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Buyers Guide
In a bid to check the uncontrolled movement of capital, the Moroccan State has instituted rules regarding the investment of foreign currency in the country. The Foreign Exchange Bureau is advised and consulted by the Notary regarding any commercial transaction entered into by foreign citizens. It is important to understand that no transaction should be entered into without the services of a Notary. In the event of a resale you may like to know that there is no problem regarding the repatriation of funds including the increase in value of the property; you are however liable to pay legal taxes at the current rate. Funds from abroad must be transferred to a convertible currency account in Morocco which ensures a mode of convertibility in favour of the foreign investor (Dahir 15/9/92). This account will enable you carry out your investment operation in Morocco and will guarantee you any income from the investment (e.g. interest) as well as the repatriation of your capital in the event of a resale. If you are seriously considering a property investment in Morocco we advise you to open a convertible currency account whilst you are in the country (a small deposit is sufficient). This will allow you to move quickly when you find a property that interests you. You can instruct the Notary to make an offer on a property on your behalf and also launch a possible procedure of titration. Ask your bank for a chequebook you will then be able to sign a provisional sales agreement at the Notarys office and deposit a cheque with him. You can then instruct your bank abroad to transfer the necessary funds to your convertible currency account in Morocco. In order to activate the cheque you have deposited with the Notary you will then need to instruct your bank in Morocco to transfer the required amount to the Notarys account. The provisional sales agreement then becomes valid. You now have two options. a. First, if the house or property you have decided to buy has title deeds and is acknowledged by the cadastre you decide upon the takeover date with the seller. You can immediately finalise the process at the Notarys office by paying the purchase price of the property in full. Transfer the amount to your convertible currency account, then request your bank in Morocco to transfer this to the Notarys account. The property now belongs to you.
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