{"id":124772,"date":"2026-01-12T09:37:46","date_gmt":"2026-01-12T09:37:46","guid":{"rendered":"https:\/\/my.legal500.com\/guides\/?post_type=comparative_guide&#038;p=124772"},"modified":"2026-01-12T09:37:46","modified_gmt":"2026-01-12T09:37:46","slug":"tunisia-investing-in","status":"publish","type":"comparative_guide","link":"https:\/\/my.legal500.com\/guides\/chapter\/tunisia-investing-in\/","title":{"rendered":"Tunisia: Investing In"},"content":{"rendered":"","protected":false},"template":"","class_list":["post-124772","comparative_guide","type-comparative_guide","status-publish","hentry","guides-investing-in","jurisdictions-tunisia"],"acf":[],"appp":{"post_list":{"below_title":"<div class=\"guide-author-details\"><span class=\"guide-author\">El Ajeri Lawyers<\/span><span class=\"guide-author-logo\"><img src=\"https:\/\/my.legal500.com\/guides\/wp-content\/uploads\/sites\/1\/2023\/10\/Firm-logo-2.png\"\/><\/span><\/div>"},"post_detail":{"above_title":"<div class=\"guide-author-details\"><span class=\"guide-author\">El Ajeri Lawyers<\/span><span class=\"guide-author-logo\"><img src=\"https:\/\/my.legal500.com\/guides\/wp-content\/uploads\/sites\/1\/2023\/10\/Firm-logo-2.png\"\/><\/span><\/div>","below_title":"<span class=\"guide-intro\">This country specific Q&amp;A provides an overview of Investing In laws and regulations applicable in Tunisia<\/span><div class=\"guide-content\"><div class=\"filter\">\r\n\r\n\t\t\t\t<input type=\"text\" placeholder=\"Search questions and answers...\" class=\"filter-container__search-field\">\r\n\t\t\t<\/div>\r\n\r\n\t\t\t\r\n\r\n\r\n\t\t\t<ol class=\"custom-counter\">\r\n\r\n\t\t\t\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Please briefly describe the current investment climate in the country and the average volume of foreign direct investments (by value in US dollars and by deal number) over the last three years.<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Foreign Direct Investment (FDI) in Tunisia has experienced significant growth in recent years, rising from TND 1.8 billion in 2020 to TND 2.9 billion in 2024 \u2014 an increase of 61.1%, according to the latest data from the Foreign Investment Promotion Agency (FIPA).<\/p>\n<p><strong>FDI in Tunisia is distributed as follows:<\/strong><br \/>\n\u2022 62.9% in manufacturing industries<br \/>\n\u2022 24.3% in energy, particularly renewable energy<br \/>\n\u2022 11.6% in services<br \/>\n\u2022 1.2% in agriculture<\/p>\n<p><strong>More granularly, recent statistics show:<\/strong><br \/>\nDuring the first nine months of 2025, Tunisia attracted TND 2,588.7 million, marking a significant increase of 28.1% compared to the same period in 2024, when inflows reached TND 2,020 million. These figures, reported by FIPA, position Tunisia on track to achieve its annual target of TND 3.4 billion.<\/p>\n<p><strong>FDI in USD terms:<\/strong><br \/>\n\u2022 2024: USD 936 million (+21.4% vs. 2023)<br \/>\n\u2022 2023: USD 806 million (+13.5% vs. 2022)<br \/>\n\u2022 2022: USD 713 million (+8% vs. 2021)<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">What are the typical forms of Foreign Direct Investments (FDI) in the country: a) greenfield or brownfield projects to build new facilities by foreign companies, b) acquisition of businesses (in asset or stock transactions), c) acquisition of minority interests in existing companies, d) joint ventures, e) other?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Foreign Direct Investment in Tunisia generally takes the form of a combination of greenfield projects and acquisitions of businesses.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Are foreign investors allowed to own 100% of a domestic company or business? If not, what is the maximum percentage that a foreign investor can own?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>The Tunisian Investment Law allows a freedom of investment. Thus, foreigners can freely invest in the majority of business sectors and can hold up to 100% of the capital without authorization.<\/p>\n<p>However, for certain sectors, the participation of foreigners in the capital of companies is limited to 49% of the share capital, which is the case for trade and certain regulated sectors.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Are foreign investors allowed to invest and hold the same class of stock or other equity securities as domestic shareholders? Is it true for both public and private companies?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Foreign investors are allowed to invest and hold the same class of stock or other equity securities as domestic shareholders.<br \/>\nThe Tunisian Investment Law enshrines freedom of investment for foreigners and ensures fair and equitable treatment of Tunisian and foreign investors. The foreign investor is treated in the same way as the Tunisian investor under comparable conditions.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Are domestic businesses organized and managed through domestic companies or primarily offshore companies?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Domestic businesses in Tunisia are primarily organized and managed through domestic companies. Offshore companies are used only in a limited number of cases and do not represent the main structure for domestic business operations.