Typical doubts and question marks arise when considering an overseas property purchase. Below are the answers to some of the most commonly asked questions.
Any investor, whether a resident or overseas buyer, can purchase property in Morocco.
Morocco is a modern economy with many new projects underway to dramatically increase Morocco’s standards of infrastructure and tourism facilities. By 2010 Morocco is expected to welcome some 10 million tourists per annum and this will undoubtedly have a very positive effect on any property investments made today.
Meanwhile, much property construction is currently taking place, including six luxury resorts which are part of a very secure government project, “Vision 2010”. The projects are backed by King Mohammed VI, a fact which further increases all-round investor confidence.
Morocco is now part of the “Open Skies” Agreement and direct budget flights are increasingly available to any of Morocco’s international airports. Ryan Air’s announcement this year for 20 new routes to regional airports in Morocco, bringing with them an expected 1 million passengers per year is an example of the exciting new future Morocco has to offer.
The buying procedure is simple and akin to the French system, as are many of the legal and financial institutions. 0% inheritance tax and in some cases capital gains tax as well as other tax exemptions continue to entice investors to Morocco.
Today capital appreciation on Moroccan property can be achieved at between 15% and 30% depending on the property you purchase. However, once Vision 2010 is completed and visitor numbers have increased, these figures are likely to soar upwards.
Finally, the cost of living, fantastic sunny climate, sporting facilities, rich culture vying with a cosmopolitan life, all make Morocco a highly attractive location in which to invest.
Morocco has a constitutional monarchy, under King Mohammed VI, who is a leading force in the country’s parliament and its policy making. The King’s progressive spirit and the nature of his policies have transformed Morocco into a land of promise, while huge investment is going into infrastructure projects to encourage overseas interest in the tourist industry here.
A moderate Arab state, Morocco maintains close relations with Europe and the United States. It is a member of the UN, contributing consistently to UN peacekeeping efforts on the continent.
Morocco can be described as a stable economy enjoying steady growth. The Jettou government continues to encourage reform, liberalization, and modernization to stimulate growth and employment.
A short flight from the UK and a quick ferry crossing from mainland Spain, Morocco is easily accessible.
Morocco’s national airline is Royal Air Maroc (AT) (website: www.royalairmaroc.com). Other airlines serving Morocco are Ryanair, EasyJet, Air France, Alitalia, British Airways, KLM, Lufthansa and Swiss Airlines. Direct flights from all major European cities are fast and frequent.
Direct flying time from the UK is approximately 3 hours.
You will need a full 10-year passport to go to Morocco. Your passport will be stamped, entitling you to stay as a visitor for up to 90 days. This can be extended at Moroccan police stations.
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