Egypt’s Finance Minister Mohamed Maait asserted 25,000 cars were released from the customs department for nationals abroad as part of an initiative for facilitating the importation of vehicles.
Maait added he is keen on facilitating measures to help Egyptians living abroad benefit from this initiative.
In a statement by the ministry on Saturday, Maait said that 250,000 import approvals were issued that are valid for five years, during which participants can choose any car and replace it anytime.
The Ministry of Emigration and Expatriates’ Affairs of Egypt had declared the relaunch of the zero-customs car import initiative for the second time, facilitating the importation of vehicles for expatriates.
Under this initiative, Egyptians living abroad have the opportunity to purchase vehicles overseas and bring them into the country by paying the customs fees, VAT, and other taxes upfront in foreign currencies to the Ministry of Finance.
The payment is made as a five-year bank deposit without any interest.
After five years, expatriates will be able to withdraw their money in Egyptian pounds based on the current local currency exchange rate at the time of withdrawal, resulting in the importation of vehicles without customs charges.
The zero-customs initiative is part of Egypt’s broader efforts to bolster foreign currency inflows.
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