Luxury goods in Paris: Moroccan millionaires in turmoil

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 neither been 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.