Rabat - Moroccan expatriates wanting to return to Morocco and transfer their assets will benefit from a new property law.
Rabat – Moroccan expatriates wanting to return to Morocco and transfer their assets will benefit from a new property law.
The Ministry of Economy and Finance announced new implementation rules for Articles 4 and 6 of Law 63-14 related to the assets and liquidity of Moroccan expatriates in their country of residence.
Moroccan expatriates who had already transferred their fiscal residency before the date of publication at Official Bulletin and who have not yet finished the statement procedures as set by Dahir n 1-59-358, October 17, 1959 related to assets obtained abroad, have one year period as of October 19, 2015 to declare their property at the Office of Change.
The declaration should be accompanied by a form that is attached to the above mentioned decision, documents justifying that the concerned person is living abroad, the exercise of an activity, and property ownership document.
As for Moroccan expatriates abroad who transferred their fiscal residency to Morocco after the Law 63-14 was published at the Official Bulletin, the period of declaration is set in one year as of the date of their transfer of their fiscal residency to Morocco.
The new law also allows Moroccan expatriates to conduct any disposition on their declared property without addressing the Office of Change, as well as the possibility to keep their declared liquidity in foreign accounts.
The office of Change has devoted in its website a section destined to this operation entitled “ “Moroccan living abroad declarations”. The section includes all the necessary information on this operation.