Q & A On Buying In Tunisia

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Q & A on buying in Tunisia 1. What are the purchasing costs in Tunisia? The costs are 1% purchase tax and 2500 Dinars for other costs (land registry and topography, Governor approval, issue and registration of contracts (£1085 / €1350 approx). Costs are due on completion.

2. How much are the legal fees? Depending on the lawyer that the client uses, the fees are either £1050 for conveyancing through The International Property Law Centre or €850 through Rejiba Malek, a Tunisian lawyer we recommend.

3.

How are the clients funds protected? In Tunisia, the advanced build payments paid to developers by off-plan property buyers are highly regulated by Tunisian law. As such, the funds paid by purchasers for the build of the property are protected by an escrow account which the developer doesn’t have access to. The bank lends money on the back of these funds in small stages to the developer as they are required. This is a LEGAL REQUIREMENT in Tunisia and the bank where the funds are kept is the largest Government owned bank in Tunisia called the Banque de l'Habitat.

4. What are the payment terms? The payment terms are 3000 euros reservation, 50% on contract (21 days later), 10% in March 2009 and the remainder on completion.

5. When is the completion date? Completion is set for January 2011, however the developer is confident he can complete a year earlier (January 2010) so clients will have the option of completing earlier should they wish to.

6. Has the developer built other projects in the past? Yes the developer has successfully finished a number of large projects, one of which is a 5 story building directly adjoining the Dunes facing the main road. He has been developing in the region since 1995.

7. Is there a show flat? Yes there is a show flat in the neighbouring building to the Dunes that clients can visit in order to get an idea of qualities used.

8. Is all the planning and licenses in place? Yes all licenses and permits are in place as verified by the Due Diligence report.

9. How much are the communal fees? The communal fees will be €25 per month per apartment.

10. What does the communal fee cover? The monthly fee covers the cost of cleaning the communal areas, pool and beach areas as well as 24hr security and general upkeep and maintenance of the buildings.

11. Is parking available? Yes there is off-street parking available as well as underground parking spaces for sale.

12. How far is it from the development to the beach, local town or golf course? The development is 100 – 150m from the beach and approximately 1km from the Port of El Kantaoui and slightly less than that from the golf course.

13. Is the beach private? Yes the beach is private and for residents only. It is cleaned and maintained by the community and paid for from the communal fees.

14. How much is it in a taxi to El Kantaoui, Sousse or the Airport? The taxi to El Kantaoui is approximately €1, to Sousse it will be €3 and to the airport no more than €15.

15. How far is the development from local amenities? There are some amenities on site including a bakery, supermarket, bank and a café. All others can be reached within walking distance or a very short journey in a taxi.

16. Are there any discounts on the spa facilities or the golf? Yes residents of the Dunes will receive 20% off any treatments in the Spa as well as a 20% discount on green fees and club rentals.

17. How far is The Dunes from either Tunis or Monastir airports? The development is 1h30m from Tunis airport and 20 minutes from Monastir airport. Once the new airport is constructed at Enfidha, journey time from there to the Dunes will be just under 20 minutes as well.

18. Are there any structural guarantees available in Tunisia? Yes standard 10-year manufacturer’s warranty applies to all new build properties.

19. What taxes are foreigners liable to in Tunisia? 10% CGT and rental income tax of 8.3% approximately. The annual real estate tax (council tax/rates equivalent) is levied at 1.5 Dinars per square metre per year.

20. What happens if the client doesn’t obtain the Governors Agreement? Their funds will be reimbursed and the agent will have to pay back any commission paid on the client’s sale.

21. Are there any inheritance taxes in Tunisia? The transfer of real estate property through inheritance is taxed at:    

5% between couples, 5% between siblings, 25% between first and second degree relatives (aunts, uncles, cousins), 35% between relatives beyond from the fourth degree and other unrelated individuals.

If the deceased is a non Muslim foreigner, the law of the country of the deceased applies. Inheritors are asked to get a confirmation from their respective embassies stating what the norm is. If the deceased has not left a will and the country of origin requires a will, decision as to how estate is split, is decided at the local authority in which the property is situated.

Disclaimer: Mayfair Developments have made reasonable effort to ensure that all information provided on this document is accurate at the time of inclusion. Mayfair Developments make no representations or warranties about the information provided and reserve the right to make changes and corrections at any time, without notice. Any changes will be posted to this page and it is your responsibility as a user to ensure that you are aware of any such changes from time to time.

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