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">What are the forms of domestic companies? Briefly describe the differences.   Which form is preferred by domestic shareholders? Which form is preferred by foreign investors\/shareholders? What are the reasons for foreign shareholders preferring one form over the other?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>In Tunisia, key domestic company forms include SARL ( \u201cSoci\u00e9t\u00e9 \u00e0 responsabilit\u00e9 limit\u00e9e\u201d Limited Liability Company) and SA (\u201cSoci\u00e9t\u00e9 Anonyme\u201d\/Public Limited Company), differing mainly in capital, shareholder limits, and governance, with SARL favored by smaller groups\/families for simplicity, and SA by larger entities\/investors seeking for easier capital raising. Domestic shareholders often prefer SARL for control\/simplicity, while foreign investors might lean towards SA for easy exist, and scalability.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">What are the requirements for forming a company? Which governmental entities have to give approvals? What is the process for forming\/incorporating a domestic company? What is a required capitalization for forming\/incorporating a company? How long does it take to form a domestic company? How many shareholders is the company required to have? Is the list of shareholders publicly available?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p><strong>Governmental Approvals<\/strong><br \/>\nThe need for governmental approvals depends on the sector of activity. Certain sectors, such as services, are liberalized, while regulated sectors require specific authorizations, licenses, or compliance with a cahier des charges.<\/p>\n<p><strong>Process for Incorporation<\/strong><br \/>\nFor large-scale projects, the incorporation process and related authorizations can be facilitated through the Tunisian Investment Authority (TIA). In standard cases, incorporation is handled via the guichet unique at APII.<\/p>\n<p>In general, forming a company in Tunisia involves the following formalities:<\/p>\n<ul>\n<li>Declaration of the project to the relevant investment promotion agency according to the activity (e.g., APII for industry and services, APIA for agriculture, ONTT for tourism, etc.).<\/li>\n<li>Submission of the incorporation file to APII, including: registration of the bylaws with the tax office, lease contract (contrat de location), declaration of existence and obtaining a Tax Identification Number from the Tax Control Office, declaration of ultimate beneficial owners, submission on the Companies National Register (RNE) website and registration with the RNE; obtaining a customs code number, if applicable.<\/li>\n<\/ul>\n<p><strong>Timeframe<\/strong><br \/>\nIn principle, incorporation can be completed within 72 hours from submission of a complete file; however, in practice, it should be anticipated that the process may take approximately one week to ten days.<\/p>\n<p><strong>Required Capitalization<\/strong><br \/>\n<strong>\u2022 SARL (Limited Liability Company): No minimum capital required.<\/strong><br \/>\n<strong>\u2022 SA (Public Limited Company):<\/strong><br \/>\no Minimum TND 5,000 if no public offering of shares.<br \/>\no Minimum TND 50,000 if conducting a public offering.<\/p>\n<p>Shares must have a nominal value of at least TND 1. Certain specific activities may require a higher minimum capital by law.<\/p>\n<p><strong>Number of Shareholders<\/strong><br \/>\n\u2022 SARL: Minimum of 2 shareholders (except for single-member SUARL).<br \/>\n\u2022 SA: Minimum of 7 shareholders.<\/p>\n<p><strong>Public Availability of Shareholder List<\/strong><br \/>\nThe list of shareholders is filed with the Registre National des Entreprises (RNE); however, there is currently no option to request direct consultation of this document.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">What are the requirements and necessary governmental approvals for a foreign investor acquiring shares in a private company? What about for an acquisition of assets?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p><strong>Acquisition of Shares in a Private Company<\/strong><br \/>\nIn principle, the acquisition of shares in a private company by a foreign investor is unrestricted. However, for certain regulated sectors, obtaining prior approval from the Central Bank of Tunisia (BCT) is required. Additionally, when the investment is made in foreign currency, the investor must file an investment declaration to obtain the official investment certificate (fiche d\u2019investissement), which is necessary for the repatriation of dividends and any capital gains upon exit.<\/p>\n<p><strong>Acquisition of Assets (Business Branch)<\/strong><br \/>\nFor the acquisition of all or part of a business branch (branche d\u2019activit\u00e9), prior approval from the Ministry of Trade is required.<\/p>\n<p><strong>Antitrust Regulations in Tunisia:<br \/>\n<\/strong> In Tunisia, any project or economic concentration operation that is likely to create or strengthen a dominant position in the domestic market or a substantial part of it must be approved by the Minister in charge of commerce. The transaction must be submitted for approval if one of the following conditions is met: (i) The combined turnover of the parties concerned in Tunisia exceeds 100 million TND ; (ii) over the past three fiscal years, the companies involved have collectively held an average market share exceeding 30%*of sales, purchases, or any other transactions in the domestic market for substitutable goods, products, or services, or in a substantial part of that market.