Dear Camel With 3 Humps
This sounds very bleak indeed and on the surface I cannot imagine why anyone would want to pay a Moroccan Mortgage and buy/rent a property there. However, as Morocco is so popular at the moment, many people are investing there so there must be profitable.
Whilst what you say is very informative I would invite others to comment about your reply.
Kind Regards
Nick
Quote:
Originally Posted by camel with three humps
You will need the patience of a Saint and get ready for most obscure and weird paper work requirements.
Dont also forget that under Moroccan law you will need to pay 10% VAT on the interest rates. Yes you have read it correctly. e,g interest rate 5% +10% VAT so you will be paying 0.50% VAT to the Moroccan Government until your mortgage has been paid out.
You will also have to service the loan in foreign exchange under Moroccan law you cannot pay Dirhams. So if you intend to rent your property you will be sitting with lots of Dirhams in your pocket and where will you spend it ?
Finally, your rent will attract VAT of 10%. So its not correct to say the there is no Tax on Moroccan property rental.
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