Apartment in Asilah, Morocco

Location

From the bustling port of Tangier with it's airport and ferry connections, we head south along the
beautiful Atlantic coast.
Little more than 30 minutes drive brings us to the Spanish/Moroccan town of Asilah - quaint yet lively with
its medina and many restaurants.
Just outside Asilah, we reach our destination, the Asilah Marina Golf site.
Morocco is a kingdom and his Highness King Mohamed VI has indicated that one of the principal
economic sectors he wishes to promote in Morocco is tourism. His aim is to have 10 million tourists
annually visit Morocco by 2010. This ambitious project which includes hotel and road construction,
improvement of infrastructure etc. will inevitably have a significant effect on property prices in prime
tourist areas.
A Mediterranean type climate and lifestyle, less than 3 hours flying time and with property prices a
fraction of those in nearby Spain (just 9 miles away) – it’s difficult to see how those with investment in
mind can go wrong here!!
Those looking for rental income won’t be disappointed. High season rates in Northern Morocco often
reach £100 per night.
The Moroccan government is keen to encourage foreign property owners and offer the following
incentives to purchasers.

• No rental tax for the 1st 5 years of onership
• No capital gains tax if the profit is below £40,000 - 20% there after.
• After 10 years ownership capital gains tax is nil.
• No inheritance tax if property passes to a family member
• Full repatriation of funds if a property is sold.

Only 15 minutes from Asilah Marina Golf is the Club Tanger de Tiro - a world class country club whose facilities are open to non-members. There are 3 restaurants serving both international and Moroccan cuisine plus a café bar. On a 50 acre site the Country Club has a tennis centre, mini-football pitch and kiddies play area. Also available is clay pigeon shooting and soon to be 18 hole Golf Course.

Payment example

2 BED APARTMENT - € 90,000

To reserve your apartment you will need to Pay a HOLDING DEPOSIT of € 3,600

2 weeks later you will need to pay the following:
Agency Fees € 4,640
The remaining balance of the 40% Deposit € 32,400

Upon Completion of the property:

The remaining balance of 60% by low interest Mortgage: € 54,000

THE MORTGAGE

A mortgage of 60% has already been agreed by a leading local Bank. Proof of income is required. e.g.
A P60 if you are employed or last year’s Tax Return for self-employed persons.
(No Mortgage repayments necessary until the Title Deeds are signed and you take possession of your apartment).

EXTRAS TO PURCHASE PRICE

You will need to budget for Moroccan VAT (IVA) which is 14% of the purchase price, payable at the signing of the title deeds.
Miscellaneous completion costs will also apply such as Notary charges, land registry charges, stamp duty etc. These costs will be summarised by the
notary when the property completes and are usually minimal in comparison to the property's price.

For more informtaion, call SirocoEstates on: +34 952 582 340
UK Free Phone: 0800 10 77 808
Llamar al: 952 582 340
e-mail: enquiries@sirocoestates.com

This document has no contractual value

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