The concept of Residency and the Regulation of Currency Exchange in Tunisia
30th May 2024, The concept of Residency and the Regulation of Currency Exchange in Tunisia
- When can a Tunisian individual be considered to have lost their resident status and become non-resident?
2. What are the facts that give rise to the change in status of companies established in Tunisia from residents to non-residents and from non-residents to residents?
3. Can agreements between residents be made in Tunisia in foreign currency?
4. Can a resident individual open a foreign currency account in Tunisia?
When can we consider that a Tunisian citizen has lost resident status and become a non-resident?
To establish that a Tunisian citizen has lost resident status and become a non-resident, the Avis de change / exchange notice no. 3 considers two main factors:
- Having resided abroad for more than two years.
- And that the person has their main activity abroad, that is, the place where they carry out their work activities and from which they derive income and resources.
What factors have led to companies in Tunisia changing their status from being residents to non-residents and vice versa?
Any alteration that impacts these companies' business operations, shifting them from being total exporters to partial exporters (and vice versa), or affecting their capital structure due to actions like share acquisitions or capital increases/decreases that could alter the 66% ownership by non-residents, resulting in a switch in their residency status, necessitates prior approval from the Central Bank of Tunisia (Circular No. 2007-23 dated 10th October 2007).
Can residents in Tunisia make payments in foreign currency?
Unless permitted by the Central Bank of Tunisia with approval from the Minister of Finance, residents are not allowed to engage in transactions denominated in a currency other than the Tunisian dinar with each other.
The dinar must serve as both an accounting and settlement currency.
Can someone living in Tunisia open a bank account in a foreign currency?
Residents are allowed to open accounts in foreign currency or convertible dinars (Resident Individual Accounts PPR) as per Circular No. 2017-04 dated June 23, 2017, to deposit the incomes specified in the circular. It's worth noting that the funds held in these accounts cannot be moved to open accounts overseas for residents.
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