400,000 (in the Egyptian national currency). As a rule, once the application is approved, this amount is not refunded, while in case of rejection, the sum can be withdrawn back from the account. Currently, investment options are not yet clear, as are not
deposit-making mechanism or particular banks that will accept the money.
The Egyptian CBI program doesn’t appear as attractive as passport programs of other countries. The Saint Kitts and Nevis CBI program costs USD 150,000 for a sole applicant, and USD 195,000 for a family of four. The process is clear and transparent, since the program is the oldest in the world. Over 12,000 people have become citizens since 1984. Investors with families should pay attention to Antigua and Barbuda investment citizenship program. All fees included, passports for a family of up to four people will cost $146,000. The country is a magnet for fans of yachting. That is why many investors purchase local property or buy hotel shares that can generate up to 6% of annual rate.
No less remarkable is the passport program of Vanuatu. A foreign investor can legally obtain a passport in just 6 weeks’ time, though there were cases of cutting the waiting down to 3 weeks, similarly to the Schengen visa. Also, Vanuatu is currently the only country in the world that accepts payment in cryptocurrency. In the spring of 2018, the authorities of the Pacific state announced they had closed several deals successfully when CBI program participants paid for their second passports with bitcoins or other digital currency.
Obviously, you need to weigh the pros and cons before applying for Egypt’s citizenship by investment program and determine the benefits.
The Egyptian CBI program remains quite controversial and it would be difficult to estimate its performance in the future. Caribbean countries offer many more benefits. Here are the principal advantages of the Caribbean CBI programs:
Thus, Caribbean passports appear more attractive to foreign investors than the Egyptian document. Some European countries also offer their passports in exchange for investment, but it should be borne in mind that European passports are much more expensive. So, while Egypt is only beginning to adjust to the needs of investors, the Caribbean Basin countries have already established all processes and are successfully competing on the second citizenship market.