The Egyptian Minister of Finance, Mohamed Maait, recently confirmed that the applications registered by Egyptian citizens residing abroad to benefit from the initiative “Facilitation of the Importation of Cars for Egyptians Abroad” suggest revenues of up to $2 billion. This announcement reflects a massive participation of Egyptian expatriates in this initiative, thus highlighting the importance and relevance of this program for the Egyptian community abroad.
The facilities offered to Egyptians living abroad have led to a significant increase in the number of applicants wishing to benefit from this initiative. These citizens created accounts on the electronic application and paid the required deposit value. This massive membership highlights the interest of Egyptians living abroad in this opportunity to import cars with ease.
The Minister also stressed that the specialized ministerial committee responsible for monitoring the implementation of the initiative will soon examine the situation of pending transfers of residents of countries in conflict. The latter received payment orders on the electronic platform, but encountered banking obstacles hindering the deposit payment process. Alternative solutions will be considered to allow these Egyptians residing abroad to finalize the payment of their deposit.
To date, more than 250,000 import approvals have been issued, and more than 35,000 imported cars have been released for Egyptians abroad. The government is working to accelerate the release of the remaining vehicles, ensuring that the validity of the import approval for the shipment and importation of the vehicles is 5 years, and that the reduced customs tax is valid throughout this period.
The first owner has the right to import the car without complying with the year of manufacture, while for other owners the car must not be older than 3 years at the time of customs clearance. The deposits of Egyptians abroad who have benefited from this initiative will be paid on the scheduled dates at the exchange rate in effect on the due date, in full compliance with the directives of the National Treasury.
In conclusion, the initiative to facilitate the importation of cars for Egyptians abroad is proving to be a success, attracting an increasing number of participants and generating substantial revenue prospects for the country. This measure demonstrates the Egyptian government’s commitment to supporting its diaspora and encouraging investment and trade with Egyptians living abroad.