A file photo of imported cars in Egypt. Photo : Reuters
The law, which was ratified by President Abdel-Fattah El-Sisi inOctober, will go in force one day following its publication in the official gazette.
Under the new law, Egyptians 16 and above who have both valid residence permits in a different country and bank accounts opened at least 3 months previously are entitled to import one private passenger car for their personal use.
The law applies also to Egyptians with dual citizenships.
Eligible Egyptian expats can deposit the value of the customs duties and taxes saved in a five-year bank deposit without that does not accrue interest.
The expat will be able to withdraw the money in Egyptian pounds at the value of the local currency at the time of withdrawal after five years.
The law does not prohibit selling the car after importing it.
Under the law, Egyptian expats can import used cars whose manufacturing date is no earlier than 2019, provided that the imported car be for personal use not for commercial purposes.
According to the law, if the expats reside in a landlocked country, they can ship the car from any country that has customs and commercial transaction regulations similar to those in Egypt.
On 12 October, the cabinet approved a bill allowing Egyptians living abroad to have one personal-use vehicle shipped to Egypt without paying customs duties or taxes, including the value-added tax (VAT), for four months. By approving the bill, the government hoped to attract EGP 50 billion ($2.5 billion) worth of foreign currency.