Moroccan Resort Marina Mediterrania Saidia Oversubscribed
Tuesday, February 26th, 2008 
Posted by Overseas Property Mall in 
The designers of the purpose-built Moroccan resort, Mediterrania Saidia, are pleasantly surprised to discover that the marina needs extending even before they’ve finished building it. The marina was over-subscribed from the day it was officially announced and the existing 840 berths will now be expanded to over a thousand.
Each of the additional berths at Mediterrania Saidia will be more than forty foot long and also create space for more commercial areas, a sports club and extra parking spaces. The marina is the hub of the seven million square meter resort which includes restaurants with sunny pavement terraces, bars, a traditional souk, designer boutiques, high street fashion stores, a medical centre and discotheque.
In July 2002, Morocco called a tender to select local and foreign partners to develop five seaside tourist resorts for a budget of $4.2 billion in a drive to attract 10 million foreign tourists by the year 2010.
The Moroccan government is scrambling to provide the necessary infrastructure projects it promised as part of the deal.
A privately owned Spanish company has signed a $1.62 billion agreement with the government of Morocco to develop one of the tourist resorts on the country’s Mediterranean coast.
Mediterrania Saidia Maroc is located along a 3.8 mile stretch of beach in eastern Morocco between Algeria and Spain’s Melilla. When complete, the resort will contain 8 hotels, 3 golf courses, a port, a medical centre and a huge commercial/shopping centre. Particular attention has been paid to maintain green spaces, one of the government’s high priorities. The Mediterrania Saidia resort will have 6 hotels, a luxury 5-star hotel, two 5-star hotels and three 4-star hotels with a massive capacity of 5,354. There are also 22 plots of land on which to develop tourist accommodation units and holiday villas, allowing an opportunity for 10,378 beds.
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This entry was posted on Tuesday, February 26th, 2008 at 3:54 pm and is filed under Morocco Property. You can follow any responses to this entry through the RSS 2.0 feed.
2 Responses to “Moroccan Resort Marina Mediterrania Saidia Oversubscribed”
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morocco property Says:
February 27th, 2008 at 8:49 amA huge project by Morocco. It is designed for tourists. Morocco invisions more tourists in future.
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Luxury Living In Morocco - Property Investment Says:
June 3rd, 2008 at 11:30 pmI totally agree It is Moroccan Time for Real estate Investment with confidence.
If you intend to purchase one or number of Moroccan properties you need to know some useful tax implication tips.What is the annual tax liability likely to be?
The Morocco tax system is modelled on the French system and can be quite complex. All purchasers are strongly advised to get independent tax advice on their Moroccan real estate purchase and to employ a local reliable accountant to deal with their tax claims. The UK and Morocco subscribe to a double tax agreement.
The following information gives a very basic outline of the Morocco tax implications for UK purchasers:
Buy to Let
Personal Income Tax on Rental Income (IGR) for a non-tax resident
Anyone generating an income in Morocco, whether they are tax resident or not, will have to complete a tax return declaring their income. Buying a property and letting it out incurs tax liability on the income. In Morocco, the first 20,000dhs are tax exempt and the remainder is taxed at a sliding scale from 13% (with reduction of 2,600dhs) for income between 20,000 and 24,000dhs, rising to 44% for income surpassing 60,000dhs per year.Local Property Tax (Taxe Urbaine- TU) and Taze d’édilité (TE) (Personal holiday home option)
A Property may incur this annual tax, but for the first five years, private purchasers of a newly constructed property have full exemption (Property agencies and companies are not exempt). There is a 75% discount if the home is your permanent residence.At the moment, no urban tax is payable on a rural residence.
Property Rental Tax (Taxe Urbaine) (Investment only)
Investors are liable for 13.50% tax on the rental value of the property if they do not live at the property at all.Refuse Collection Tax (Fiscalite des collectivites locales)
At the moment, there is a 5 year exoneration from the garbage collection tax. In subsequent years, tax is calculated at 10% of the property’s annual rental value.Buy and Resell
Capital Gains Tax (Taxe sur les Profits Immobiliers - TPI)
20% Capital gains tax is payable on the profit from resell, with a minimum payment of 3% of the final sale price. TPI is based on the sale price less the purchase price. In this instance, the purchase price is deemed to include the following:Cost of borrowing, Registration and legal costs, Notary fees and taxes, Repairs and maintenance costs,
Brokerage fees, Inflation (based on a current government figures)Sellers are exempt from Capital Gains Tax if the property is sold after it has been owned for more than ten years.
When the property is owned for more than 5 years but less than 10 years, the TPI tax will be 10% of any capital gain over 1 million Dirhams.Inheritance Tax
No inheritance tax is payable for family members. Expert advice should always be obtained prior to implementing any inheritance tax planning strategies.
Owners are strongly advised to make a Moroccan will.UK - Morocco Tax Treaty
There is a double tax treaty between the UK and Morocco that ensures purchasers do not suffer Income or Capital Gains tax in both countries.
Corporate Tax
If you intend to purchase a number of Moroccan properties
If you intend to purchase a number of Moroccan properties it may well be worth considering establishing a Moroccan Private Limited Company -The private limited company (SARL). Detailed legal advice is essential in this instance.
