Morocco's currency is the Dirham. The Dirham’s ISO Code is MAD. You can consult the exchange rate at the following link: FOREX Dirham-Euro 1 Dírham= 0,092 € (Exchange rate November 2011), subject to daily fluctuation.
If you are a resident in the Country, the property is purchased in Dirhams. If you are from outside Morocco, the purchase is made in Dirhams, but is paid for in Euros or other currencies. Paying in foreign currency allows the money to be taken out of the country (Morocco) at a later date. (Morocco).
Marina d'Or takes out an insurance policy that insures the quantities handed over until the moment that the public deeds are signed
The Public Deeds of Sales are signed in Morocco.
Yes, you can take the money out of the country once you have satisfied all applicable taxes, always given that you have paid for the property with foreign currency (Euros, Dollars ...) and you fulfil applicable conditions.
The exchange rate is not guaranteed. As a general rule, Marina d'Or advises its customers to take out an exchange rate insurance policy with their bank. Nevertheless, the economy in Morocco is stable and is in itself a guarantee of stability.
Mortgages in Morocco are very similar to Spanish mortgages. The interest rate generally oscillates between 4.75 and 6%. Nevertheless, the rate, which is a variable rate fixed by the Moroccan Central Bank, does vary.
Subrogation is not available in Morocco.
If the sale is in Morocco, then jurisdiction will correspond to Moroccan courts. If the sale is made in Spain, France, Great Britain or Ireland, then unless a judge decides otherwise, jurisdiction will correspond to the Courts of Castellon, with the applicable law being Spanish law, with the following exceptions:
Moroccan laws will apply in areas related to the real property itself (signing of the public deeds, inscription in the property register.
In the purchaser’s home country, Consumer Protection law will be applicable. This type of law cannot be waived.
If you sell the property within 3 years of its purchase, you must pay the tax ministry 20% of the capital gain (the sales price less the purchase price adjusted according to an official coefficient). You must take into account that the minimum amount of tax that must be paid will never be lower than 3% . You must always clearly state the name of the purchaser, the building and the apartment number.
The tax equivalent to VAT in Morocco is called TVA -Taxes sur le Valeur Ajoutée - (in English: “Taxes on the Added Value”). Its rate is 20%.
Other associated costs are: 0.5% in Notary Fees, 2.5% Registry Tax, and 1% in fees for the Property Register).
TVA is deductible if the purchaser is a company legally established in the country and it is dedicated to the commercial exploitation of the property (e.g. rental).
Yes, although it is less than 1%. A foreign purchaser who brings foreign currency into Morocco is exempt from paying this tax for five years.