<br \/>\nThe Competition Council evaluates whether the transaction would create or strengthen a dominant position that significantly restricts competition. If risks to market competition are identified, the Council may impose conditions, request modifications, or prohibit the transaction.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Does a foreign investor need approval to acquire shares in a public company on a domestic stock market? What about acquiring shares of a public company in a direct (private) transaction from another shareholder?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Foreign investors are generally allowed to acquire shares in a Tunisian listed public company, either through transactions on the domestic stock exchange or via off-market (private) transactions, without prior approval, subject to compliance with foreign exchange regulations.<\/p>\n<p>However, any investor, whether foreign or domestic, who acquires shares resulting in the holding, directly or indirectly, of 5%, 10%, 20%, 33.33%, 50% or 66.67% of the share capital or voting rights of a listed company is required to notify the company, the Financial Market Council (Conseil du March\u00e9 Financier \u2013 CMF) and the Tunis Stock Exchange (BVMT).<\/p>\n<p>Such notification must be made within five trading days following the date on which the relevant threshold is crossed, in accordance with the applicable capital market regulations.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Is there a requirement for a mandatory tender offer if an investor acquired a certain percentage of shares of a public company?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Tunisian financial market regulations impose mandatory disclosure requirements and public offer obligations if a bidder crosses the threshold granting majority control.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">What is the approval process for building a new facility in the country (in a greenfield or brownfield project)?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>As a first step, a building permit must be obtained from the competent local authorities.<br \/>\nIn addition, depending on the nature and classification of the project under the applicable environmental nomenclature, an Environmental Impact Assessment (\u201cEtude d\u2019impact\u201d) may be required, particularly where the construction or renovation is likely to have an impact on the environment .<\/p>\n<p>For certain categories of projects, the investor must also obtain an authorization to operate a classified establishment (\u201cAutorisation d\u2019exploitation d\u2019un \u00e9tablissement class\u00e9\u201d), which is issued by the competent Governorate.<\/p>\n<p>Furthermore, clearance from the Civil Protection authorities is required to ensure compliance with fire safety, risk and prevention.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Can an investor do a transaction in the country in any currency or only in domestic currency? a) Is there an approval requirement (e.g. through Central Bank or another governmental agency) to use foreign currency in the country to pay: i. in an acquisition, or, ii. to pay to contractors, or, iii. to pay salaries of employees? b) Is there a limit on the amount of foreign currency in any transaction or series of related transactions? i. Is there an approval requirement and a limit on how much foreign currency a foreign investor can transfer into the country? ii. Is there an approval requirement and a limit on how much domestic currency a foreign investor can buy in the country? iii. Can an investor buy domestic currency outside of the country and transfer it into the country to pay for an acquisition or to third parties for goods or services or to pay salaries of employees?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>As a general rule, transactions carried out in Tunisia must be denominated and settled in Tunisian Dinar (TND), in accordance with the Tunisian foreign exchange regulations. Residents are required to use TND for domestic transactions.<\/p>\n<p><strong>Use of Foreign Currency and Approval Requirements<\/strong><br \/>\nThe use of foreign currency within Tunisia is regulated by the Central Bank of Tunisia (Banque Centrale de Tunisie \u2013 BCT).<\/p>\n<p>Foreign currency payments in connection with acquisitions, payments to foreign contractors, or salaries of expatriate employees are generally subject to BCT regulations and, in certain cases, prior authorization.<\/p>\n<p>However, non-resident investors, including offshore companies with foreign ownership exceeding 66% and totally exported, benefit from a more flexible regime. Such entities are allowed to hold foreign currency accounts and to execute foreign currency transactions related to their investment, subject to compliance with applicable reporting and banking procedures, and without systematic prior approval, where the transaction falls within authorized categories.