For several years now, Morocco has put in place measures to facilitate and secure real estate investment by foreigners, without the need for them to reside in Morocco.
In order to take advantage of these incentives and facilitation measures, it is however advisable to be well accompanied in the acquisition process.
The financing of a property by total or partial recourse to a bank loan and its obtaining is a usual suspensive condition of the sales agreement. It should be noted that if the buyer is non-resident (and not MRE), based in a country other than Morocco and has no source of income in Morocco, Moroccan banks will not finance the purchase of the property unless 30% of the purchase amount is paid in foreign currency into a convertible dirham account opened with the bank.
If the option chosen by a foreigner (non-resident) is to finance the property from abroad (by credit and/or own funds), the amount of the transaction (deposit and balance) can be transferred directly from abroad to the notary’s escrow account or to a convertible dirham account opened in a Moroccan bank. In this case, the notary will take the necessary steps with the Moroccan Foreign Exchange Office so that the proceeds of the sale (in particular) can be fully repatriated to the country of origin on the day of the transfer of the property (once the taxes chargeable to the seller have been paid).
During the period of ownership of the property, investments, works, etc. must also be declared to the Office des Changes. In the case of a bank loan obtained abroad to finance an acquisition in Morocco, the bank will in most cases require the amount of the loan to be put up as collateral (life insurance, other property in the country etc.). A mortgage on the property in Morocco is not acceptable to a foreign bank.
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