The General Instruction on Foreign Exchange Operations (IGOC) 2026 guarantees foreign investors the right to freely transfer dividends, net profits and disposal proceeds related to their investments in Morocco. This guide covers the conditions, required documents and step-by-step procedure.
Transfer guarantee: a cornerstone of Morocco’s investment appeal
Morocco has made the free transfer of investment income a fundamental commitment of its foreign exchange policy. The IGOC 2026 consolidates this principle by guaranteeing non-resident investors the right to repatriate three categories of income:
- Dividends and profit shares distributed by Moroccan companies in which the investor holds a stake.
- Net profits earned by branches, liaison offices and permanent establishments of foreign companies.
- Disposal or liquidation proceeds resulting from the sale of equity interests, dissolution of a company or capital reduction.
This guarantee applies without any cap or prior authorisation from the Exchange Office, provided the initial investment was made in compliance with the applicable exchange regulations.
Eligibility conditions for transfer
To benefit from the transfer right, the investor must meet several cumulative conditions:
Initial investment in foreign currency
The initial contribution must have been made in convertible foreign currency through an authorised domiciliary bank in Morocco. Traceability of this contribution is essential: the bank maintains a foreign investment file that serves as the reference for any subsequent transfer.
Non-resident status
The transfer beneficiary must demonstrate non-resident status under Moroccan exchange regulations. This status is distinct from tax residence and is determined by the person’s centre of economic interests.
Declaration to the domiciliary bank
Every foreign investment must be declared to an authorised intermediary bank acting as the domiciliary bank. This bank processes transfer requests and verifies the compliance of supporting documents.
Required documents for the transfer
The transfer file requires several documents, varying according to the nature of the income being transferred.
For dividend transfers
- Bank certificate of foreign currency contribution — issued by the domiciliary bank, it proves the reality of the initial investment in foreign currency.
- Minutes of the General Meeting approving the dividend distribution, certified as a true copy.
- Company tax return (tax package) for the relevant financial year.
- Corporate tax payment receipt and, where applicable, the withholding tax (WHT) receipt on dividends at the conventional or statutory rate.
- Tax residence certificate of the beneficiary, issued by the tax authority of the country of residence (essential for applying a double tax treaty).
- Investor account statement held by the domiciliary bank, tracing all movements related to the investment.
For capital repatriation (disposal proceeds)
In addition to the above documents (excluding the GM minutes), the file must include the registered transfer deed, the capital gains declaration and the receipt for any capital gains tax due.
Distinction between dividend transfer and capital repatriation
It is crucial not to confuse these two operations:
| Criterion | Dividend transfer | Capital repatriation |
|---|---|---|
| Nature | Current income | Capital transaction |
| Basis | Distributable profit | Initial contribution +/- capital gain |
| Frequency | After each distribution GM | One-off (disposal, liquidation) |
| Taxation | WHT on dividends (11.25% in 2026, 10% from 2027, or treaty rate if lower) | Capital gains tax (20% or treaty exemption) |
| Limit | Amount of distributed profit | Amount of disposal or liquidation bonus |
Repatriation of the initial capital invested in foreign currency is guaranteed at any time, with no minimum holding period.
Special case of Moroccans Residing Abroad (MRE)
Moroccans Residing Abroad benefit from a specific regime. Two situations arise:
- Investment in foreign currency via a foreign currency account or a convertible term account: the MRE benefits from the same transfer guarantees as any foreign investor.
- Investment in convertible dirhams (MAD): when the MRE invests from a convertible dirham account, income transfer is guaranteed up to the amounts invested and the related income.
In all cases, the MRE must ensure the investment is channelled through a domiciliary bank and that fund traceability is established from the outset.
Step-by-step practical procedure
- File preparation — Gather all supporting documents listed above according to the type of transfer (dividends or capital).
- Submission to the domiciliary bank — Submit the complete file to your authorised intermediary bank. The bank verifies document compliance and amount consistency.
- Tax verification — The bank ensures all tax obligations have been met: corporate tax, WHT and capital gains tax where applicable.
- Transfer execution — If the file is compliant, the bank processes the foreign currency transfer to the foreign account designated by the investor. No prior Exchange Office authorisation is required for current transfers.
- Ex post reporting — The bank prepares a report to the Exchange Office as part of its periodic reporting obligations.
The average processing time is five to ten business days from receipt of the complete file.
Practical tips
- Prepare the file early, starting from the distribution GM, to avoid delays.
- Check the tax treaties between Morocco and the beneficiary’s country of residence: the domestic rate of 11.25% (2026) may be reduced by treaty to 10%, or even 5%.
- Maintain a complete record of all flows since the initial investment: this is the key to a smooth transfer.
- Engage a chartered accountant to coordinate the tax, accounting and exchange aspects.
Read also
- Foreign investments and exchange regulations in Morocco
- Complete guide to foreign investments in Morocco
- International dividend taxation
- IGOC 2026 exchange statuses
Upsilon Consulting, a chartered accountancy firm in Casablanca, supports foreign investors and Moroccans Residing Abroad with all dividend transfer and capital repatriation procedures. Contact us to secure your exchange operations.