<\/p>\n<p><strong>Limits on Foreign Currency Transactions<\/strong><\/p>\n<p>There is no general cap on the amount of foreign currency that may be used in a transaction or a series of related transactions for investment purposes. Nonetheless, foreign exchange operations must be conducted through authorized intermediary banks and may be subject to declaration and justification requirements.<\/p>\n<p><strong>Transfer of Foreign Currency into Tunisia<\/strong><\/p>\n<p>Foreign investors may freely transfer foreign currency into Tunisia for investment purposes. There is no quantitative restriction on such inflows; however, declaration obligations apply. Prior approval is not required provided the transfer is executed through authorized channels and properly documented.<\/p>\n<p><strong>Acquisition of Domestic Currency (TND)<\/strong><\/p>\n<p>Foreign investors may acquire Tunisian dinars within Tunisia through authorized banks for the needs of their local operations. The conversion of foreign currency into TND is permitted and does not require prior approval, subject to compliance with BCT regulations.<br \/>\nThe import and export of Tunisian dinars are strictly regulated, and only limited amounts may be physically brought into or taken out of the country.<\/p>\n<p><strong>Purchase of Domestic Currency Outside Tunisia<\/strong><\/p>\n<p>No, it is not possible to buy Tunisian dinars (TND) outside of Tunisia because it is a closed currency.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Are there approval requirements for a foreign investor for transferring domestic currency or foreign currency out of the country? Whose approval is required? How long does it take to get the approval? Are there limitations on the amount of foreign or domestic currency that can be transferred out of the country? Is the approval required for each transfer or can it be granted for all future transfers?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>The transfer of Tunisian dinars outside Tunisia is not permitted, as the TND is a closed currency under Tunisian foreign exchange regulations.<\/p>\n<p>For current transactions (e.g., paying foreign suppliers), transfers are allowed under exchange regulations without systematic prior approval, provided they fall within authorized categories and are processed through authorized intermediary banks.<\/p>\n<p>For profit repatriation (dividends or capital gains), the investor must obtain an investment certificate (fiche d\u2019investissement) beforehand or prior authorization from central bank.<br \/>\nFor other transfers not covered by standard rules, prior authorization from the BCT is required.<\/p>\n<p>Standard transfers under authorized categories are processed relatively quickly through banks once documentation is complete.<\/p>\n<p>For transfers requiring prior BCT approval (e.g., exceptional transactions), the timeframe depends on the complexity of the request, but typically ranges from a few days to several weeks\/ months, depending on compliance checks.<\/p>\n<p>There is no general cap on the amount for investment-related transfers, but transactions must be declared and justified, and processed through authorized banks.<\/p>\n<p>Approval is generally transaction specific. Each transfer outside the scope of standard operations requires its own authorization. There is no general cap on the amount for investment-related transfers, but transactions must be declared and justified, and processed through authorized banks.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Is there a tax or duty on foreign currency conversion?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>There is no specific tax on the act of foreign currency conversion itself.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Is there a tax or duty on bringing foreign or domestic currency into the country?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>There&#8217;s no direct tax or duty on bringing foreign currency into Tunisia.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Is there a difference in tax treatment between acquisition of assets or shares (e.g. a stamp duty)?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Yes, in Tunisia there are significant differences in the tax treatment, specifically regarding registration duties and capital gains tax, between the acquisition of assets and the acquisition of shares. The tax burden for asset acquisitions is generally higher.<\/p>\n<p><strong>Regarding registration duties:<\/strong><\/p>\n<p>The acquisition of assets in Tunisia is generally subject to mandatory proportional registration fees, which vary depending on the nature of the asset involved.<br \/>\nFor Example: The transfer of Goodwill (fonds de commerce) is subject to a proportional registration fee of 2.5%.<br \/>\nVAT: The sale of goods and services is generally subject to VAT at a standard rate of 19% unless specifically exempted.<\/p>\n<p>The acquisition or transfer of shares typically benefits from a more favorable tax regime, especially when it comes to transfer taxes and stamp duties.<br \/>\nRegistration fees\/Stamp duties: Share transfers are generally subject to fixed or very low registration fees\/stamp duties. Transactions on the stock exchange are subject to minor transaction costs (usually not exceeding 1% commission) but are generally exempt from general stamp duties and proportional registration fees.