The House of Representatives approved a bill to extend the expat car initiative for three months in its general session held on Monday.

The program would allow Egyptians living abroad to import cars tax-free on the condition that they deposit the equivalent of the amount in a five-year foreign currency certificate of deposit.

The second iteration of the program is expected to generate $1.1 billion in hard currency receipts, this was announced in the session. The Cabinet would also have the authority to extend this period for another three months if needed.

The bill sets the same conditions and rules as Law No. 161 of 2022, which stipulates that an Egyptian must have a valid legal residence abroad and must not have previously obtained the facilities offered by the initiative. The amount of foreign currency that must be transferred depends on the type and model of the car.