London 11/11/2009-Close ties between King Mohammed VI of Morocco and Prince Albert II of Monaco are one of the reasons why Monaco is firmly behind the promotion of a new super luxury resort in Morocco. The other reason is that Monaco based company Monte Carlo SBM are the majority share holders in the 120 million hotels and private residential complex in Menara district of Marrakech.
Monte Carlo SBM are behind some of Monaco’s casinos, restaurants and hotels, in which the State of Monaco is the majority shareholder.
The State of Monaco is using its influence to attract some of its richest residents to buy winter holiday homes on the Moroccan estate. The strategy seems very well thought out as like Monaco Morocco offers its residents some outstanding tax benefits. Morocco has no capital gains tax payable after ten years, no rental tax for the first five years and 0 per cent property tax for the first three years. There is also no inheritance tax if a home is left to a family member
The super rich of Monaco are said to starting to register an interest in the apartments, which start at £1.8 million and go up to £5.4 million. The exclusivity of the complex has reportedly attracted Jenson Button and Bob Diamond, the head of Barclays investment banking division.
Morocco plans more investment into its infrastructure with investment into its Industrial zones and business parks worth 1.95 billion dirhams.
The justice system will see its budget grow by 36 percent to 3.2 billion dirhams to help push through reforms. The Moroccan Education budget to grow to 51 billion dirhams in 2010 from 46 billion in 2009.
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