Egypt Now Requires Foreigners To Pay Residency Fees In Hard Currency

Last Thursday, during the cabinet’s weekly meeting, Prime Minister Moustafa Madbouly announced that foreigners will now need to pay their residency fees in hard currency.

That decree requires foreigners applying for residency in Egypt, either for tourism or other purposes to convert the value of the relevant fees from US Dollars, Euros, or other foreign currency to Egyptian pounds through a local bank or a registered foreign exchange company and submit an invoice of that transaction.

Additionally, that decree also gave foreigners who have not valid residencies three months to legitimize their stay on the condition that they have an Egyptian host and pay $1,000 in administrative fees.

A report conducted by the International Organization for Migration concluded that 9.1M foreigners from 133 countries reside in Egypt, and that number has increased since the conflict in Sudan began, resulting in more than 200,000 Sudanese fleeing into the country.

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This decree was a part of the initiative that aimed to collect more foreign currency amid Egypt’s ongoing inflationary problem that has decreased the country’s currency value, leading to a severe shortage in foreign currency.

 

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