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Buying Overseas. Morocco

All you need to know about buying in Morocco

Q. Will I need a solicitor to buy Property in Morocco?
A. It is essential to engage a reputable, experienced solicitor.

Q. Can I get a mortgage in Morocco?
A. Yes, mortgages are available for 60% of the property value.

Q. Will I need a Moroccan bank account when purchasing a Property in Morocco?
A. Yes, you will need to open a bank account.

Q. What extras should I expect to pay on top of the purchase price Moroccan Property?
A. You should budget for about 5% over the purchase price to cover: This covers legal fees, VAT @ 3% and the notary fees.

Q. What is the capital gains tax situation?
A. Capital gains tax (TPI) is 20% of the profit, with a minimum of 3% of the sale price. There is NO double taxation agreement between Ireland and Morocco at present however this is being negotiated at present. There is a double tax treaty between the UK and Morocco to ensure that this is not paid in both countries. Properties sold after more than 10 years ownership are fully exempt from TPI. Properties sold after more than 5 years ownership but less than 10 years are subject to TPI of 10% of any capital gain over 1 million Dirham (approx 90,000€).

Q. Is there any relief on rental of the property?
A. All rental is tax free for the first 3 years. Two further questions that should be asked when purchasing your property