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A study recently published by the General Council of the Spanish Notariat revealed that Moroccans are the first customers outside the European Union of Spanish real estate, especially in the south of the country which has seen a drop in prices.
This report lifted the veil on the large quantities of silver smuggled out of Morocco, something that alarmed the Foreign Exchange Office on the seriousness of the situation. The Board is approving new regulations to curb capital flight and regularize cash transfers.
The study also highlights the fact that the investments of non-European citizens in Spanish real estate allows them to receive residence cards or even Spanish nationality. In this regard, the Moroccans bought more than 3,662 properties for the year 2018 in front of the Chinese (2222) and the Russians (1689).
