Cars of Egyptians Abroad” Initiative: Bank Transfers within One Month; Financial Differences Recovery in 6 Months

Dr. Mohamed Maait, the Minister of Finance, announced the Council of Ministers’ decision to facilitate the “Cars of Egyptians Abroad” initiative. The 84,000 beneficiaries who have received payment orders can now complete their bank transfers from abroad within a month. Additionally, they can make payments for the necessary deposits to obtain their import approvals and finalize their car importation procedures.

Dr. Maait highlighted that for those who paid the full customs tax before its 70% reduction, the recovery process for the customs tax differences has commenced. Beneficiaries can retrieve these differences through a dollar-denominated bank account, either in Egypt or their country of residence, based on their preference.

Furthermore, Dr. Maait clarified that the import approval for car shipments lasts for five years. During this period, the reduced customs tax remains applicable. While the primary car owner isn’t restricted by the car’s manufacturing year during imports, others should ensure their vehicles are not more than three years old at customs clearance time.

Al-Shahat Ghaturi, Head of the Customs Authority, emphasized the Ministry of Finance’s dedication to timely deposit repayments for Egyptians abroad benefiting from this car import facilitation. These repayments adhere to the prevailing exchange rates, deeming it an “obligation of the public treasury.”

For beneficiaries wishing to withdraw transferred funds to the Ministry of Finance and opt out of the initiative after a year of receiving the import approval, they can request this through the electronic platform. The refunds are processed at the prevailing exchange rates and are completed within three months.

Lastly, Ghaturi detailed the existence of a “maturity receipt” from the Ministry of Finance. This receipt represents the commitment to reimburse citizens abroad for the amounts sent to the Ministry of Finance’s account at the National Bank of Egypt.