Check out the best prices on overseas residents’ cars

There was a great uproar around the world after a lot of news was circulated, whether on social networking sites or television channels, and other means of communication. This news was about an expected decline in the over-price after allowing the import of cars residing abroad, as there are many predictions by agents. And officials of car companies about the decline in overprices for cars of various categories and models, following the decision that was issued, which allows the personal import of individuals residing abroad.

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Check out the best prices on overseas residents’ cars

Overprice is defined as the unofficial increase over the official price of the car, which is imposed by many car dealers and distributors. Of course, it helps to provide the quantities that are displayed locally, in addition to reducing the demand for companies’ exhibitions.

The pros and cons of the over-price retreat decision

Some may exploit the idea of ​​importing vehicles from abroad without any fees or taxes in trading in them, which leads to a large abundance of imported models for individuals returning from abroad from Egyptians, and this in turn will lead to a significant decline in the purchase of these locally assembled models.

Terms of the over-price retreat decision

we wishing to benefit from this law must have a legal residency for the country in which he was residing, provided that the duration of this residency is valid.

It is also necessary for the citizen to be at least 16 years old in order to be able to benefit from this decision.

Whoever wants to obtain these facilities abroad must pay a cash amount that has no entitlement to a return, and this amount must be in foreign currency, in addition to that it must equal one hundred percent of the value of all fees and taxes that were required to be paid for the purpose of releasing the prisoner.

That decision also stipulated that that cash amount paid to the Ministry will be recovered, but after five years have passed, starting from the date of deposit, provided that the refunded amount is of the same value after converting the amount into the local currency against the foreign currency in which the payment was made, provided that the amounts paid are recovered at the rate exchange at that time.

Among the conditions that must be met is that the citizen has a bank account abroad, provided that the period of opening this account is not less than three months as a minimum.

In accordance with the provisions stipulated by the law, the age of the car that a citizen wishes to import from abroad must not exceed three years from its manufacture.