The General Authority for Investment and Free Zones (GAFI) has issued new regulations to facilitate residency application procedures for foreign investors in Egypt.
The move comes as part of the authority’s efforts to improve the investment climate and encourage more foreign direct investment to Egypt.
According to the new rules, foreign investors have the right to obtain five-year residency, renewable for similar periods throughout the project life.
Mohamed Abdel Wahab, GAFI’s Executive Director, explained that these controls come to activate the Investment Law which offers granting residency based on the business field of the company, the size of capital, the number of workers, and the location of the activity.
Abdel Wahab indicated that these controls would give greater incentives for serious investors, and encourage foreign investment in specific sectors and sites that the Egyptian state targets for economic development and providing more job opportunities.