Egyptian government is set to grant residency to foreign investors for one-, three- and five-year periods in return for property purchase, according to a report.

The executive regulations for a law regarding granting residency for foreigners in return for property purchase are being fine-tuned and will be issued within a month, said Daily News Egypt, citing a top official.

"The law provides for foreign clients the right to stay for one year in return for buying a property in Egypt worth $100,000, while for three years, the property should be worth $200,000, and for five years $400,000," remarked Tarek Shoukry, the head of the Real Estate Development Chamber in the Federation of Egyptian Industries.

In May last year, the cabinet had approved an amendment to the rules for granting residency to foreigners for non-touristic purposes, including granting foreigners a residence in Egypt for one year in the case of buying housing units with the mentioned amount of money, said the report.

"The application of that law will support the Egyptian economy, which is expected to receive billions of dollars annually from the proceeds of the law," remarked Shoukry.

"The dollar revenues of the initiative will ease pressure on foreign currency reserves, as it contributes to the provision of billions of dollars to banks from outside the country, which strengthens reserves, especially, since the amounts are transferred from abroad, which ensures that there is no extra pressure on the local demand of dollars," he added.