Monday May 27th, 2024
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Egyptian Customs Releases 25,000 Cars In Zero-Customs Import Program

This program puts Egypt on the road towards securing a greater amount of foreign currency.

Cairo Scene

Egyptian Customs Releases 25,000 Cars In Zero-Customs Import Program

The Ministry of Emigration and Expatriates Affairs confirmed that 25,000 vehicles from the zero-customs car import program have been released from customs. In this program, expats have the opportunity to purchase vehicles overseas and then bring them into Egypt without paying customs taxes. Run by the Ministry of Finance, this program incentivises Egyptians who are living abroad to bring vehicles to Egypt in a bid to increase the country’s foreign currency supply.

Instead of paying a customs tax, participants are required to deposit an amount of foreign currency equal to the vehicle’s customs duties in an interest-free five-year bank deposit. After five years, program participants will be able to withdraw their money in Egyptian pounds according to the currency exchange rate at the time they withdraw. This initiative is one part of Egypt’s plan to secure USD 191 billion in foreign currency. In the program’s first phase, 151,000 expatriates generated roughly USD 763 million in foreign currency through their participation.

Roughly 470,000 Egyptian expats have registered for the program, which has issued 250,000 import approvals. These approvals are valid for five years, during which time expats have the ability to replace the car they imported.

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