- The BCT
The liberlization process of foreign exchange regulation that has started since 1987, led in December 1992 to the dinar current convertibility.
Since then, resident corporates can freely transfer the amounts of their imports of goods and services. They were aligned, on this level, to fully-exporting corporates which have gained, since 1972, from foreign exchange total freedom for operations pertaining to their production activities.
This process was accompanied, for capital transactions, with the freedom given :
Reforms and various measures undertaken in this framework will strengthen in the prospect of setting up the full convertibility of the dinar.
Foreign direct investments in Tunisia
Portfolio foreign investments
Non-residents having made investments, pursuant to the regulation into force, are free to transfer net real proceeds and gains on transfer or liquidation of their invested assets through foreign currency import.
Tunisian investments abroad
In order to finance their foreign investment:
1- Resident companies can transfer, in line with their foreign currency turnover for the previous financial year, which must not be less than 50 thousand dinars :
From 50,000 dinars to 500,000 dinars for financing liaison or representation agencies,
From 100,000 dinars to 1,000,000 dinars for financing subsidiaries,affiliates or capital acquisition in companies set up abroad.
The mentionned companies financing the above stated investment through the debit of their professional accounts in foreign currency may carry out transfers in this respect within the limit of 3,000,000 dinars per year, regardless of the type of investment and of the foreign currency turnover of the considered company.
2- Non-exporting resident companies or those having recorded foreign currency turnover of less than 50,000 dinars can transfer :
From 50,000 dinars to 250,000 dianrs for the liaison or representation agencies,
And from 100,000 dinars to 500,000 dinars for branches, subsidiaries and capital acquisition in companies set up abroad.
Shareholding of residents in the capital of non resident companies set up in Tunisia
Resident private individuals and Tunisian legal entities or foreign legal entities established in Tunisia are authorised to hold shares in the capital of non resident companies set up in Tunisia and carryout related transfers. Terms for carrying out these transfers by the authorised intermediaries are fixed in circular of the BCT.
Opening accounts abroad
Resident companies having incurred contracts to provide services or to accomplish works on behalf of non-residents abroad, are authorized, to freely open at banks of countries where these contracts are carried out, accounts in currencies of these countries to save part of the income collected in this respect and meant to cover local expenditure.
Regime and procedures
Regime and procedures
Law n°94-41 of 7 March 1994.
N.B. : Transfers with respect to stay fees subdued to ceilings can give rise to complementary transfers a prior authorization of the Central Bank of Tunisia.
Terms of delivery :
Carrying forward of unused portion of tourist allowance is no more authorised..
Amounts that have not been used with respect to the travel allowance when going abroad can be saved in an account entitled "travel allowance in convertible dinar" open in this respect.
Circular of BCT aux AI n°2007-09 of 12 April 2007 as modified by circular of BCT to AI n°2009-23 of 18 November 2009 and circular of BCT to AI n°2015-07 of 21 April 2015.
Transfers with respect to work remittances
Allowance for business travels
Resident individuals and legal entities going abroad on business in the framework of their professional activities.
Special accounts in foreign currency or convertible dinars :
They can be opened freely by:
Circular of BCT to IA n°87-25 of 17 July 1987
Exchange rate regulation
Settlements between Tunisia and foreign countries may be executed in currencies listed on the inter-bank exchange market or in Tunisian convertible dinars through foreign accounts.
An option may be taken to acquire this status by totally-exporting companies created within the investment incentive code or set up in the economic free zones of Bizerte and Zarzis as well as international trade companies when their capital is held by Tunisian or foreign non-residents through an import of convertible currencies equal at least to 66% of the capital.
Import and re-export of settlement means