"Re - 10% VAT on interest rates, not sure how this works. Also I was told by BMCE that an individual can only get one Moroccan mortgage at a time. Thus restricting purchases via this route."

Say if the interest rate is 5%, you than add 10% Vat on the 5% so its gives you an interest rate of 5.50%. in another way if your monthly paument is €100 you add 10%, you than pay €110 per month, the €10 is the VAT.

As per Moroccan law one mortgage is allowed per person. When you apply for a mortgage you have to provide a swon document to this effect.

If you intend to buy more than one property than make sure that you dont buy in joint names and this give you the possibilty of applying in your partnerws name later on.

" had read that you couldn't repatriate profit if you originally paid in Dirhams so asked my solicitor and she advised that this is not so (gave me a very long answer on the phone, which I understood to mean that what I had read was not relevant in this case). I hope she is right because I am paying the deposits in Dirhams".

Due to the exchange restrictions ( Hopefully in future this will not be the case.) The bottem line is that wether you makepayment in Dirhams or in other currency.

Your solicitor has to open a account/reference with the relevent ministry to identify you as a foreign investor. Once this is done all your funds should be recorded there irrespective of the type of currency.

All good reputable builders are doing this for their buyers. My developer is doing this and is also placing mine and others monies in an Escrow account as by the law.

We are not talking about opening an account, here.

I visited Morocco and accidently took some dirhams back to the states, loose change. Do I need to send it back? How?

You will have to take it back in person, ask for the loose change offence officer, in Morocco every local police station has one.

Hand yourself in now before its too late.




NURSE........... ITS TIME FOR MY MEDICATION

Can you take your money out of Morocco?? Good question - I recently could not even get 2000 euros out of my Moroccan bank account (even though I am a foreigner and have an account in 'dirhams convertibles') I had to ask a friend with an account at the same bank (although the rule is the same at other banks) who has a Moroccan passport but is resident in France, and I had to transfer the equivalent of 2000 euros into her bank account, then she withdrew the cash and gave it to me!
Having sold my property now, and I have all the relevant 'quittus fiscale' receipts etc, I now have to go via the 'Office de Change' to transfer the funds back to the original European bank they came from (and I have to have proof of the transfers too)
What I would like to know is - what is the situation re: the security of Moroccan banks? Are there any guarantees on savings deposited in Moroccan banks similar to the guarantees given by some European countries?