Tangiers Property FAQs

Q. What country are the Resorts based in?
A. Tanjah Beach & Golf Resort is based in Morocco.
Q. Where is Morocco?
A. Morocco is just below the Southern tip of Spain on the Northern tip of Africa.
Q. What is the nearest town or city?
A. The Resort is 17km south of the city of Tangier and Rabat the capital of Morocco is fairly near too.
Q. Where is the nearest International Airport and what is its distance from the Resort?
A. Tangier has a new international airport just 10 minutes from the Resort.
Q. What is the travelling time to proposed Resort?
A. Tangier is just 3 hours flight from the UK, with its airport conveniently situated near the Resort.
Q. What is unique or makes this a good investment?
A. Key advantages: Rapid development of the economy and increase in property prices; impressive range of tourist attractions, and rich and varied culture; excellent transport and access available; property market and taxes are particularly attractive; diverse terrain - sea, desert, and mountains. Closest tropical destination to the UK (just 3hr flight) and ensures an excellent rental income. Also, we offer a unique way of paying the 25% deposit in instalments for Tanjah in Tangier.
Q. What is the specification of the build?
A. The entire Resort will be built to a 5-star standard.
Q. How many units are there?
A. Mixed development of approximately 3500 units.
Q. What type of units are there?
A. 2 bed apartments, 3 bed penthouses, 3 bed villa/townhouses
Q. What appliances are included?
A. Hot/cold air-conditioning unit, storage areas, safe, fully fitted kitchen with granite work tops, shutters/blinds, phone, satellite and internet connectivity, heat reflective glass throughout, fitted bathroom suite and Jacuzzis on the terraces of the penthouses and villas.
Q. What are the floor coverings to be?
A. There will be rustic floor tiles and marble wall tiles in all buildings.
Q. Will the units have balconies?
A. Virtually all units have terraces with balconies.
Q. What other amenities will there be?
A. 18 hole world-class golf course, indoor spa and fitness club, sports centre, tennis and paddle courts, swimming pools, children's club and playgrounds, beach club with water-sport facilities, restaurants, bars, night clubs, open air amphitheatre and cinema, medical centre, business facilities, car rental and transfer office, 24hr/365day security, supermarkets, tourist shop, hair salons, boutiques, a souk market in the main piazza to allow local traders to exhibit and sell and the entire development is gated.
Q. Is there a furniture pack included? If not what will the approximate cost be?
A. Furniture pack's are not included and further information will be made available in the near future by Elan Properties.
Q. Is car parking included, if so how many spaces?
A. There will be appropriate parking facilities for each property.
Q. What is the style of build?
A. A Moroccan look with a modern feng shui style, which has been created by Anaya Arquitectos, one of Spain's finest architects.
Q. How many stories?
A. Each unit has 4 floors, the top story exclusive to the 3 penthouses.
Q. Will buyers have the right to purchase individual floors, and aspects?
A. Buyers can purchase whatever units they wish as long as they are available.
Q. When will full sets of plans be available on the area showing the road, train and airport proximities?
A. Currently, the boat trip from Gibraltar to Tarifa takes 35 minutes. It is10 minutes' drive from Tangier airport to the site. A new motorway toll was finished at the end of 2005 from Rabat to Tangier with its own exit specifically for this development and there is a proposal for two 39km tunnels to be built linking Morocco and Spain commencing in 2010.

Q. What will it cost to reserve a property?
A. A Euros 2,800 reservation fee and Euros 2,200 administration fee are due before we can start processing the reservation.
Q. Is the deposit refundable?
A. Yes, up to exchange of contracts.
Q. What deposit do I require to exchange contracts?
A. 12% of the purchase price payable on exchange and 13% can be paid via a deferred payment plan, which means you can pay monthly, quarterly, semi-annually or annually in advance.
Q. Is there a rental guarantee?
A. There will be a guarantee package with a rental value to include 10% of the purchase price.
Q. What sort of capital growth has been experienced in this area and what are the prospects?
A. Between 20-25% per annum in Tangier, and nationally between 15-25%. Prices on Tanjah are expected to double in the next 3 to 4 years.
Q. Does the client require a foreign bank account?
A. Yes, buyers must open a bank account in Morocco for mortgage purposes.
Q. Are mortgages available, and if so whom are they done through and what types are available?
A. Yes, the agreed mortgage is 75% of the purchase price over a period of 15 years with a grace period for the first 2 years. More details are provided in the mortgage section. Speak to Elan Properties about obtaining this mortgage.
Q. Is life insurance mandatory on the mortgage?
A. Yes, life insurance on the mortgage is mandatory.
Q. Are copies of the purchase contracts available and easily obtained?
A. Currently being finalised and will be available by December 2006 to February 2007.
Q. Are the contracts assignable?
A. Yes contracts are assignable.
Q. Are there stage payments available? If yes, is a deposit needed and are details of this easily obtained?
A. Stage payments are available through the Deferred Payment Plan (DPP). The standard reservation and admin fee are required and then three months (if using monthly scheme) are payable in the first instalment. Details of this can easily be obtained through Elan Properties.
Q. What are the anticipated purchase costs?
A. Buyers should allow for approximately 6% of the purchase price or up to 7% if requiring a mortgage.
Q. What is the tax on rental income?
A. Buyers will not have to pay any rental income tax in Morocco for 3 years and thereafter between 22% and 44%. Tax on the rental value of the property is not payable on the first 5 years and thereafter at 13.5% payable annually. Buyers should take their own independent advice in respect of their tax liability.
Q. Has the Authorisation for the Resort been granted?
A. Yes, on 16.12.06. The Authorisation can be compared with the Outline Planning Permission granted in the UK.
Q. Has the Construction Licence been granted?
A. No, but it is expected in March 2007. The Construction Licence can be compared with the detailed Planning Permission granted in the UK.
Q. Does the Developer own the site?
A. Yes and it is registered at the Land Registry.
Q. What do we offer for this Investment?
A. What is offered:
� The opportunity to purchase at preconstruction licence prices.
� Exceptional mortgage package.
� Exclusive Rental package.
� Furniture package.
� UK legal representation.
� Low acquisition cost.
� Re-sales service
� After sales service.
� Case-tracking facilities.
� Online web cams to keep you updated on build progress 24 hours a day, 365 days of the year until final completion.
� 5 Star European standards signature developments.
Q. Will there be a price increase?
A. Yes, upon the grant of the Construction Licence prices will rise by about 20%.
Q. Is VAT included in the purchase price?
A. Yes VAT is 14% and is included in your purchase price.
Q. Are there bank guarantees for the monies paid over?
A. Yes.
Q. Is there any bank comfort letter and the Developer's bank?
A. Yes, you can view the comfort letter in the documentation section.
Q . What is the Capital Gains Tax situation?
A. Capital Gains Tax (TPI) is 20% of the profit, with a minimum of 3% of the sale price. There is a double tax treaty between the UK and Morocco to ensure that this is not paid in both countries. Properties sold after more than 10 years ownership are fully exempt from TPI. Properties sold after more than 5 years ownership but less than 10 years are subject to TPI of 10% of any capital gain over 1 million DRh (about €90,000).
Useful addresses and information
Local currency is the dirham (DRh).
Moroccan Embassy, 49 Queens Gate Gardens, London SW7 5NE 020 7581 5001
www.morocco.embassyhomepage.com