Egypt is offering a minimum $5,000 fee for Egyptians living abroad who wish to clear their military service obligations and a U.S. dollar pension plan also aimed at its citizens abroad, in a series of fresh measures designed to boost foreign currency inflows.
Over the past few months, state-owned banks have begun selling high-interest dollar-denominated bonds, and from May, a new law has granted temporary residence to foreigners who buy property for at least $50,000 or deposit $50,000 in state-owned banks.
The pension plan lets Egyptians living abroad set up pension funds for a minimum $500 that would guarantee monthly payments in dollars for 10 to 15 years from the age of 50, according to a statement on Monday from the Financial Regulatory Authority. Most Egyptian men between the ages of 19 and 30 are required to serve in the military. Many received temporary exemptions to travel for education, medical treatment or work, but end up remaining abroad. Those who do not comply with the service requirement would not be able to renew their passports.
In the past, the government has allowed military service exemptions with payment of 3,000 Egyptian pounds , provided the men return to Egypt and appear before a military panel to plead their case, said Mahmoud Salem, an Egyptian analyst living in Berlin. But the pound's value has diminished sharply in recent years.
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