When investors are buying property in Morocco, there are several questions that an investor would like to know. Here are some FAQs on buying property in Morocco.
- Any person be it a foreign national can buy property in Morocco. Domestic as well as foreign investors are highly welcome for investment in property.
- There are a number of new projects that are been given preferential treatments such as the Healthcare and the Tourism sectors. This makes investment in property a very lucrative offer as of now, especially when the prices are down and the prices are expected to rise by at least 15-20% in the coming years.
- With open skies principle being in force, Ryan Air’s announcement which will give investors access to 20 regional airports in Morocco will enable them to gain deeper access to all parts of the country. This will also enable at least 1 million passengers to travel across Morocco. Further it takes only 3 hours to fly from UK to Morocco. Many other European capitals aren’t very far off either.
- The rules for buying and selling property in Morocco follow the French system. With the help of local ground support, it makes the process of buying and selling real estate quite simple here. The taxation on property is quite low. With 0% Inheritance tax and no Capital Gains tax applicable after 10 years, investors are willing to invest in the real estate here. There are many other tax exemptions that have enabled the investors to buy and sell real estate here.
- Low cost of living coupled with excellent sunny weather; cosmopolitan outlook and great amenities have made it a lucrative holiday and investment destination for many of the investors.
- Morocco has a stable political and business environment as well. This is a modern Arab state and is led by King Mohammed VI, whose progressive vision especially in laying a solid infrastructure has endured it as a promising investment for foreign investors as well.
- A 10-year valid passport is required for entering Morocco. The visa will be stamped for 90 days and enabling the visitor to do business here. The length of stay can also be extended at a Moroccan police station.
- The process of buying and selling property is pretty straightforward. First, the price is decided. After that, the necessary checks on the property will also be carried out. If the properties are part of the “off-plan property” then there is little room for negotiations. Further, a reservation fee of at least 3000 Euros would need to be made. After 30 days of payment of the reservation fees, a deposit to the tune of the 30% of the final price of the property needs to be made. Further, the 70% of the amount will be paid to the seller of the property when the project is completed. A mortgage can also be taken for the payment of the property.
Filed Under: Real Estate Tips