Wednesday, 24 January 2007

Property Borders explains Investment in Morocco

• In January 2001, his majesty, King Mohammed VI initiated “Vision 2010” for Morocco’s tourism industry. A national program to create the infrastructure to host 10 million tourists by 2010. This plan includes 6 new luxury resorts with all the modern amenities that tourists expect.

• Building of the first tunnel linking Europe/Spain to Africa/Morocco by 2010.

• 11.9 million to be spent on new motorways and roads with over 1000 kilometers of new roads being laid

• Prestigious Projects being built by middle eastern investors, injecting billions of dollars into tourism projects such as golf courses, marinas, beach clubs and 5* hotels.

• Open skies agreement, signed recently with the EU, will open up the skies to allow no-frills/ low cost airlines to fly to Morocco.

• Free trade agreement between Morocco and USA which came into effect 2006. This is already having positive effects on the economy

• By 2010 Morocco expects to become part of the Euro-Med free trade zone and working towards a close relation with the EU. A significant development that will undoubtedly boost the economy further still.

• UAE investors are pouring 4.8 billion dollars into building real estate, shopping malls, airport and transport infrastructure and beach resorts.

• Booming property market with yearly price rises of between 20-30%

• No rental tax for the first five years of ownership (new properties)

• Capital Gains Tax (TPI) is 20% of the profit, with a minimum of 3% of the sale price. Properties sold after more than 10 years ownership are fully exempt from TPI. Properties sold after more than 5 years ownership but less than 10 years are subject to TPI of 10% of any capital gain over 1 million Dh (approx £63,000).

• Full repatriation of funds overseas in the event of a resale.

• Excellent, year round, rental opportunities with tourism increasing every year.

• Property Prices at least 50% lower than Spain, which is only 9 miles away.

• Plans for new high speed rail network linking major cities.

• Morocco in top five places to invest as stated by channel four real estate program.

• Secure investment, law based on French Notary system

• There is no inheritance tax if you leave your property to a family member


No comments: