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Egypt's Duty-Free Car Import Initiative for Expats Approaches Expiration Date

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The Ministry of Finance in Egypt has announced the impending expiration of its incentive program permitting expatriates to import cars duty-free. This initiative, due to end on Sunday, May 14, was first introduced in late 2022.

The program has significantly benefited numerous Egyptian expatriates, enabling them to bring vehicles from overseas into Egypt. This is achieved by purchasing a five-year certificate of deposit (CD) in foreign currency, equal to the value of the vehicle's import taxes and duties.

Upon completion of the five-year term, the certificate of deposit can be reclaimed, however, it will be in Egyptian currency.

Launched amid an economic downturn, the initiative aimed to bolster the country's foreign currency reserves. The economic crisis had exerted tremendous pressure on Egypt's economy, leading to a foreign currency deficit.

Expatriates have a two-day window to partake in the initiative, provided they initiate the process of purchasing the interest-free five-year certificate of deposit. As of the ministry's Friday statement, the initiative has garnered approximately $835 million, with daily registrations reaching 6,000. To date, over 167,000 Egyptians residing abroad have registered for this incentive.

The program is open to Egyptian expatriates aged 16 or older, who hold valid residence permits and foreign bank accounts. Upon registration, they are permitted to import a personal vehicle within five years.

Egypt Finance Minster

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