The expenses required for the establishment and administration of the guarantee fund, which will compensate tourists in the event of a travel agency’s insolvency, will be borne by the tourists themselves. However, these costs will not be high, reaching a maximum of 0.2% of the price of a vacation, according to an announcement by ANAT.
Agencies will each pay €2,000 for the establishment of this fund, plus an annual percentage of sales, as well as an initial guarantee of 0.5% of their turnover.
Although the ordinance providing for the establishment of a guarantee fund for tourist packages, to which all agencies must contribute funds, was published last year in the Official Gazette, it cannot be implemented until the methodological norms for its application are also published.
According to ANT estimates, these are expected to appear on July 1, which is why the association of travel agencies is trying to get involved in their drafting.
Source: Profit
Frequently Asked Questions
What is the purpose of the new guarantee fund?
The fund is designed to compensate tourists in the event that a travel agency becomes insolvent, ensuring they do not lose their money.
How much will tourists have to pay for this protection?
Tourists will contribute a maximum of 0.2% of the total cost of their vacation package to support the fund’s administration.
When will the new guarantee system become operational?
The system is expected to be implemented after July 1, once the methodological norms are officially published.