Egyptian expat customs-free car import initiative to expire on Sunday

CAIRO – 12 May 2023: Egypt’s initiative allowing its expats to import cars free of taxes and customs duties will expire on Sunday 14 May, the Ministry of Finance announced in a statement.

The initiative, which kicked off late last year, has allowed tens of thousands of Egyptian expats to register to transfer vehicles from abroad to Egypt by purchasing a five-year certificate of deposit (CD) using foreign current, which is equivalent to the value of the taxes and customs duties on the vehicle.

Citizens can then withdraw their deposits after the end of the five-year period but in Egyptian currency.

The government has launched the initiative with the country struggling to secure foreign currency reserves amid the ongoing economic crisis, which has placed pressure on the Egyptian economy and caused foreign currency shortage.

Expats can join the initiative within two days by starting the procedures of purchasing the interest-free five-year certificate of deposit, the ministry said in a statement on Friday.

The ministry noted that the initiative has brought in around $835 million with daily registrations amounting to 6,000. More than 167,000 Egyptians living abroad have registered to benefit from the initiative, the ministry added.

The initiative allows Egyptian expats over 16 years of age, who carry valid residence permits and foreign bank accounts, to import a private car for personal use within five years of registering in the initiative.