Repatriation Of Funds - My Biggest Concern

[Investy]

I want to ensure repatriation is straightforward, in particular in the event of my death such that my children or thier guardians do not end up facing a wall of red tape, or worst still find themselves unable to repatriate funds.

Can anyone recommend a lawyer to look at this particular item and would you be interested in cost sharing?
This last point people may say 'count me in' but then are impossible to get in touch with, so please only say you are interested if you are serious and definite and please leave good contact details.

I paid first 20% in Euros. Not sure how to pay the balance. For example if I pay rest in Dirhams will this confuse the authorities in 20 years time?

[fws]

Are you buying through Property Logic or Fadesa? I presume the contracts will be different. PL are saying they have arrangements with the Moroccan government, although no details are available yet.

[Investy]

I'm buying nthrough Property Logic.

Thier finance Director sent me an email outlining the system to ensure those of us paying in Euros via PL in Spain will be issued a certificate which they state means the holder will be able to repatriate the same day theu sell.

They claim the system to provide a clear audit trail and documentation is all in place. I feel happier now, but still considering using a lawyer to double check this, although I suspect with such a 'one off' system as arranged by PL, a lawyer may have no experience or ability in the matter, so I might just rely on PL!

[fkdev]

Originally Posted by Investy

I'm buying nthrough Property Logic.

Thier finance Director sent me an email outlining the system to ensure those of us paying in Euros via PL in Spain will be issued a certificate which they state means the holder will be able to repatriate the same day theu sell.

They claim the system to provide a clear audit trail and documentation is all in place. I feel happier now, but still considering using a lawyer to double check this, although I suspect with such a 'one off' system as arranged by PL, a lawyer may have no experience or ability in the matter, so I might just rely on PL!

The purchase price should be conducted in Moroccan legal currency, Dirham. This is not an internationally convertible Morocco currency, so no import of Dirhams is allowed. Non-resident buyers must open a bank account in convertible Dirhams in a Moroccan Bank.
The Moroccan Government allows 100% repatriation of funds to UK buyers. However, the transaction must be announced at the Moroccan Exchange Office by the intermediary of the Notary (solitator) at the time of acquisition. In this case, that is when the PSA is signed. As mentioned, the bank account in your name is crucial not only for repatriation of funds but also for
the payment of taxes, water and electricity bills.
For info welcome anytime
Regards,
KM

[Popcorn]

PL will be issuing full details of the scheme they have arranged with the Moroccan authorities in their next newsletter. I suggest you then check with your solicitor before making the next payment in euros to ensure they are happy with the arrangement.

[traceyw8727]

I also paid my first instalment in euros on the advice of my solictor and was then requaested to pay the next 10% instalment in dirhams. I have asked my solicitor to advise me on the repatriation of funds if I pay in this way with different currencies. I am awaiting a reply so will post here in due course. I was happy to pay the second instalment in dirhams as i made more on the exchange rate but i shall not be pleased if it is going to cause me problems later on!

[fkdev]

Originally Posted by traceyw8727

I also paid my first instalment in euros on the advice of my solictor and was then requaested to pay the next 10% instalment in dirhams. I have asked my solicitor to advise me on the repatriation of funds if I pay in this way with different currencies. I am awaiting a reply so will post here in due course. I was happy to pay the second instalment in dirhams as i made more on the exchange rate but i shall not be pleased if it is going to cause me problems later on!

That's why it is important to consult a Moroccan (local) solicitor. According to the Moroccan exchange office, all transaction should be made in a local bank account or in a Moroccan Convertible Dirhams account in UK.