<\/p>\n<p><strong>Capital Gains Tax (CGT):<\/strong><\/p>\n<p>Capital gains derived from the disposal of immovable properties (lands and buildings) owned in Tunisia, expressly designated by the law, as well as shares in real estate civil partnerships, are subject to personal income tax (PIT)<br \/>\naccording to the following rates:<\/p>\n<ul>\n<li>10% in cases where the property was sold after a five-year period, starting from the date of its acquisition.<\/li>\n<li>15% in cases where the property was sold before the expiry of a five-year period of detention, starting from the date of acquisition.<\/li>\n<\/ul>\n<p>The above-stated regime is applicable to both resident and non-resident individuals.<\/p>\n<p>For non-resident individuals, capital gains derived from the disposal of shares held in the capital of Tunisian-resident companies are subject to tax in Tunisia as follows:<\/p>\n<p>&#8211; In cases where the shares are listed in the Tunisian Stock Exchange:<\/p>\n<ul>\n<li>In cases where the shares were purchased prior to 1 January 2011, then capital gains will not be subject to tax in Tunisia.<\/li>\n<li>In cases where the shares were purchased after 1 January 2011 and will be sold before the end of the year following the one during which they were acquired, then capital gains will be subject to tax. Otherwise (i.e. in cases where the shares will be sold after the expiry of the year following the one during which they were acquired), capital gains will not be subject to tax.<\/li>\n<\/ul>\n<p>&#8211; In cases where the shares are not listed in the Tunisian Stock Exchange, capital gains derived from the disposal by non-Tunisian resident persons of non-listed shares are subject to tax in Tunisia.<\/p>\n<p>For non-resident persons, the due tax will be levied through withheld at source (WHTs) due at the rate of 10% on the basis of the realised capital gains with a ceiling of 2.5% of the selling price in case the seller is an individual.<\/p>\n<p>In summary, acquiring assets (especially real estate) involves substantial proportional registration duties, whereas acquiring shares is generally exempt from such duties and benefits from favorable capital gains tax exemptions or low rates, making share deals a more tax-efficient route in terms of transfer costs.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">When is a stamp duty required to be paid?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Under the Tunisian Code of Registration and Stamp Duties, registration and stamp duties depend on the nature of the act but, in principle, are payable upon execution or when the act produces legal effects, within a statutory period of one to two months.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Are shares in private domestic companies easily transferable? Can the shares be held outside of the home jurisdiction? What approval does a foreign investor need to transfer shares to another foreign or domestic shareholder? Are changes in shareholding publicly reported or publicly available?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p><strong>o Can the shares be held outside of the home jurisdiction<\/strong><\/p>\n<p>Yes, shares can be held outside Tunisia. However, the foreign investor must declare such holdings to the Central Bank of Tunisia and comply with applicable exchange control and repatriation regulations.<\/p>\n<p><strong>o What approval does a foreign investor need to transfer shares to another foreign or domestic shareholder?<\/strong><\/p>\n<p>None except for the approval (\u201cagr\u00e9ment\u201d) from the other shareholders when provided by the articles of association or by the law for the SARL.<\/p>\n<p><strong>o Are changes in shareholding publicly reported or publicly available?<\/strong><\/p>\n<p>Any change in shareholding is subject to the mandatory formalities of filing and publication with the National Business Register and may be publicly accessible.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Is there a mandatory FDI filing? With which agency is it required to be made? How long does it take to obtain an FDI approval? Under what circumstances is the mandatory FDI filing required to be made? If a mandatory filing is not required, can a transaction be reviewed by a governmental authority and be blocked? If a transaction is outside of the home jurisdiction (e.g. a global transaction where shares of a foreign incorporated parent company are being bought by another foreign company, but the parent company that\u2019s been acquired has a subsidiary in your jurisdiction), could such a transaction trigger a mandatory FDI filing in your jurisdiction? Can a governmental authority in such a transaction prohibit the indirect transfer of control of the subsidiary?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Approvals are only required for specific regulated sectors (banking, insurance, telecom, energy). Sector authorities may review and block transactions affecting national interests. Indirect acquisitions of Tunisian subsidiaries in these sectors may require authorization.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">What are typical exit transactions for foreign companies?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>In Tunisia, typical exit strategies for foreign companies include sale to a Tunisian investor or foreign investor.