GAFI BoD Adopts New Regulations to Facilitate the Residence of Non-Egyptian Investors in Egypt
Abdel Wahab: As per the new regulations, the diligent investor is allowed to obtain residence permit for a period of five (5) continuous years, to be renewed for similar periods throughout the project period.
The Board of Directors of the General Authority for Investment and Free Zones (GAFI BoD) has adopted new regulations to facilitate the residence of foreign investors in Egypt. It is within the efforts of GAFI to improve the investment climate and encourage more foreign direct investments (FDIs) in Egypt. In accordance with the new regulations, the diligent investor, who seeks the implementation of his/her investment project, is allowed to obtain residence permit for a period of five (5) continuous years, to be renewed for similar periods throughout the project period.
Counselor Mohamed Abdel Wahab, GAFI CEO, said that the adoption of these regulations is to enforce the Investment Law by granting residence permits according to the purpose of the company, the capital, the number of workers, and the location of the activity.
He pointed out that these regulations would give greater incentives to earnest investments, encourage foreign investors to invest in specific sectors, activities and sites that the Egyptian State targets for economic development, and provide more job opportunities.