As part of an initiative allowing Egyptian ex-pats to import cars for personal use free of customs fees and taxes in exchange for a deposit in foreign currency, the Egyptian government received $385 million from ex-pats.
According to a statement from the Ministry of Finance, 600 imported cars have been officially cleared in Egypt. The ministry also stated that ever since recent import facilities were issued, the government has been receiving 3,000 requests daily.
According to the cylinder capacity and fuel type of the engine, the facilities include a reduction in customs duty of 70%, which lowers the amounts of money paid from Egyptians abroad to the account of the Ministry of Finance by up to 58 percent.
Maait said that the initiative’s registration deadline would be May 14 and that there would be no further extensions.
The initiative, which was approved by the Cabinet in October, enables ex-pats to send money to the Finance Ministry as a foreign currency deposit for five years rather than paying customs fees when bringing their automobiles into Egypt.
Expats will receive their money back in Egyptian pounds after the five years is through, without interest.
According to the law, Egyptian citizens living abroad must be at least 16 years old, have current visas, and have open bank accounts that are at least three months old.
The government launched late last year the Egyptians Expats Cars app on both Android play store and iOS app store to allow ex-pats to apply for the initiative.
Minister of Finance Mohamed Maait has said the government works on attracting LE 50 billion ($1.6 billion) within the framework of the initiative.
The move came amid Egypt’s efforts to face the implications of the Russia-Ukraine war on its economy, including a drop in the country’s foreign currency reserves.
