Morocco Real Estate For Sale

At this instant in time Morocco is one of the world's most productive areas for property investment. Property in this country is currently at the beginning of an expected boom and analyst forecast prominent capital growth over the next 5-10 years.

Morocco has a rich tradition of hospitality, culture, breathtaking landscapes and over 3,400 kilometres of coastline that make the country one of the most diverse tourist destinations in the world. However, much of Morocco's visitor-drawing potential has yet to be realised, and to this end the government has launched an aggressive series of plans and implemented legislative changes that should help fulfil the country's tourism ability. It has embarked on a national tourism strategy which aims to increase the number of foreign visitors to 10 million by 2010. Under Vision 2010, the Moroccan government has guaranteed to provide the necessary infrastructure to connect coastal resorts with the rest of the country and Europe by constructing 1,000 kms of new roads, increasing internal and international flights, and developing new regional airports.

Foreign investments in the country have also risen dramatically such as Dubai based developers committing $19 Billion in various projects spread across, Rabat, Casablanca, Marakkech and Tangiers. For many years this diverse country has attracted travellers from all over the world, but now it is experiencing a new wave of interest in the form of property buyers and investors.

Tangier

History

Tangier is undoubtedly the oldest city in Morocco and the gateway to Africa. According to legend, Anteus, the son of Neptune and Gea, founded this city calling it Tanga after his wife. However, according to Herodotus, the city was founded in the fourth century B.C. by the Phoenicians who made it a trading outpost later inherited by the Carthaginians. Van dais, Goths, Visigoths successively invaded this city which, toward 700 A.D., became Arab and Muslim. In 1923 Tangier was declared an international zone and in 1925 a protocol was signed by Great Britain, France, and Spain, guaranteeing its permanent security. The police administration of the city was confided to Spain in 1929 and an international legislative council was established in order to assure the governing of the territory. Spain, profiting from the French defeat in 1940, occupied the city until 1945.

In 1956, on the occasion of Moroccan independence, the international status of Tangier was abolished, and in 1959 the city was completely reintegrated to the country. Since then it has experienced a continual growth in its population. Under the reign of His Majesty the King Mohamed Vl. Tangier has entered at full speed into the third millennium.

Position

Considered as Morocco's outlet to the world, Tangier is situated at only 16 Km from Spain. It is bordered on the north by the Straits of Gibraltar and the Mediterranean Sea, on the West by the Atlantic Ocean, to the south by the city of Asilah and to the east by the city of Tetouan, The nearest cities to Tangier are Asilah (36 kilo meters), Tetouan (60 kilometres), and Larache (80 kilometres to the south).

Climate

Tangier enjoys a Mediterranean climate influenced by the ocean. Temperatures remain temperate in winter; mild in summer on the coast as well as at higher altitudes.

Tourism

Tangier is unequivocally a Mediterranean city, not only because of its geographic location but also because of its history, tradition and cultural influences. The privileged location of Tangier with its two maritime coasts along the Atlantic and the Mediterranean, its history and cultural diversity, provide valuable assets for developing tourism. The richness of the area, historically, culturally, and geographically as well as the existence of an important transport and housing infrastructure, attracts a large number of tourists during the whole year. Furthermore, Tangier is considered as an important tourist gateway, receiving an important flow of returning overseas workers each year.

Major Projects

Some major projects are currently in the process of implementation allowing for ample investments
opportunities.

Tangier-Mediterranean Port

The Tangier-Med port is a huge integrated infrastructure project, strategically positioned on the Straits of Gibraltar at the junction of the biggest maritime routes and at the doors of Europe. It is organized around three major components: the port, the free zones, and the transportation infrastructure, offering to investors competitive advantages:

- An efficient hub concept tied to regional and international logistics    flows

- A competitive employment potential Free trade agreements
- Free zone status

This far-reaching project targets a market of more than 600 million people including Eastern Europe, West Africa, North Africa as well as North America). Furthermore, Tangier-Med is expected by the year 2020 to generate a traffic of 3 million EVP (20 feet containers), drain one billion Euros of private investment and create 145,000 jobs.

Ghandouri Zone

‘Ghandouri' is a tourism zone that runs along the coast and is just three kilometres from the city centre. Covering 60 hectares, including 17 hectares of forest, the beach front covers 1,200 metres and there are panoramic views of the ocean from all areas. Included in the tourist zone are plans for five and four-star hotels, holiday villages, nature trails and cultural attraction sites, including a Kasbah, restaurants and travel facilities.

Why Invest In Morocco

The Attraction

- Property prices 50% less than other European resorts
- Low cost of living
- Beautiful Golf Courses, Tennis Clubs, & Riding Clubs
- Mediterranean climate
- Yacht club & berth fees for under £27/month
- 10 year build guarantee (similar to NHBC)
- French, Spanish & English widely spoken as well as traditional   Arabic
- Costa del Sol is just 30 minutes away by hydrofoil once past the
   border
- Moorish culture at its best
- Enjoy a luxury lifestyle for very little

Financial Benefits

- Low property taxes
- Safe investment – Notary supervised property registration similar   to France & Spain
- Easy repatriation of investment should you re-sell in the future
- Only 20% tax on any capital gains
- Property market booming – average rises of 15% per year
   achievable
- Rental occupancy reaching 85% most years during the Peak
   Season
- 70% mortgage rates available from 5.45%

Currency

Sterling Pound equals 15.9 Dirhams. The unit of currency is the Dirham (Dh), which is divided into 100 centimes. Business visitors are advised to consult their banks for the current rate of exchange. No import of Dirhams is allowed. Overseas visitors need to change their currency into Dirhams locally. The Moroccan Central Bank (Bank Al Maghreb) fixes the value of the Dirham using a basket of currencies including the Euro, Dollar and Yen. The Dirham is not yet fully convertible.

Taxation Guide

The Morocco tax system is modelled after the French system and has quite a few complexities. We always consult and work closely with our international tax advisers prior to offering our investors tax reduction strategies. The following information is a very basic guide to the Morocco tax implications for UK investors:


Corporate Tax

If you intend to purchase a number of Moroccan properties it may well be worth considering establishing a Moroccan Private Limited Company –The private limited company (SARL) (Setup time is about 3 weeks).

The SARL is an intermediate type between associations of persons and of capital, bearing resemblance to both partnerships and share companies. It is always a trading company, regardless of its corporate name and its minimum equity capital is 100,000 dh. It may be formed by two or more members who are only liable to the amount of their share of the equity capital in the company. Unlike a general partnership, members of a private limited company do not need to be registered merchants. The private limited company must file a memorandum of association as part of its incorporation process. The capital stock has to be fully described and paid up as the company is formed. Stocks shall have the same face value and are not negotiable; they may be transferred only through contracts. "Parts Sociales" may be transferred to third parties outside the company only with the co-associates' consent. Tangier is 50% of the tax rate in the rest of the country. 8.75% for the first 5 years 17% after 5 years Again remember that the Moroccan tax system is quite complex so always get expert tax advice before making an investment.

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