Tax Appeal of Egyptian Immigration

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.