“Finance”: 25,000 Cars Imported for Egyptians Abroad Finally Released

Dr. Mohamed Maait, Minister of Finance, announced the final release of 25,000 cars for Egyptians residing abroad as part of the initiative to streamline car imports.

Maait emphasized the Ministry’s commitment to simplifying procedures for Egyptians abroad to benefit from the initiative’s facilities. He highlighted the opportunity for multiple family members to participate, provided they meet the eligibility criteria.

In a statement issued today, Maait disclosed that 250,000 import approvals have been issued, valid for 5 years, allowing flexibility in car selection and replacement.

Regarding customs regulations, Maait clarified that the deposit, representing reduced customs tax, remains valid throughout the approval period. The first owner enjoys flexibility in importation, while subsequent owners must adhere to a 3-year limit post-customs release.

Maait underscored that facilities for Egyptians abroad extend to imports from domestic free zones, subject to standard import procedures. An electronic platform facilitates selection of a free zone as the import destination, with payment in foreign currency directly to the seller’s account.

Al-Shahat Ghatouri, head of the Customs Authority, reported 470,000 applications from citizens abroad through the electronic application for the car import facilitation initiative.