Egypt releases 25,000 imported cars for expats in zero-customs initiative

Around 470,000 nationals living abroad have registered online for the initiative, Maait said on Saturday, nearly six weeks before the end of the scheme.

Authorities have so far issued 250,000 import permits, he added.

These permits are valid for five years, allowing individuals to select any vehicle and replace it at any time within that time frame, according to the minister.

The initiative, launched in October 2022, allows expats to bring one personal-use vehicle to Egypt without incurring customs duties or taxes, including the value-added tax (VAT).

Participants can register online using Android and IOS apps.

The first phase of the initiative concluded in May 2023.

The government launched a second phase for three months from 30 October 2023 before it approved an extension for an additional three months, with the new end date set for late April.

Under the terms of the initiative, participants are required to deposit the equivalent value of the customs duties in foreign currency, which is subsequently refunded to them in Egyptian pounds.

The first phase of the initiative generated around $763 million from 151,000 participating expatriates.

The initiative is part of Egypt's plans to secure $191 billion in foreign currency to address its mounting external debt amid the USD shortage.