On March 14, 2020, the Egyptian government launched its Citizenship by Investment (CBI) program, which we understand to be Africa's first CBI program (please correct if this understanding is incorrect). Besides a $10,000 government fee, applicants for Egyptian citizenship have five investment options:
- Purchase government real estate projects worth $500,000 or more
- Invest $400,000 in local businesses with a minimum 40% shareholding
- Make a $250,000 donation to the Egyptian Central Bank
- Make a $750,000 five-year zero-interest fixed deposit with the Egyptian Central Bank
- Make a $1,000,000 three-year zero-interest fixed deposit with the Egyptian Central Bank
These prices are comparable to other investment immigration countries. However, does this unfamiliar country have any tax pitfalls for immigrants? Let's take a brief look at Egyptian tax law.