Tunisian Regulatory Framework on Bank Accounts, Foreign Assets, and Foreign Exchange Residency

1. Fundamental Principles of Foreign Exchange Regulation in Tunisia

According to Tunisian foreign exchange law, all incoming or outgoing monetary flows, whether in foreign currencies or convertible dinars, require prior authorization from the Central Bank of Tunisia (BCT), except for explicitly stated exceptions.

2. Obligation to Surrender Foreign Currency and Exceptions

Any natural or legal person resident in Tunisia, whether Tunisian or foreign national, must surrender their foreign currencies to the official market, except in specific cases provided by law. Accounts held in convertible dinars or foreign currencies at authorized banks are a major exception to this rule.

3. Key Concepts: Nationality, Tax Residency, and Foreign Exchange Residency

• Nationality: Tunisian law treats dual nationals (e.g., Tunisian-French) as Tunisian for foreign exchange regulations, whereas French law recognizes them as French.

  
  

• Administrative Residency: A foreigner is considered a Tunisian resident if they stay more than 3 consecutive months or 6 non-consecutive months per year in Tunisia.

  
  

• Tax Residency: Under the 1975 Franco-Tunisian Tax Treaty, a person is a Tunisian tax resident if they spend at least 183 days a year in Tunisia, or work or receive a pension there.

  
  

• Foreign Exchange Residency ("Résidence-change"): A specific status defined by Tunisian foreign exchange regulations (Ministerial Notice No.3 and BCT Circular No.2017-04), which includes:

  • Foreign nationals residing in Tunisia for more than two years (continuous or intermittent stay).

  • Tunisians living abroad but holding assets in Tunisia (Article 15 bis, Decree No.77-608).

4. Declaration and Repatriation of Foreign Assets

• Tunisian foreign exchange residents must declare all foreign financial and real estate assets to Tunisian authorities, including pensions, life insurance, and movable property.

• Assets acquired before obtaining foreign exchange residency must be declared but do not require repatriation.

• Assets acquired after acquiring foreign exchange residency must be repatriated, except for real estate held abroad. Income from these assets (rents, dividends, pensions) must also be repatriated.

5. PPR Accounts (Personne Physique Résidente): Legal Framework and Operation

The BCT Circular No.2017-04 established PPR accounts denominated in convertible dinars or foreign currencies, exclusively for natural persons holding foreign exchange residency.

Eligible Beneficiaries:

• Tunisians residing abroad transferring their residence to Tunisia.

• Tunisians residing in Tunisia with assets abroad.

• Foreign nationals residing in Tunisia for more than two years.

• Export service providers, diplomats, and public officials posted abroad.

Conditions for Opening:

• Complete identity proof (passport especially).

• Sworn statement declaring no other PPR account held.

• Strict compliance with foreign exchange residency criteria.

Authorized Operations:

• Credits without prior authorization: pensions, rents, dividends, compensation for services abroad, diplomatic savings, etc.

• Free debits: foreign payments via international bank card, cash withdrawals in Tunisian dinars.

• Debits subject to BCT authorization: investments, major foreign exchange transactions.

• Forbidden debits: simple transfers to personal foreign accounts except in case of permanent departure.

6. Regulation of Credits and Debits

• Credit operations on PPR accounts are regulated by the BCT to ensure fund traceability and compliance.

• Debits cannot create overdrafts; the PPR is a strictly controlled deposit account.

• Cash import/export operations exceeding 20,000 Tunisian dinars must be declared to customs.

7. Restrictions on Opening Foreign Accounts

• A Tunisian resident in Tunisia, even if dual-national, cannot open a new foreign bank account unless they are an entrepreneur who has invested abroad under the law.

• Conversely, a French resident abroad has the right to open a bank account in France.

8. International Tax Treaties and Dual Declaration

Bilateral tax treaties, notably between Tunisia and France, govern tax obligations, avoidance of double taxation, and transparency between tax authorities. Assets held in one country must be declared in the other, or penalties may apply.

FAQ – Frequently Asked Questions on PPR Accounts, Foreign Exchange Residency, and Management of Foreign Assets

Q1: What is a PPR account and who is it for?

A PPR (Personne Physique Résidente) account is a bank account in foreign currency or convertible dinars for foreign exchange residents, including Tunisians repatriating residence or holding assets abroad, and foreigners residing in Tunisia for over two years.

Q2: What documents are required to open a PPR account?

Opening a PPR requires valid ID (passport), a sworn declaration of non-possession of another PPR, and proof of residency according to foreign exchange law.

Q3: What are the benefits of a PPR account?

It allows legal management of foreign currencies, receipt of foreign income (pensions, rents, dividends), and compliant foreign payments.

Q4: Can I freely transfer money from my PPR to a personal foreign bank account?

No. Transfers to personal foreign accounts are forbidden unless you permanently leave Tunisia.

Q5: Are there limits on cash import/export of foreign currency?

Any amount equal to or above 20,000 Tunisian dinars must be declared to customs. Non-resident travelers cannot re-export more than 5,000 dinars without declaration.

Q6: Can a Tunisian resident in Tunisia open a bank account in France?

Tunisian law prohibits opening new foreign accounts except for entrepreneurs investing abroad, but pre-existing accounts before foreign exchange residency can be maintained.

Q7: What is the difference between tax residency and foreign exchange residency?

Tax residency determines tax liability per treaties, while foreign exchange residency sets declaration and repatriation obligations under currency control laws.

Q8: What are the risks of not declaring foreign assets?

Failure to declare exposes to administrative and criminal sanctions, including fines, asset seizures, and prosecution.