Apartment Sales > Morocco > Guía del Comprador en Marruecos
Guía del Comprador en Marruecos
GENERAL QUESTIONS
1. What is the currency of the country?
The currency of Morocco is the DIRHAM. Its ISO code is MAD. The equivalence between Euros and Dirhams is approximately
·1 €= 11,43 Dirhams
·1 Dirham= 0,0874 € (on January 2008), subject to periodical revision.
2. How was the revaluation of housing cost in Morocco in last years?
The revaluation during 2006 was of 30%.
The revaluation in 2007 was of 25%.
Note: in Morocco there is a deficit of 1,200,000 housing units.
3. What is the mortgage interest rate in force in Morocco?
It is around 5%. At the moment, the best mortgage is 4,75%. In general, they oscillate between 4,75% and 6%.
ABOUT THE PURCHASE
4. Is the product acquired in Euros or in Dirhams?
The housing unit is acquired in Dirhams, always that the purchaser is Moroccan, if he/she is a foreigner, it is bought in Dirhams but it is paid in Euros or foreign currency and in this way the money could be withdrawn from the country (Morocco.)
5. Is the exchange guaranteed if it is in foreign currency?
The exchange in foreign currency is not guaranteed. Marina d'Or advises its clients to contract an exchange risk insurance with their bank. However, the economic situation in Morocco is stable and offers guarantees.
6. Have the sums paid any kind of guarantee?
Marina d'Or realizes a guarantee insurance in order to guarantee the sums paid off to the moment of the deed.
7. Where can I register in public deed the purchase of the housing unit? Can Marina d'Or register on behalf of the client?
The purchase is registered in public deed in Morocco. In case that you cannot travel to Morocco, Marina d'Or offers you the possibility of registering on your behalf.
8. In case of buying an apartment and selling it later, is it possible to take the money out of the country?
Exactly it is possible to take the money out of the country paying for the corresponding taxes, always that foreign currency (Euros, Dollars…) has been used to pay.
9. What happens if I sell the housing unit after the purchase? What should I pay to the Treasury? Should I specify that the sum paid off in the account of Marina d'Or Morocco in Spain, France, Ireland, United Kingdom or any other country member of the E.U. is entry of foreign currency due to the purchase of a real estate property to realize the repatriation of the investment?
If you sell 3 years later than the purchase, you should pay the Treasury the 20% of the added value (purchase cost minus current purchase cost updated by an official scale.) It has to be taken into account that the minimum tax to be paid will never be lower than the 3%.
The name of the purchaser, the building and the apartment number.
10. What kind of conditions do mortgages have in Morocco?
Mortgages in Morocco are very similar to mortgages in Spain. The habitual interest rates are between 4.75% and 6%. However, it is a variable interest established by the Central Bank of Morocco.
11. Can I subrogate to the mortgage realized in Morocco?
Formally, no. In practise, Marina d'Or eases all the steps to adhere to the most advantageous mortgage
12. In case of any legal discrepancy, shall be the Spanish or the Moroccan tribunals in charge of it?
If the sale occurs in Morocco, the Moroccan Tribunals.
If the sale is in Spain, France, Great Britain or Ireland, the Spanish Tribunals, except interpretation against to it by the own judge, the Tribunals of Castellon and under the Spanish Law except:
- In the case of the Moroccan Law, the laws shall be imperative respect to the real estate property (title deed, registration…)
- In the case of National Law of Purchaser, the law applicable shall be the Consumer Protection Law because it contains laws that cannot be waived.
ABOUT TAXES AND DOCUMENTATION
13. What kind of taxes must be paid off and what kind of expenses when acquiring a housing unit in Morocco?
The tax equivalent to the existing VAT in Morocco (called TVA -Taxes sur le Valeur Ajoutée), that is 20%.
In addition to this, there are other expenses associated: 0,5% of the notarial fees, 2.5% of registration fees and 1% of right for property registration.
14. Can I deduce the TVA?
The TVA is a tax to be deduced always that it is an entity subscribed in the country and exercising the right of exploitation on the property acquired (e.g. through rental)
15. Is it necessary to pay Real Property Tax?
Yes, but it is less than 1%. A foreign purchaser that brings foreign currency to Morocco is exempt from this tax during the first five years.
