In France, reports reveal the identities of wealthy Moroccans, as well as those of their wives and children, owning luxury real estate in Paris, without having declared them to the Moroccan Bureau des Changes or to Morocco’s tax control services.
Rich Moroccans find themselves in difficulty. An in-depth audit operation on properties which have been neither occupied nor rented since their acquisition, sometimes over several years launched by the French authorities on luxury properties located to the west of Paris, particularly in the 3rd, 6th, 7th and 8th arrondissements revealed that many of them own luxury real estate in Paris. The identities of these Moroccan owners were discovered by chance during this audit launched as part of verifying the situation of several high-value real estate properties, the identity of their owners, as well as the respect of the real estate agents of the measures and procedures to combat money laundering and the financing of terrorism, sources at Hespress. Only problem: they did not declare their assets to the Moroccan Exchange Office or the Moroccan tax services.
Read: Tangier: MREs involved in suspicious real estate transactions
Since becoming aware of the audit reports, some Moroccans owning luxury properties in the French capital without having declared them to the Moroccan Office of Change, although they carry out commercial and investment activities of regularly in Morocco are worried, the same sources further indicate. Justified concerns: the Operation to regularize the tax situation of Moroccans with property abroad, and with a tax residence in Morocco, ended this Tuesday, December 31, 2024. Offenders are therefore exposed to severe financial sanctions , coupled with increased controls.
These owners of Parisian real estate will have to justify the origin of the funds which allowed the acquisition of this real estate. They also risk facing administrative and legal proceedings, as well as payment of the acquittal fees incumbent on them.
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