Egyptian expats who applied to import tax-free cars can still benefit from initiative: Minister

CAIRO – 11 August 2023: The Egyptian expats who applied to import tax-free cars as part of the expired national initiative in this regard can complete their procedures.

In a social media post yesterday, Minister of Immigration Soha Gendi said the new updates will be available on the Cars of Egyptians Abroad application and expats who are already registered can complete the procedures of opening the certificate of deposit.

The initiative, launched last year and expired in mid-May, allowed Egyptians living abroad to import cars in Egypt without having to pay taxes or customs.

However, expats have to open a five-year certificate of deposit with the value of these taxes and customs in foreign currency and take it when matures in local currency.

The initiative comes as part of the country’s efforts to reverse a shortage in foreign currency amid the global economic crisis.

In a statement, the initiative managed to bring around $763 million to the country, according to data released by the Ministry of Finance a few days ahead of the expiry date of the initiative last May.