16. Is it necessary to have Foreign Identification Number if I acquire a housing unit in Morocco?
No.
1. What is the currency of the country?
The currency of Morocco is the DIRHAM. Its ISO code is MAD. The equivalence between Euros and Dirhams is approximately
·1 €= 11,43 Dirhams
·1 Dirham= 0,0874 € (on January 2008), subject to periodical revision.
2. How was the revaluation of housing cost in Morocco in last years?
The revaluation during 2006 was of 30%.
The revaluation in 2007 was of 25%.
Note: in Morocco there is a deficit of 1,200,000 housing units.
3. What is the mortgage interest rate in force in Morocco?
It is around 5%. At the moment, the best mortgage is 4,75%. In general, they oscillate between 4,75% and 6%.
ABOUT THE PURCHASE
4. Is the product acquired in Euros or in Dirhams?
The housing unit is acquired in Dirhams, always that the purchaser is Moroccan, if he/she is a foreigner, it is bought in Dirhams but it is paid in Euros or foreign currency and in this way the money could be withdrawn from the country (Morocco.)
5. Is the exchange guaranteed if it is in foreign currency?
The exchange in foreign currency is not guaranteed. Marina d'Or advises its clients to contract an exchange risk insurance with their bank. However, the economic situation in Morocco is stable and offers guarantees.
6. Have the sums paid any kind of guarantee?
Marina d'Or realizes a guarantee insurance in order to guarantee the sums paid off to the moment of the deed.
7. Where can I register in public deed the purchase of the housing unit? Can Marina d'Or register on behalf of the client?
The purchase is registered in public deed in Morocco. In case that you cannot travel to Morocco, Marina d'Or offers you the possibility of registering on your behalf.
8. In case of buying an apartment and selling it later, is it possible to take the money out of the country?
Exactly it is possible to take the money out of the country paying for the corresponding taxes, always that foreign currency (Euros, Dollars…) has been used to pay.
9. What happens if I sell the housing unit after the purchase? What should I pay to the Treasury? Should I specify that the sum paid off in the account of Marina d'Or Morocco in Spain, France, Ireland, United Kingdom or any other country member of the E.U. is entry of foreign currency due to the purchase of a real estate property to realize the repatriation of the investment?
If you sell 3 years later than the purchase, you should pay the Treasury the 20% of the added value (purchase cost minus current purchase cost updated by an official scale.) It has to be taken into account that the minimum tax to be paid will never be lower than the 3%.
The name of the purchaser, the building and the apartment number.
10. What kind of conditions do mortgages have in Morocco?
Mortgages in Morocco are very similar to mortgages in Spain. The habitual interest rates are between 4.75% and 6%. However, it is a variable interest established by the Central Bank of Morocco.
11. Can I subrogate to the mortgage realized in Morocco?
Formally, no. In practise, Marina d'Or eases all the steps to adhere to the most advantageous mortgage
12. In case of any legal discrepancy, shall be the Spanish or the Moroccan tribunals in charge of it?
If the sale occurs in Morocco, the Moroccan Tribunals.
If the sale is in Spain, France, Great Britain or Ireland, the Spanish Tribunals, except interpretation against to it by the own judge, the Tribunals of Castellon and under the Spanish Law except:
- In the case of the Moroccan Law, the laws shall be imperative respect to the real estate property (title deed, registration…)
- In the case of National Law of Purchaser, the law applicable shall be the Consumer Protection Law because it contains laws that cannot be waived.
ABOUT TAXES AND DOCUMENTATION
13. What kind of taxes must be paid off and what kind of expenses when acquiring a housing unit in Morocco?
The tax equivalent to the existing VAT in Morocco (called TVA -Taxes sur le Valeur Ajoutée), that is 20%.
In addition to this, there are other expenses associated: 0,5% of the notarial fees, 2.5% of registration fees and 1% of right for property registration.
14. Can I deduce the TVA?
The TVA is a tax to be deduced always that it is an entity subscribed in the country and exercising the right of exploitation on the property acquired (e.g. through rental)
15. Is it necessary to pay Real Property Tax?
Yes, but it is less than 1%. A foreign purchaser that brings foreign currency to Morocco is exempt from this tax during the first five years.
16. Is it necessary to have Foreign Identification Number if I acquire a housing unit in Morocco?
No.
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