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Morocco - Finance
Banking & Currency: The currency of Morocco is
the Moroccan Dirham (MAD). If you are buying a property you
will need a Bank account in Morocco. We can arrange that for
you with one of the local branches of the major Banks in Morocco
or a bank of your choice.
Currency and Exchange Rate: When buying a property
one of the most efficient ways to transfer your money is through
a Currency Broker, this additionally guarantee you the best
rates as well as substantial savings against your high street
bank. We are pleased to recommend Global Currency Exchange
Network click
here for more information.
Taxes in Morocco: There is a double tax treaty between
the UK and Morocco to ensure that you don’t have to pay
tax in both countries.
Tax on Rental Income: As part of the plan to increase
tourism and encourage investment, property owners are tax-exempt
for the first five years of ownership.
Capital Gains Tax: Capital gains Tax (TPI in Morocco)
is 20% of any profit with a minimum of 3% of the sale price
however, if you sell between 5 and 10 years of ownership TPI
is 10% of any capital gain over 1 million MAD (£60,000)
and if you sell your property after 10 years you are fully
exempt from TPI.
Inheritance Tax: There are no death duties as long as
the property stays within the family however; you must seek
professional expert advice on these matters as individual
circumstances and different purchase structures can alter
your tax liabilities.
Ownership of Property: Property at Le
Jardin de Fleur is Freehold with the Title Deeds in your
name or it may well be advantageous to purchase in joint names
with differing share holdings or another parties name such
as your children for example. This can be structured through
our recommended Lawyer.
Please verify these facts to ensure that no changes have
occurred since they have been listed here.
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