The dream of a peaceful retirement by the sea can turn into a long nightmare when bureaucracy and financial restrictions impose themselves on the lives of ordinary people. This is what happened to a French retired couple who have been fighting for almost a decade to recover the money from the sale of their apartment abroad.
Camille and Marcel Garcia, a French retired couple, have lived for eight years without being able to access the 50 thousand euros resulting from the sale of their apartment in Tunisia. The amount is blocked by the Central Bank of Tunisia (BCT), which does not authorize the transfer of the money to France, as revealed by the Spanish digital newspaper Noticias Trabajo.
Dream turned into torment
In 2008, the couple purchased a small 60 square meter apartment in the Bel Horizon residence, in the coastal town of Bekalta, near Monastir. The serenity of the place and the affordable cost of living convinced us to invest our savings in that Mediterranean refuge. They spent the cold months there and returned to Mourenx, in the Pyrenees-Atlantiques, during the summer.
But in 2017, for Marcel’s health reasons, they decided to sell the property to a neighbor for 140,000 Tunisian dinars, the equivalent of around 50,000 euros. Since then, the money has remained inaccessible.
Block imposed by the Central Bank
According to the Tunisian exchange rate regime, the proceeds from the sale of property by non-residents must be deposited in a non-resident account (in foreign exchange or convertible dinars) domiciled in an authorized Tunisian bank, and its transfer abroad depends on authorization from the Central Bank of Tunisia (BCT). This authorization was never granted to the Garcias, despite successive requests.
According to the same source, the couple’s daughter, Valérie, told Le Parisien that she has given up hope of seeing the case resolved. “It’s a lifetime’s savings that they can’t get back. We don’t even talk about it with my parents anymore, it’s too painful”, he said.
Eight years of silence and frustration
The retired couple hired Tunisian lawyer Mohammed Maktouf, who met with BCT officials. According to the jurist, several documents were requested, including proof of residence in France, all of which were delivered without any subsequent response.
Sources close to the Central Bank, cited by , admit that the situation is the result of the serious shortage of currency that the country is facing. To protect its reserves in euros and dollars, Tunisia imposes severe restrictions on transfers abroad, affecting hundreds of foreign investors.
As in countries like Cuba or Algeria, the local currency, the Tunisian dinar, is not convertible outside the country. Thus, legal operations like that of the Garcia family are suspended indefinitely, leaving pensioners trapped in a financial impasse that seems to have no end.
What if it happened in Portugal?
The European Union has free movement of capital. In Portugal, the sale of a property and the subsequent transfer of money abroad do not depend on a central bank visa, being subject only to the usual banking procedures, the prevention of money laundering and tax compliance.
The risk for Portuguese investors arises when the money remains in third countries with exchange controls and non-convertible currency. In these cases, it is prudent to ensure proof of currency entry from the beginning, use hard currency accounts, keep all investment documentation and, if necessary, seek local legal support and consular contacts.
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