Egyptian Minister of Finance Mohamed Maeit said Monday that 42,000 expatriates have registered on the Egyptians Expats Cars app, which will allow them to apply to import cars for personal use without paying customs.
Under the new law, Egyptians, 16-year-old and above, who have both valid residence permits in a different country and who have had foreign bank accounts for at least three months are entitled to import one private passenger car for their personal use.
Expats will be required to invest the value of saved customs duties and taxes in foreign currency in an interest-free five-year certificate of deposit (CD), recovering the deposit in Egyptian pounds at the end of the period.
The law also applies to Egyptians with dual citizenship.
As many as 13,000 payment orders worth about 202 million dollars have been issued, as well as 2,900 import approvals, the minister made it clear.
