Taking money out of morocco

[edinburgh jim]

Hi i sold my property in morocco .I transferred money to morocco using currency exchange company .I still have the transfer paper work. i sent the money strait to the builders account from the currency exchange company .I hear that i needed to open some account in morocco then then send money to the builders account my stupid ignorance :embarassed:.Is their any way i can get my money out of morocco legally. thanks

 

[moroccobound]

Depends on how much money you are talking about. You can take out whatever you brought into the country plus all our profit (less 20% tax on the profit). Being Morocco, though it is not all that simple.

Check with your notary to see if you can pay 20% on the total amount you want to take out. This may be the easiest way to do so. If may be costly, but at least you will have all your money out of there.

If you are not a Moroccan resident you (an individual) can bring out without mentioning it to the authorities 9,000 Euros every time time you leave the country so you and your partner for instance can bring out 18,000 Euros per trip. If you were silly enough to have received all of the sales proceeds in Durhams, then you will have a much harder time, as you will have to transfer them into Euro first and there is a restriction of the amount you can per year.