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Saham-Sanlam deal makes Ireland the leading investor in Morocco



theThe preliminary figures from the Foreign Exchange Office on foreign direct investment (FDI) in Morocco in 2018 show to the surprise that the first foreign investor is … Ireland. In itself it represents 20% of the FDI received last year. This is all the more surprising because it represented only 0.3% of the total foreign direct investment conquered by Morocco in 2014, with 115.5 million dirhams in investments. Between 2014 and 2016, Ireland invested only 234 million dirhams in Morocco.

A quick turnout

But in 2018, with 9,693 billion dirhams, Ireland passes France (8.12 billion), Morocco's historic economic partner. Already in 2017 there was a sudden increase in investment from Ireland. The latter amounted to 3,473 billion dirhams, 30 times more than the year before.

Where does this country's sudden interest in Morocco come from? In a document provided by the Exchange Agency describing FD by sector, we see that since 2017 Irish funds have flowed almost exclusively to the insurance sector.

An Irish buyout

This is in fact the result of the acquisition of Saham Assurances by the South African giant Sanlam for $ 1 billion in 2018. In 2017, Sanlam had already increased its stake in Moroccan society to 46.6%, which is why the first tree of FDI that year.

What is the relationship with Ireland if Sanlam is South African? In fact, since 1997 the company has had a specific asset management company in Ireland, called Sanlam Asset Management Ireland Limited.

Ireland is known worldwide for its low corporate income tax (12.5%). An advantage that has attracted the largest international groups, such as Amazon, Apple or Facebook, who use it in tax optimization schemes. "The establishment of a holding company headquarters in Ireland has many advantages, the most important of which are the exemption from capital gains tax on the sale of qualified shareholdings in subsidiaries and the favorable taxation of foreign dividends. ", Dublin & # 39; s ByrneWallace says in its guide for corporation tax in Ireland.


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