Egypt will issue a one-year residence permit to foreigners who establish new companies or economic entities in the country. After one year, the residence permit can be renewed.

The Egyptian government has recently taken many steps to fight inflation and attract foreign capital to the country. For example, we recently wrote about the fact that the country is lowering the investment bar for obtaining citizenship, plans to introduce multi-entry visas for 5 years, and intends to remove restrictions on property ownership for foreigners. Now, new opportunities are also opening up for businessmen who want to develop their enterprises in Egypt.

Egypt will allow foreigners to own real estate freely

“The new decision applies to foreign investors registered with the General Authority for Investment and Free Zones (GAFI),” as stated in a report. The authorities added that the annual residence permit could be renewed for a further six or twelve months after it expires.