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Morocco at a glance
Total area: 446,550 km2
Capital: Rabat
Population: 33,241,259 (July 2006 est.)
Currency: Moroccan dirham
Climate: Mediterranean
Languages: Arabic (official), French, Berber
Government: Constitutional monarchy
Local time: GMT/UTC + 0
Why invest in Morocco?
Political reform
King Mohammed VI has introduced various
constitutional reforms and initiatives which include, for
the first time in Morocco’s history, a system resulting in
30 female MPs in Parliament. When a monarch starts
addressing women’s rights, you know a country is
serious about reform and taking its place in a modern
world. The change of a traditional mindset to more
liberal and progressive policies shows a willingness
to change on a fundamental level. It also means
foreigners will feel more comfortable living in that
society as opposed to just taking a holiday there.
in Parliament.
1. www.moroccotimes.com/paper/article.asp?idr=11&id=15623
2. www.ec.europa.eu/comm/external_relations/morocco/intro/#enp
1. www.tourisme.gov.ma/english/2-Vision2010-Avenir/1-en-bref/enbref.htm
2. www.fita.org/countries/morocco.html
3. www.eubusiness.com/news-eu/1196186521.69/
4. www.imf.org/external/pubs/ft/scr/2007/cr07323.pdf (page 36)
Tax in Morocco
As with all tax systems, rules Property tax
Similar to UK council tax, property owners in Morocco
in Morocco are complex are required to pay an annual property tax. However, as
an investor the amount due is dependent on the total
and you are advised to seek annual rental income (see the table bottom left) and not
the value of the property. There is an exemption of this
advice from a tax specialist. tax for the first 5 years.
However, here is a guide In addition there is also a maintenance tax (often called
the garbage collection tax) which is set to 10% of the
to what you can expect as property’s annual rental income. Again this tax is exempt
Inheritance tax
If you organize a Moroccan will, there is 0% inheritance
tax to family members.
Annual rental income
Dual tax treaty
Less than 3,000 dh 0%
A dual tax treaty exists between the UK and Morocco
3,000 to 6,000 dh 10% which means that you do not have to pay capital
6,0060 to 12,000 dh 16% gains twice.
12,000 to 24,000 dh 20%
UK tax specialist
24,000 to 36,000 dh 24% If you would like to speak with a UK accountant with
36,000 to 60,000 dh 28% regards to your tax position, we use Drew Hazell at
More than 60,000 dh 30% Tayler Bradshaw and find him highly knowledgeable.
His number is 01799 525 407.
(£1 = 16.4 dh)
Historic sites to visit and stunning natural beauty Fantastic year-round climate
Marrakech and the surrounding area is awash with Marrakech boasts hot summers and mild winters with
cultural and historic sites. The medina in Marrakech is a an average of 320 days of sunshine per year. Average
UNESCO World Heritage Site, one of eight in the country. temperature in summer is 35oC and in winter is 22oC. If
Marrakech is dotted with museums, palaces, mosques the heat in the summer becomes too much, it is easy to
and cool gardens, the most famous of which, Jardin escape to either the freshness of the mountains, or to
Majorelle, was restored to former glory by the designer the beach to cool down in the sea.
Yves Saint Laurent. The countryside around the city
is amazing too – the Atlas Mountains loom large and Knock-on effects and benefits of improvements
provide breath-taking scenery as well as varied due to plan 2010
outdoor activities. Morocco’s ambitious plan to increase tourism to the
country by 2010 will have benefits for the entire country,
70% mortgages available for off-plan not just the new coastal resorts. The huge volume of
Many emerging markets offer far less flexibility than visitors will create rental accommodation requirements
the more established markets when it comes to finance across the country, increasing demand in places like
options, and often mortgages are not readily available. Marrakech. The infrastructure improvements will
However, it is possible in Morocco to borrow up to 70% also benefit non-resort areas. Marrakech has always
of the value of the property over 15 years at reasonable attracted visitors and second home owners as it is a fully
interest rate (currently around 5.5%). functional, authentic city, offering a more sophisticated
cultural experience and so much more than sun, sea
Beautiful exotic city and sand.
Known as the “Pink City” because of the local red stone
it is built from, Marrakech is invariably described as
exotic. Perhaps it’s the fabulous Moorish architecture,
the famed hospitality of the Moroccans or the sights and
sounds (and smells!) of the medina, Marrakech is a treat
for the visitor – different, unfamiliar, but bewitching, with
views of the impressive Atlas Mountains to the south.
However, it is also an important commercial centre, on
an ancient trade route between the north and the south
of the country, and is today the nexus of several major
motorways. It is also a thriving city with a population
of just under 1 million and a vibrant economy. Cities
generally have greater capital growth as the demand
for property is always strong – people move to cities
for work and need housing. Marrakech also has some
beautiful suburbs and boasts many million euro-
plus villas.