Can anyone supply a list of Moroccan Banks I might contact re financing a property purchase??
You will need the patience of a Saint and get ready for most obscure and weird paper work requirements.
Dont also forget that under Moroccan law you will need to pay 10% VAT on the interest rates. Yes you have read it correctly. e,g interest rate 5% +10% VAT so you will be paying 0.50% VAT to the Moroccan Government until your mortgage has been paid out.
You will also have to service the loan in foreign exchange under Moroccan law you cannot pay Dirhams. So if you intend to rent your property you will be sitting with lots of Dirhams in your pocket and where will you spend it ?
Finally, your rent will attract VAT of 10%. So its not correct to say the there is no Tax on Moroccan property rental.
re the comment 'under Moroccan law you cannot pay Dirhams'
I am in the process of buying in Saidia.
I had read that you couldn't repatriate profit if you originally paid in Dirhams so asked my solicitor and she advised that this is not so (gave me a very long answer on the phone, which I understood to mean that what I had read was not relevant in this case). I hope she is right because I am paying the deposits in Dirhams.
If anyone else knows different I woould be grateful for the knowledge now.