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The Egyptian Council of Representatives approved the Draft Law No. 89 of 1960 on the Entry and Stay of Foreigners in Egypt and the Egyptian Nationality Law No. 26 of 1975, which stipulates the law of foreigners residing in Egypt. (19659002) According to the philosophy of law, many countries should grant their nationality to investors or community actors in order to invest their money in a way that offers them opportunities for employment or for employment. During the placement of a bank deposit for several years, and that the state aims to stimulate
The law, according to the government, creates an atmosphere of trust and stability to reassure investors about their funds and their projects and, therefore, it was envisaged to create a fourth category for the establishment of aliens under a deposit. (19659002) The philosophy of the law included an appreciation of the Egyptian state for the role of the Minister of the Interior, These are to contribute to the promotion of investments and support the national economy and their stay in Egypt for at least five consecutive years, which constitutes a form of self-fulfillment and belonging to the Egyptian State in accordance with the provisions of the existing law and the rules enacted by the Minister of the State of Egypt. interior.
For his part, the chairman of the National Defense and Security Committee in the House of Representatives, General Kamal Amer, said that the law is consistent with Egyptian interests and not with any national security defect. In the economic aspect and the purpose of the establishment of a new system for the establishment of foreigners in Egypt, where the system of "residence deposit" especially with the l & # 39; 39, increase in the phenomenon of foreign demand to obtain residence in Egypt in light of international changes in the region. The deposit of a foreign currency deposit is not an end in itself, but rather a settlement of the procedures of the system established for the establishment of a deposit, indicating the deposit of the deposit. money in foreign currency in Egyptian banks and encourages Arab and foreign investment in economic projects in Egypt. Under the new law, the residence system is applied to a deposit, because the acquisition of citizenship in exchange for investment aims to obtain citizenship based on the purchase of certain assets or the payment of specific amounts in certain areas determined by the State, While residence in a deposit means that a stranger from a brother or friend country is required to reside in Egypt and aims to invest and has the right after 5 years of residence to apply for citizenship.
Amer explained that the granting of nationality if requested by a foreign resident in Egypt A 5-year deposit is not inevitable, But a passport where citizenship is granted to this alien if the conditions of nationality apply to him and the various agencies agree to grant it, explaining that the deposit is a sum of money in foreign currency deposited in a frozen deposit without interest in foreign currency.
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