page contents
Connect with us

Motherland News

Egyptian citizenship sold to foreigners for $400,000.

Published

on

Foreigners interested in Egyptian citizenship will deposit at least 7 million Egyptian pounds ($392,000) and then hand it over to the Treasury after five years, an amendment passed by parliament on Monday said.

Egypt has been looking to boost its finances and draw back foreign investment that fled the country after its 2011 uprising, notably through a series of tough reforms tied to a $12 billion IMF loan programme it began in late 2016.



Under the new law, foreigners who make a deposit of 7 million Egyptian pounds or the equivalent in foreign currency receive the option of taking citizenship if they surrender the deposit after five years.

It was not immediately clear what economic benefits a foreigner would obtain by acquiring citizenship as Egypt places few restrictions on foreign investment projects, although it does forbid foreign ownership of agricultural land and property in the Sinai peninsula, where it faces an Islamist insurgency.

FOLLOW US ON:
 INSTAGRAMLINKEDINYOUTUBETWITTER & FACEBOOK

The minister of interior may grant Egyptian citizenship to all foreigners that have resided in Egypt for a period of at least five consecutive years prior to applying for naturalisation,” the amendment said.

The head of parliament’s defence and national security committee, General Kamal Amer, said the new law compliments recent amendments to an investment act that grants incentives to foreigners to invest in the country.

He said foreigners who acquire citizenship would enjoy no political rights until after five years of citizenship and would need 10 years to be eligible for election or appointment to a representative body.

Spouses and children will not be eligible for citizenship unless they reside in Egypt, he added.

TO DOWNLOAD OUR MOBILE NEWS APP CLICK HERE
WATCH RUSSIA 2018 HIGHLIGHTS HERE

REUTERS

Motherland News

Nigeria: Council of State reaches final pegs new minimum wage at 27,000

Published

on

The National Council of State presided over by President Muhammadu Buhari has approved the sum of N27,000 as the new minimum wage.



The national council approved the sum during an ongoing meeting at the Presidential Villa in Abuja.

The meeting had in attendance former presidents like Olusegun Obasanjo, Goodluck Jonathan and the Senate President, Bukola Saraki, among others.

IMG-20180912-WA0030

TO DOWNLOAD OUR MOBILE NEWS APP CLICK HERE
WATCH RUSSIA 2018 HIGHLIGHTS HERE

Continue Reading

Entertainment

Nollywood actor, Ishow Larry is dead

Published

on

Nollywood actor, Adewale Olarenwaju fondly called ‘Ishow Larry’ has been announced dead.




Ishow Larry was said to have been briefly ill before he suddenly died on January 21, 2019.

A friend, Olatubosun Abegunde, lamented his demise on Facebook.

Late Ishow Larry began his career as a makeup artist in the industry before becoming an actor and produced his own movies including “Ole“, “Agbara” and others.

IMG-20180912-WA0030

He wrote: “Its so sadden to announce the death of this my troublesome friend Olanrewaju Ishow Larry … The Producer of OLE and many more … He featured in one of my Movies, Oje Laye … Heaven knows I can’t stop mourning over your death .. May Your Gentle Soul Rest In Perfect Peace..”

TO DOWNLOAD OUR MOBILE NEWS APP CLICK HERE
WATCH RUSSIA 2018 HIGHLIGHTS HERE

Continue Reading

Facebook

Advertisement
Advertisement

Trending

Copyright © 2018 Anttention Media. All rights reserved