Doing Business in Morocco, Investing in Moroccan Properties and Retirement Homes
Doing Business in Morocco, Investing in Moroccan Properties and Retirement Homes
Strategically situated with both Atlantic and Mediterranean coastlines, Morocco stayed independent for centuries while developing a rich culture blended from Arab, Berber, European and African influences. Today one of the fastest growing economy in Africa, in 2005, the Moroccan GDP grew 7 %, 6.7 % in 2006, Morocco is also Europe’s nearest exotic location and has new free trade agreements with the USA. The U.S.-Moroccan Free Trade Agreement (FTA). Morocco was the top market reformer in the Middle East and North Africa in 2005–2006, according to a report by the World Bank and the International Finance Corporation (IFC). Morocco cut the cost of starting a business, complying with tax regulations and doing property transfers, all measures that helps improving the economy. This is the ideal time to take advantage of the changes affecting Morocco. In terms of property investments, thanks to the king Mohamed the sixth, all non Moroccan can own properties in any area of Morocco. (There are restrictions for agricultural and mining lands)
Key features making property investments in Morocco a great opportunity
- Low cost of living providing a luxurious lifestyle at little expenses.
- Best property prices, 50% less than most other European resorts. Booming property market with high capital growth (around 20% based on 2006 figures).
- No more than 20% tax on any capital gains and, No inheritance tax to family, No annual property tax for first 5 years.
- Rental occupancy reaching 85% most years during peak season
- Project Vision 2010 created to increase tourism and improve the infrastructure, achieving 10 million visitors per year by 2010 and scheduled to create a huge demand for rental accommodation Vision 2010 is providing new roads, marinas, trains, 5 star resorts, shopping malls, beach clubs.
- From January 2006, the “Open Skies” policy allows low cost airlines to service Morocco and create competitive fares. Morocco is 2.5 hrs away from London Heathrow.
- Safe investment, notary supervising property registration, similar to France or Spain.
- Beautiful sandy beaches, stunning golf courses, tennis clubs, riding clubs, waterskiing, sailing, scuba diving, hunting, hiking, camel treks, culture. Yacht club with low berth fees. Sight seeing and rich Moorish cultural experiences.
- Mediterranean climate with hot summers and mild winters permitting year-round occupancy and tourism.
- French, Spanish and English widely spoken as well as traditional Arabic.
- Private healthcare in Morocco is widely available and is of a world-class standard. Private nursing, home-helps, etc. are widely available and come at little cost compared to European countries. More specific to a retirement home project, private clinics will negotiate group deals and health insurance can be taken out to insure that in case of any emergencies, residents can be rapidly repatriated if for whatever complication, treatment in the their country of origin would be more appropriate. Morocco is within 3 hours travel by air from the UK, France and the rest of Europe.
- Morocco is a free market economy and allows free movement of money. Banking services in Morocco are basically the same as other European or North America countries whereby credit cards are accepted. Transfers can be made to Moroccan bank accounts which involve insignificant transfer fees but convertible accounts can be set up for any foreign nationals residing in Morocco to facilitate the repatriation of money. The banking service allows retirement incomes to be paid into Morocco.
Property investors, homeowners, tourists, retirees from the UK, Europe, America can benefit from first class treatment in a beautiful country with close proximity to Europe. The main benefit for investing in property or building retirement homes in Morocco would be the immediate advantages of the quality of life, in addition to the potential of gaining tax advantages by freeing people’s funds from inheritance tax and benefiting from high capital growth on their investment over the coming years. Find more information on Moroccan investments and business at www.investinginmorocco.co.uk