The relevant payment is made directly to the Notary and it is him who is responsible for confirming that the Completion documentation is correct and consequently the property can be registered.
Power of Attorney can be appointed to complete the signing at notary for those clients who are unable to attend.
FINAL TITLE AND REGISTRATION OF THE PROPERTY FOR SALE IN MOROCCO
Once the Completion process has been finalised and you become the owner, the Notary will register the property at the Land Registry office so that you will appear as the new legal owner. It is also the Notary himself who pays the developer once the property has been properly registered at the Land Registry Office in the name of the buyer. The title deeds take around two to three months to be returned by the Land Registry office. The Notary will give us notice that the deeds are available for collection.
The Notary is also responsible for paying the taxes surrounding the purchase of the property for sale in Morocco (including land registry fees, registration fees).
Sterling Exchange - Foreign Exchange Made Simple
When making an overseas purchase, like buying property for sale in Morocco, currency exchange may not be the first thing on your list. It can be equally as important as the purchase price though, as the exchange rate has a direct and noticeable impact on your bank balance. With this in mind Brighthouse Overseas recommend Sterling Exchange for all of your foreign currency needs while buying.
As one of the fastest growing currency providers in the UK, Sterling Exchange will provide you with your own dedicated account planner from start to finish taking the hassle out of foreign exchange. Ensuring you receive the best rates of exchange available our planners will watch the market for you and can update you every step of the way on any sized transaction on your property for sale in Morocco. Sterling Exchange will also be able to find you the best payment plans to suit your needs.
Why Sterling Exchange?
-
Free transfers on any sized transaction on your property for sale in Morocco
-
Superior exchange rates to the high street bank
-
Account opening facilities with leading banks from our office in the UK,
-
Quicker payments via SWIFT international payments
-
Fixed Exchange rates for up to 2 years
-
A 24hr Information desk
-
Personal account manager
Based in the heart of London’s financial district with over 20 years market experience, Sterling Exchange is in a prime position to offer you a cost effective alternative to your bank’s foreign money transfer service.
For further information on how you can exchange money to pay for your property for sale in Morocco, please click here – Client information brochure.
Or contact Robert Groves on
Tel 0207 329 9977
Fax 0207 329 9332
email robert@sterlingexchange.co.uk
Web www.sterlingexchange.co.uk
UTILITIES
As with all new properties, utilities need to be contracted. Developers are normally more than happy to assist you with this process. Utility payments for your property for sale in Morocco are normally paid via direct debit.
It is very advisable that you open a bank account in Morocco for these purposes, again we are more than happy to assist you with the simple formalities of opening a local bank account.
TAXES ON CONVEYANCE, TRANSFER AND REGISTRATION OF ASSETS AND DOCUMENTED LEGAL PROCEDURES ("Droits D'enregistrement Et De Timbre").:
Stamp Duty currently between 0.25 to 0.5% on a sliding scale dependent upon property valuation.
CAPITAL GAIN TAX (T.P.T.)
In Morocco, the Capital Gain Tax is reduced to 10% of any gain over 65,000€ after 5 years of ownership to a minimum of 0% (NO CAPITAL GAINS) after 10 years of ownership of the property.
There are no death duties as long as the property for sale in Morocco stays within the family.
There are double tax treaties to ensure that Capital Gain Tax is not paid in both countries. There is a 100% repatriation of funds when you sell the property for sale in Morocco.
TREATIES FOR THE PREVENTION OF DOUBLE TAXATION ON YOUR PROPERTY FOR SALE IN MOROCCO
Dual taxation treaties are in place for citizens from the following countries:
|
Morocco
