Economy, Auto

Import of Luxury Cars to FTZs Restricted

Import of Luxury Cars to FTZs RestrictedImport of Luxury Cars to FTZs Restricted

Permits are now mandatory for importing vehicles valued higher than $100,000 into free trade zones, said an official with the Arvand Free Zone Organization.

According to the organization's economic and investments deputy, Mohammad Reza Motamedi, the new measure has been taken mainly to restrict the import of luxury cars in the FTZs.  

“Restrictions for importing luxury cars will be implemented in all FTZs. However, each zone might have its own criteria for assessing vehicles and deciding whether they are needed or not,” ISNA quoted Motamedi as saying on Sunday.

"The new regulations had been declared three weeks ago. A number of expensive vehicles have been returned by Arvand FTZ so far."  

Arvand Free Zone is a 155-square-kilometer industrial zone that surrounds Khorramshahr, Abadan and Minoo Island along the Arvand River in Khuzestan Province, southwest Iran.

Many international brands such as Chevrolet, Ford, Lincoln and many more are frequently found plying the streets in free zones.

Vehicles registered in FTZs can be driven only in a specified area and are annually only allowed to go across mainland Iran for a month.

Cars can be bought at lower prices in FTZs than on the mainland.