The Minister of the Interior issued a decision to allow foreigners to reside in return for owning a housing unit, as follows:
– License for residence (for one year) for a foreigner who owns a registered property and its value is (one hundred thousand dollars)
-Three year residence for a foreigner who owns a registered property and its value is (two hundred thousand dollars)
-The residence (for 5 years) for the foreigner who owns a registered property and its value is (four hundred thousand dollars)
Subject to the following conditions and controls:
First: The purchase contract of the property shall be documented in the real estate registry (final declaration)
Second: The foreigner shall submit the proven document for the exchanged of the foreign exchange with the value of the property price in foreign currency (dollar) and that it was exchanged by the Egyptian pound through one of the approved Egyptian banks in the country
Third: The foreigner submits a new certificate of the real estate registry stating that the property is still registered in his name.
