King Mohammed VI has made northern Morocco a priority for development with Tangier at its heart and incentives for investors such as • 0% Annual property tax for the first 5 years • 0% tax on rental income for the first 5 years • 0% capital gains tax if profit is under £40K or after 10 years of ownership • 0% inheritance tax when a property passes to a family member • 100% repatriation of funds when you sell your property.
What effect will the tunnel have?
In a recent interview Karim Ghellab, Morocco's minister of transportation stated "It's not easy to predict a date yet, but it is a project that will happen. It will completely change our world,". With many thousands of Moroccan's and tourists crossing the straits of Gibraltar every year on ferries "the tunnel makes sense" says Mustapha Mezouri a Moroccan director for English company Property Borders.
The tunnel will have a positive effect for both countries, Europe and North Africa if it goes ahead. By 2010 Morocco expects to become part of the Euro-Med free trade zone and is working towards a close relation with the EU this is a significant development that will undoubtedly boost the Moroccan economy further still.
Mustapha Mezouri says FDI (Foreign Direct Investments) in Morocco is at a all time high from investors across the globe, France and Spain are a big part of this. The effects of Vision 2010, Morocco's drive to have 10 million tourist by 2010 and the planned tunnel are evident everywhere with the Tangier Med Port the biggest in north Africa and new motorways being constructed. Tangiers airport is being extended in preparation for the flood of low cost and charter carriers that will likely use it. The open skies agreement, signed recently with the EU, will open up the skies to allow no-frills/ low cost airlines to fly to Morocco.
Mustapha Mezouri comments "the dynamic King Mohammed VI has made northern Morocco a priority for development with Tangier at its heart and incentives for investors such as • 0% Annual property tax for the first 5 years • 0% tax on rental income for the first 5 years • 0% capital gains tax if profit is under £40K or after 10 years of ownership • 0% inheritance tax when a property passes to a family member • 100% repatriation of funds when you sell your property."
Tangier which was once seen as a seedy area has changed immensely over the past years. The highly capable mayor Mohamed Hassad has brought in plans to make this area a centre for tourism and business trade.
Property Borders have properties for sale in all areas of Morocco including the Exclusive La Baie Panoramique in Tangier the first phase of which is due for completion in December 2007, Plan Azur resorts of which they are official agents and recently they released the first units of La Plage at Port Lixus an Exclusive beachfront condo hotel in Larache.
Port Lixus is the second of the Plan Azur resorts to be launched. The first 25 units of the condo hotel units at La Plage Port Lixus were sold out in two weeks and Property Borders have a list of clients waiting for the second release which is imminent.
Contact details: 0208 508 9905
www.propertyborders.co.uk
Tags: Moroccan Morocco Fes, Maghreb news
2 comments:
the last thing we need in europe is a tunnel to africa......big dreams i say.
But it's a good idea, even if it seems a dream now. But today Morocco is a promising emerging market and a huge growth in developments to the region is living proof of this. The Moroccan government's commitment to increase the numbers of tourists is a real incentive for developers and investors alike.
As the country offers everything from economical apartments to million pound villas, Morocco property investment is attracting all types of investors, from the first time buyer to the more seasoned investor, all of which are keen to tap into this emerging market.
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