French Audit Uncovers Undeclared Luxury Properties Owned by Wealthy Moroccans

Wealthy Moroccans are in trouble. An in-depth audit operation on properties that have not been occupied or rented since their acquisition, sometimes over several years, launched by the French authorities on luxury properties located in western Paris, particularly in the 3rd, 6th, 7th and 8th arrondissements, has revealed that many of them own luxury real estate in Paris. The identities of these Moroccan owners were discovered fortuitously during this audit launched as part of the verification of the situation of several high-value real estate properties, the identity of their owners, as well as the compliance of real estate agents with anti-money laundering and counter-terrorism financing measures, according to sources at Hespress. The only problem: they did not declare their assets to the Moroccan Foreign Exchange Office or the Moroccan tax authorities.

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Since they became aware of the audit reports, some Moroccans owning luxury properties in the French capital without declaring them to the Moroccan Foreign Exchange Office, although they regularly carry out commercial and investment activities in Morocco, are worried, the same sources further state. Justified concerns: the Operation to regularize the tax situation of Moroccans with assets abroad, and having a tax residence in Morocco, ended this Tuesday, December 31, 2024. Offenders are therefore exposed to severe financial penalties, coupled with increased controls.

These owners of Parisian real estate will have to justify the origin of the funds that allowed the acquisition of these real estate properties. They also risk facing administrative and judicial proceedings, as well as the payment of the duties incumbent on them.