Tunisia's New Foreign Exchange Code 2026: A Game-Changer for Startups and Freelancers

This is the reform Tunisia's entire entrepreneurial ecosystem has been waiting for. The old Foreign Exchange Code (dating back to 1976) was suffocating innovation, discouraging freelancers, and pushing tech startups to relocate abroad (the so-called "brain drain").

The new Foreign Exchange Code — currently in final adoption at Parliament (expected Q1 2026) — promises a radical liberalisation.

Here is what it means in practice for investors, SMEs, and the new generation of Tunisian entrepreneurs.

1. Foreign Currency Accounts for Residents

The most anticipated change: the end of the prohibition on holding foreign currencies (EUR, USD) for Tunisian residents engaged in economic activity.

Previously, all export revenues had to be instantly converted to Tunisian Dinars. Under the new law:

• Exporting businesses, labelled startups, and registered freelancers (with a patente) will be able to open and fund accounts in foreign currency.
• They can use these funds to pay international service providers, buy software licences, host servers, or run global digital advertising campaigns (Google Ads, Facebook Ads) — all without the cumbersome Central Bank Transfer Authorisation (AT) process.

2. Decriminalisation of Minor Exchange Violations

The old exchange legislation was punishingly repressive, criminalising (and even imprisoning) business leaders for simple administrative oversights.

The new law fundamentally shifts this approach. Unintentional or minor exchange violations will result in administrative sanctions and financial penalties rather than criminal prosecution. This significantly reduces legal risk for CFOs and company directors.

3. A Framework for Cryptocurrencies and Digital Payments

The old code completely ignored digital assets. The new text takes a step into the future:

• It creates a regulated legal framework for international digital payment platforms (such as PayPal and Stripe), enabling Tunisians to send and receive global payments seamlessly (subject to bilateral agreements).
• It allows the declaration and holding of virtual/digital assets under a strict framework defined by the Central Bank.

4. A Major Win for Foreign Investors

To attract foreign capital, the law guarantees immediate and total freedom to repatriate profits, dividends, and proceeds from asset sales. Foreign portfolio investment (on the Tunis Stock Exchange) also benefits from significantly streamlined procedures.

Legal Note: While the law promises exciting changes, its implementation will depend on subsequent Central Bank circulars. If you are restructuring your startup's international cash flow or freelance billing operations, it is essential to consult a business law specialist to anticipate the new reporting requirements.

Contact our firm for a review of your international contracts in light of this landmark new Code.