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Do private companies prefer to pursue an IPO? i. on a domestic stock market, or ii. on a foreign stock market? iii. If foreign, which one?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>In practice, IPOs involving Tunisian private companies remain relatively limited. When undertaken, such listings are typically carried out on the domestic market (Bourse de Tunis).<\/p>\n<p>That said, in recent years, a growing number of startups have structured their operations through foreign holding companies (notably in Europe or the United States), notably to facilitate access to international venture capital and to preserve flexibility with respect to potential future listing options outside Tunisia.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Do M&amp;A\/Investment\/JV agreements typically provide for dispute resolution in domestic courts or through international arbitration?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>M&amp;A\/Investment\/JV agreements typically provide for dispute resolution through international arbitration whether institutional (e.g., ICC) or ad hoc, rather than domestic courts. This preference is driven by the complexity of cross-border transactions and the need for speed, neutrality, and confidentiality, which arbitration offers compared to local litigation.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">How long does a typical contract dispute case take in domestic courts for a final resolution?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>In Tunisia, the length of a contract dispute depends on the complexity of the case and the court seized:<\/p>\n<ul>\n<li>First instance (Court of First Instance or Commercial Court, as applicable): on average, 12 to 18 months for a judgment.<\/li>\n<li>Appeal (Court of Appeal): the process can take an additional 18 to 24 months.<\/li>\n<li>Cassation (Court of Cassation): if the case reaches the Court of Cassation, it may take 6 months to 1 or more year for a final resolution.<\/li>\n<\/ul>\n<p>These timeframes are indicative and may vary depending on the court\u2019s workload and the complexity of the case.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Are domestic courts reliable in enforcing foreign investors rights under agreements and under the law?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Tunisian courts are considered reliable in enforcing foreign investors\u2019 rights and recognize foreign arbitral awards and judgments through the exequatur procedure, subject to compliance with international standards, due process, and Tunisian public policy.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Are there instances of abuse of foreign investors? How are cases of investor abuse handled?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Instances of abusive treatment of foreign investors in Tunisia remain exceptional. Where disputes do arise, they most commonly stem from regulatory changes, administrative measures, or alleged breaches of contractual obligations, rather than from systematic or targeted conduct against foreign investors.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Are international arbitral awards recognized and enforced in your country?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>International arbitral awards are recognized and enforced in Tunisia.<br \/>\nUnder the Tunisian Arbitration Code, the arbitral awards rendered in international arbitration, regardless of the country of origin, as well as foreign arbitral awards (subject to reciprocity), may be recognized and enforced in Tunisia.<br \/>\nArticle 80 states that any arbitral award, irrespective of where it was rendered, has res judicata effect and is enforced upon a written request submitted to the Tunis Court of Appeal.<\/p>\n<p>Tunisia is a party to several major international treaties that facilitate the recognition and enforcement of arbitral awards: New York Convention (1958), ICSID Convention (1965), Arab Investment Treaties and also several Bilateral Investment Treaties.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Are there foreign investment protection treaties in place between your country and major other countries?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Tunisia has signed numerous bilateral investment treaties (BITs) with major countries worldwide. These treaties aim to safeguard foreign investors\u2019 rights and promote a stable investment environment. Currently, Tunisia has 38 BITs in force and 16 additional treaties signed but not in force.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\r\n<div class=\"word-count-hidden\" style=\"display:none;\">Estimated word count: <span class=\"word-count\">4062<\/span><\/div>\r\n\r\n\t\t\t<\/ol>\r\n\r\n<script type=\"text\/javascript\" src=\"\/wp-content\/themes\/twentyseventeen\/src\/jquery\/components\/filter-guides.js\" async><\/script><\/div>"}},"_links":{"self":[{"href":"https:\/\/my.legal500.com\/guides\/wp-json\/wp\/v2\/comparative_guide\/124772","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/my.legal500.com\/guides\/wp-json\/wp\/v2\/comparative_guide"}],"about":[{"href":"https:\/\/my.legal500.com\/guides\/wp-json\/wp\/v2\/types\/comparative_guide"}],"wp:attachment":[{"href":"https:\/\/my.legal500.com\/guides\/wp-json\/wp\/v2\/media?parent=124772"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}