Egypt extends expat car import initiative for additional 3 months

The House of Representatives of Egypt has extended the expat car import initiative for an additional three months. Showing the government's commitment to the program, the decision was made during a session held on Monday. Under this program, Egyptians residing abroad can import cars without being required to pay any taxes. However, they are required to deposit an equivalent amount in a five-year foreign currency certificate of deposit. This condition aims to ensure the country benefits from an influx of hard currency while providing expatriates with the opportunity to import vehicles without the burden of taxes. The initiative's second phase is projected to generate approximately $1.1 billion in hard currency receipts. The Cabinet has the authority to extend the program for another three months if needed. The bill carries the same conditions and regulations as Law No. 161 of 2022. Egyptians looking to utilize the initiative must possess a valid legal residence abroad and should not have previously used the benefits provided by the program. The specific amount of foreign currency required for the transfer is subject to the type and model of the car being imported. The extension of the expat car import initiative encourages expats to invest in Egypt. It aims to increase the country's foreign currency reserves and foster economic growth.