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There are also tax advantages for new businesses, retirees.
It is correct that there are no tax exoneration for the council large personal loans taxes (unless it is your permanent home) but they are not expensive in comparaison to the UK or Europe. I have been reading the different posts describing an investment in Morrocco as an easy and fast way to make good money whilest I still think Morocco offers great opportunities for investment I think people will have to be prepared to follow a pathway that is not as easy as it is frequently described in the forum. The open skyes policy has really been implemented and over the years there has been an increase in number of direct,low cost flights from Europe. I normally get a return flight for around 80 euros. Off course anyone could decide to invest in other European countries I doubt it would be cheaper and someties you would fall into the same problems I have encountered in Morocco. I come from the south of Italy and we have seen a lot of British people coming to buy a traditional house in cash advance no credit check direct lender the countryside or in the historical centers of very characteristic small southern Italian villages. At the begining it used to be cheap, especially for those properties in need of restauration but it lasted not even a year until Italians realized that they could make good money out of it. To my experience, when it comes to corruption the only difference between Italy and Morocco is simply that bribery in Morocco is cheaper). Five years it has taken me to bring it back to its former glory, restauring old zellije, XIV century old carved wooden balconies and plaster arch which I found condamned into a wall. I did not invest in one of the hundred of thousands of new deelopments few kilometers of the coast of Spain. I know nothing about that, apart from seeing that they all look pretty much the same and seem far away from what a lot of the tourists coming to Morocco are looking for.
I see more wealthy Moroccans interested in that sort of European style living than foreigners. On the other hand Fes, like Marrakech is flooded by tourists looking for exoctic, out of time, historical type of holiday and those people who have understood that are actually earning good money and enjoying a good return on investment. Most people that I know, including myself had to move to Morocco not only to follow the purchasing process, but the restauration, the start up and the consolidation. I would doubt of any investment in Morocco advertised as a self-managing money making deal. I would like to understand how the legislation surrounding guest houses in Marrakech works.
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I have heard a number of things surrounding 3 and 5 bedroom riads which leads me to believe that nothing under 5 bedrooms can be classed as a guest house and that this legislation came into play recently.
As my husband and I are considering buying a riad to renovate in the mdina and then running it as a guest house to cover costs we would like to stay on the right side of the law. We dont want to make a mistake and buy something costly which we cannot recoup any rental from, in which case we will stick to looking for something of a smaller size for family and friends but again we are unclear if we are outside of the law if we take rental from this on a regular basis. If anyone can untangle this one I would be grateful is it is holding up our decision making process until we understand this better. The truth is that legislation tends to change all the time and not just in general but from town to town. What has been happening in Marrakesh for example is different than Fes, the city where I decided to invest. When I bought my house there almost six years ago I looked at properties that could be developed into a 4 bedroom guest house which was the minimum you had same day loans online instant cash to have to be able to hope to get a licence to operate as a business. It was mandatory to have a dedicated soundproof room for customers to make calls!!! At the same time in Marakesh foreigners where complying to none of the above and still setting up beautiful businesess. All that has changed now and and I think a lot of those silly restrictions do not apply anymore. By doing so I thought I could overcome the problem of having to constantly bribe people and authorities to go ahead on my project.
At the end it did but it has taken me 5 years to finish my project and still had to bribe. What you need to be careful with is how you intend to operate. I mean, will you set easy loan approval up a company that will purchase a property and make a business out of it or will you just be a private owner that will want to run his house as a ways to get quick cash business or set up a separate company that will rent the restored property off you to run it as a business? This option will greatly influence your ability to repatriate some of the money you earn from your business or from its sale should you decide after few years to leave morocco. I think Fes would present more opportunities than Marrakesh were the prices have gone way up and you face a lot of competition. Fes however is a more complicated place: the quality of the artistic value of the houses in the medina is higher but that makes it more complicated to restaure.
This has been going on for some years now and the apartments were supposed to be ready at the end of last year. Guess what, the work has been halted due to the recession. In the same period our other investments in India have doubled. For me, Morocco was an expensive lesson well learnt.
Any developer who is selling off plan in the current economic climate is going to be unstable. Even if they are solvent, why finish a development where a low percentage of the flats have been sold? These companies are in this for the profit, and will be prepared to engage in court cases if they turn out cheaper than completing an unsaleable project. Despite all this, Morocco still has excellent potential. But being a property investor is more complicated than signing a contract for an off plan apartment, and then assuming Western standards, ethics and legal recourse.
If you want to do business in Morocco, it is necessary to have a compatriot as one can rely on and have the right contacts. I myself have gone through a lot but now I have the right people around me... I have been in Morocco in and out for 3 Years and can understand how rife the corruption is in the government departments. Finally I managed to make a mutual agreement for the tenant to cash loans vacate. As I understand in Morocco is that if you dont make the right tenancy agreement then you have to pay the tenant all the rent back to vacate from your property by the Moroccan Law.
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For example when people board the bus in Morocco, everyone cash advance no credit check direct lender tries to push through the que.
Why do they do that when everyone will eventually board the bus. Finally the moroccan dirham currency is not recognised outside Morocco.
There are control restrictions and taxation to convert the currency for exportation. As an investor do you realise that the hospital and medical bills are expensive (I once paid 2000 dirhams in a clinic to have xrays and injection to kill the pain)? Do you realise the Moroccan mobile meditel and Maroc telecom is more expensive in tariff than England? Do you realise you have to pay garbage tax on your property? Do you realise you cant buy a car in Morocco until you have a Moroccan residence card? Do you realise that when you go to shop in the souk there are no set prices displayed and that you have to bargain all the time?
Do you realise that to marry a moroccan you need to make a dosier of approx 13 documents of yourself plus your fiancee, and you need to seek approval from the judge for marriage?
Do you realise that you cant deposit dirham into your bank account until you have a moroccan residence card? Do you realise that for any minor fault the moroccan police will ask you for bribes? Do you realise that you can go to jail for giving a bank cheque from an account with insufficient funds? Do you realise that Morocco has big problems with prostitution, peadophilia and child labour?
Do you realise that the minimum wage in Morocco if you happen to be bankrupt and work is approx 1550 dirhams? Do you realise that in August the temperatures are extreme of approx 45 degrees? Do you realise that electric bills are more expensive in touristic areas than local areas? Do you realise that even to use a public toilet you need to tip the waiter?
Do you realise that speaking a foreign language will get you in trouble to buy your produce from the souks as they will inflate the prices? Do you realise that shopping for clothes or food is more expensive on average in Morocco than in England?
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