Morocco Probes Citizens’ Luxury Real Estate Purchases in Spain

The letters were addressed to taxpayers residing in Casablanca, Tangier and others who have not declared their real estate abroad, in violation of the laws and regulations in force on exchange control.

In their investigations, the controllers of the Foreign Exchange Office questioned a businessman, owner of land and slaughterhouses in Casablanca, about a luxury villa he acquired in Marbella and which is not declared, according to sources at Hespress. This property, as well as another belonging to his wife, a French national, were identified thanks to the exchange of data with the competent Spanish services, it is pointed out.

The controllers also sent a letter to an architect, owner of a real estate development company, regarding a luxury apartment located in an upscale neighborhood in Madrid. The funds used to purchase this real estate asset have not been repatriated to Morocco, in accordance with the exchange control regulations, the controllers noted.

The taxpayers concerned are invited to produce the documents and supporting documents relating to the financing of the acquisition of these real estate assets abroad. If the information provided does not match the database, they will be subject to the rigor of the law.