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All You Need to Know and More When Buying a Home in Morocco
One can say that it is in large due to the support of the King that has seen Morocco's property market reach such attractive proposition. Most ‘emerging’ markets have an obvious lack of basic infrastructure, which is needed to support a growing property market; however King Mohammed’s £2.2 billion contribution towards the Moroccan property market will ensure that all necessary facilities and amenities are in place. This will mean that if the tourism targets are met, Morocco could well be the next best holiday hotspot – a positive move for Morocco in terms of not only capital growth but rental returns as well.
From the ancient cities of Tangier and Casablanca, to the arid desert, Morocco can certainly provide something unique and pleasant for today’s international investor.
Whilst the bustling of the inner cities provide some of the liveliest markets on the planet, and while the sandy white coastline offers an abundance of leisure and relaxation, Morocco is set to rival some of the world’s most popular beach destinations.
Morocco is situated in a prime position, benefiting from having coastlines on the Atlantic and the Mediterranean, thus giving visitors the choice of pristine beach locations. It is even possible to ski on the snow-capped Atlas Mountains, proving without a doubt that Morocco is perhaps the most diverse investor location around.
According to various property portals, “The choice of property in Morocco is just as varied, with new-build apartments, townhouses and villas competing with traditional riads and dars. It is this mixture of old and new which makes property in Morocco unique – thanks to clever planning and design, old architecture is complimented by its modern counterparts. But the real icing on the cake is the country’s property prices, as no matter what type of home you go for, it simply won’t break the bank.”
Morocco’s coastline has an array of property to choose form, as it is also proving to be increasingly popular worldwide.
Once you have decided that you want to buy a home or property in Morocco, it is important to choose a notaire. This is someone who will assist all parties to make sure that the process of selling the house runs smoothly. They are also responsible for receiving all contracts and checking there authenticity. The notaire plays a major role in the Moroccan property buying process, so it is preferable to have one arranged from the outset.
Although it is not legally required for a solicitor to be part of your purchasing process, in order to buy a Moroccan property, it is highly recommended. Properties without the correct title deeds are quite usual practice in Morocco, therefore it is imperative that you do not purchase a property without the correct documentation, and one should ensure all documentation be in place before any transfers of monies take place. Bear in mind that should you not be in possession of the title deeds, you do not officially own the property, regardless of how much you have already paid.
Important to remember is that there are two main types of tax status in Morocco. You get the tax resident and the non-tax resident. To be considered a tax resident, you would need to reside in Morocco for at least 183 days per annum. There is however, a double taxation agreement with the UK in existence, which means that you will not be taxed twice for any income earned.
According to the Moroccan embassy, “British citizens do not need a visa to enter Morocco for stays up to 90 days. If you wish to stay longer than three months, you will either need to leave and re-enter the country or apply for an extension at the foreign registration department of your local police station. It is also here that you apply for a residence permit should you wish to do so, but you must set the wheels in motion within two weeks of arriving, otherwise you will be required to leave the country after 90 days. Once issued, a residence permit is valid for ten years, but it is worth seriously weighing up the advantages of residency before applying. If you are planning on working in Morocco you will need your employer to apply for a work permit on your behalf. They will be required to prove that you are doing a job that couldn’t be filled by a Moroccan national, and be warned that the application process can be time consuming.”
Morocco is on the sure incline and will continue to rise in stature as a major player in the Property investment world. There is more to come, watch this space for more information to help you decide on which property is best for you.
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