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Frequently Asked Questions
 

Can a Norwegian Citizen (or other nationality) own property in Tunisia?
Yes, as long as it is within town boundaries. A non-Tunisian cannot own agricultural land.

Are there formalities specific to foreigners owning property in Tunisia?

Yes. A written authorisation from the Governor of the region is required. Since Carthage Resort is a project for Scandinavians approved by the Ministry of Tourism and within a Tourist Planned Area, this authorisation should be a mere formality. In all cases, Pinnacle Scandinavia AS guarantees the responsibility to fulfil these formalities on behalf of the buyers.

Will the deposit be placed in an Escrow account?
Yes the 30% deposit will be placed in an Escrow account in Norway

What is the payment schedule?
As mentioned in the Sales Terms:

  • 30% on preliminary contract
  • 30% at construction start
  • 20% when the roofs are laid
  • 20 at the keys' delivery and final paper work

In what form would payment be expected in?
Pinnacles Scandinavia AS will accept payments in Norwegian Kroner and only through bank transfer.

Has the builder secured planning permission and local permissions for the project?
Yes. The land was obtained from the Tourism Ministry based on a resort project for Scandinavians in Tunisia. Planning, construction and local permissions are secured and can be showed to potential buyers. Buyers are encouraged to verify directly, if whished, with the concerned authorities that the paper work is in order (Tunisian Tourism Ministry, local town hall, Embassies, Tunisia Tourist Office in Scandinavia, etc..)

If a buyer decides to sell before completion of the project, would that be possible and would there be penalties in anyway?
It would not be possible to sell before completion of the project. The details on the costs in case of cancellation are mentioned within the sales contract.

Are there any other fees while the project is being built and what about after completion?
No other fees are expected other than the price of the apartment and the 1% authorities registration fees. After completion, an annual common fee for all the services offered by the resort (pool, parking, front desk, security, cleaning, gardening, etc…) will be collected. This fees is proportionate to the apartments’ sizes and will be within the range 5000 Nok to 14 000 Nok

What happens if the building is delayed
As mentioned in the construction process works should start at the reservation of approximately third of the resort apartments. Since all the studies have been made in advance and all the needed authorizations have been obtained adding to that the use of modern European constructions techniques for speeding up the time schedule, the developer is confident that delay will be avoided.

In all cases, the buyers will be continuously informed about the progress.

How easy is it to sell property in Tunisia?
Property prices have never seen any price decrease in Tunisia. With all the new developments the country experiencing and its openness for foreigners to buy properties, it should be quite easy to sell properties in Tunisia. Furthermore, Carthage Resort will be considered as one of the hotspots in Tunisia for foreigners if any opening for sale is available. It is highly recommended to communicate the sale wish within the network of Carthage Resort in the start in order to keep the exclusive and family type neibourhood in the resort.

What is the rental yield expected once the facility opens based on current rates at similar properties?
Around 12%, for more details look at the Rental Yield Calculation

What are rental procedures?
A contract is drawn up between the landlord and the tenant, setting out the agreed rent and other conditions such as length of tenancy, renewal of lease, redecoration etc. The contract needs to be registered at the local tax office (Recettes des Finances).

What are the tax and inheritance implications?

Since Tunisia and Norway have signed a non-double taxation agreement, the buyer needs to arrange for taxes in his annual tax declaration in Norway according to Norwegian tax laws.

Inheritance laws of the country of citizenship of the owner (in our case Norway) are applied for the inheritance of the property owned in Tunisia.

Will the apartments be built according to European standards?
Yes. Both French and Norwegian standards are used for the Resort. Tunisian and Norwegian architects and interior designers worked hand in hand to make the project as it is. Both Tunisian and Norwegian construction techniques (according to their necessities and relevance) will be used for the building.

Are the apartments handed fully furnished?
Yes, a part from blankets, towels, kitchen plates and small items as lamps and wall paintings. The furniture showed on the technical drawings and described in the Sales Prospectus are included in the delivery.