30,000 Egyptian expats have shown interest in importing customs-free cars: Finance minister

Ahram Online , Tuesday 29 Nov 2022

Egyptian Minister of Finance Mohammed Maait said on Tuesday that 30,000 Egyptian expatriates have registered over the past two weeks on the Egyptians Expats Cars app, which will allow them to apply to import cars for personal use without paying customs.

Egypt
A file photo of imported cars in Egypt. Photo : Reuters

 

Maait said in remarks to Al Arabiya satellite channel that the initiative witnessed a high turnout by Egyptians abroad since its launch on 15 November, through which the government hopes to attract EGP 50 billion ($2.5 billion) worth of foreign currency.

He noted initial estimates expected that the number of applicants would range between 500,000 to one million over the lifetime of the initiative, which will run until 14 March 2023.

The numbers so far highlight that Egyptian’s demand for cars is on the rise, he added.

Under the new law, Egyptians 16 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.

In mid-November, the Ministry of Telecommunications and Information Technology launched the app on both iOS App store and Android App store for free.

After downloading the app, users must register their accounts using their mobile phone numbers and provide personal information including their national ID number and Egyptian passport number.

Users then submit a request to import a car for personal use, specifying the brand, model year, and motor type, as well as the country of residence. The app will then calculate the fees required.

The app also lists the documents required to finalise the import process, including valid residence permits in a different country and bank accounts opened abroad that are at least three months old.

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