Egyptians Living Abroad Can Now Import Cars Without Paying Customs
All everyone’s talking about in Egypt is the car market and how it’s a little sparse nowadays. Now for the Egyptians living abroad or having a residency visa in other countries, this is the news for them!
The Egyptian Cabinet approved on October 12, 2022, a draft law allowing Egyptians living abroad or their families to have one personal-use vehicle shipped to Egypt without paying customs duties or taxes, including the value-added tax (VAT).
So what does this mean?!
Egyptians living abroad can have a car shipped from overseas without paying customs
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How does it work, you ask? Well, Egyptians who qualify can despot the value of the customs duties and taxes (that would be used to pay for the car’s release from customs), to the Egyptian Ministry of Finance as a 5-year bank deposit. It can only be deposited in a foreign currency and after 5-years, it can be withdrawn in Egyptian Pounds.
The person who’s shipping their car must have an overseas bank account that’s at least 3 months old. An expat’s spouse or children are exempted from this requirement, the statement added.
As for second-hand cars, they have to be less than 3 years old
If the person who’s shipping the car fails to import it within a year since depositing the money, they will be able to withdraw the money in the currency they used to deposit the money.
Since Egypt has been suffering from a decline in foreign currency, this new law might help restore the drop.