The General Instruction for Exchange Operations (IGOC) 2026 defines two statuses, resident and non-resident, assessed within the meaning of tax legislation (Art. 2). Among individuals, it sets specific rules for four profiles: Moroccan resident, foreign non-resident, Moroccan living abroad (MRE) and foreign resident in Morocco; legal entities and branches of foreign companies have their own treatment. Each profile determines which bank accounts are permitted, transfer rights, investment options and reporting obligations. This article breaks down the rules applicable to each profile.
Why exchange status matters
Morocco’s exchange control regulations rest on a core principle: the dirham is only partially convertible. Any transaction involving foreign currency — transfers, investments, repatriation — is supervised by the Exchange Office (Office des Changes). A person’s exchange status dictates the full scope of their rights and obligations regarding capital movements.
With the overhauled IGOC that came into force in 2026, the rules have been clarified and certain thresholds raised, but the status-based framework remains the backbone of the entire system.
The four exchange profiles: summary table
| Profile | Definition | Examples |
|---|---|---|
| Moroccan resident | Moroccan national who is resident within the meaning of tax legislation | Employee, entrepreneur, retiree living in Morocco |
| Foreign non-resident | Foreign individual who is non-resident within the meaning of tax legislation; any foreign legal entity (its branch or establishment in Morocco may itself be resident) | Foreign investor, parent company abroad, tourist |
| MRE (Moroccan living abroad) | Moroccan national settled outside Morocco and non-resident within the meaning of tax legislation | Moroccan expatriate in France, Canada, UAE |
| Foreign resident in Morocco | Foreign national who is resident in Morocco within the meaning of tax legislation | Expatriate executive, foreign spouse, retired foreigner settled in Morocco |
Status is assessed within the meaning of the tax legislation in force: IGOC 2026 (Art. 2) expressly refers to tax residence for individuals, whether Moroccan or foreign.
Moroccan resident: the standard regime
The Moroccan resident operates in dirhams as a rule. They may, however, open a foreign currency account or a convertible dirham account in the cases provided for by the IGOC, in particular when receiving foreign-source income (up to 70% of the amounts repatriated, Art. 234) or as an exporter (Art. 229).
Permitted bank accounts: current accounts and savings accounts in dirhams with Moroccan banks.
Investment options: domestic investments without restriction. For an individual, building up assets abroad remains subject to authorisation from the Exchange Office (Art. 1), except for employee shareholding up to 10% of annual net salary (Art. 186). Moroccan companies may invest abroad through their bank up to MAD 200 million per year, subject to conditions (Art. 179 and 181).
Transfer rights: personal travel allowance (base of MAD 100,000, increased by 30% of the income tax paid the previous year, up to MAD 500,000 per person per calendar year), study expenses abroad, payment of emigration file fees to foreign public bodies. Commercial transfers are unrestricted for duly domiciled imports.
Reporting obligations: declaration of assets held abroad where applicable, compliance with allowance ceilings, travel supporting documents.
Foreign non-resident: full convertibility
The foreign non-resident benefits from the most favourable exchange regime. The guiding principle is a guarantee of transfer and convertibility for capital brought into Morocco through the banking system.
Permitted bank accounts: convertible dirham accounts and foreign currency accounts with Moroccan banks. These accounts are freely funded by transfers from abroad.
Investment options: direct and portfolio investments with no ceiling, provided funds entered the country through proper channels. Dividend transfers are guaranteed without amount limitations.
Transfer rights: income (dividends, interest, rent) is transferable without limit, regardless of how the investment was funded (Art. 161). Sale or liquidation proceeds, including capital gains, are freely transferable if the investment was funded in foreign currency (Art. 171); otherwise, they are paid into a term convertible account and transferred in four annual instalments of 25% (Art. 241). Banks require the settlement documents listed in Article 12 and proof that taxes have been paid.
Obligations: the investor is not required to file any investment declaration with the Exchange Office; they must keep the settlement documents for their investment (Formule 2 or Formule 4, credit advice, etc., Art. 12 and 20), which are essential for later transfers of income and sale proceeds.
MRE: a beneficial hybrid regime
Moroccans living abroad enjoy a specific status that combines advantages from both the resident and non-resident regimes. IGOC 2026 consolidated and expanded their prerogatives.
Permitted bank accounts: the MRE may open three types of accounts in Morocco:
- Ordinary dirham account: funded by transfers from abroad or local income, usable for day-to-day expenses in Morocco.
- Convertible dirham account: funded in particular by transfers from abroad, transfers from other foreign currency or convertible accounts, foreign banknotes declared on entry and income from capital transactions; available balances are freely reconvertible and transferable (Art. 228).
- Foreign currency account: denominated in euros, dollars or another quoted currency, funded by transfers from abroad.
Investment options: MREs can invest freely in Morocco in real estate, securities, UCITS and shares in Moroccan companies. Investments funded through convertible dirham or foreign currency accounts benefit from the transfer guarantee.
Transfer rights: MREs may transfer abroad the income from their investments (rent, dividends) and proceeds from asset disposals, provided the initial investment was funded by repatriated foreign currency. MREs may buy back and take out, up to MAD 100,000 per year, the foreign currency they repatriated and sold over the last twelve months (excluding currency credited to their convertible account), upon presentation of the currency import declaration and the exchange slips (Art. 41).
Obligations: keep the settlement documents in foreign currency or convertible dirhams for each investment (Art. 12 and 20); they condition the transfer guarantee for income and sale proceeds.
Foreign resident in Morocco: treated as resident with adjustments
A foreign national settled in Morocco is subject to the exchange regulations applicable to residents. However, specific adjustments allow the repatriation of part of their income.
Permitted bank accounts: ordinary dirham accounts and, like non-residents and MREs, foreign currency and convertible dirham accounts (Art. 228), funded in particular by transfers from abroad and freely debitable for any payment in Morocco or abroad.
Investment options: same regime as Moroccan residents for domestic investments.
Transfer rights: the foreign resident may transfer their salary income net of tax, social contributions and living expenses in Morocco, monthly in arrears (Art. 157-158), as well as retirement pensions received in Morocco. Their investments in Morocco funded in foreign currency benefit from the transfer guarantee (Art. 171); on final departure, they may transfer their non-transferable assets up to MAD 50,000 per year of stay (Art. 208).
Documents required: to transfer salary, the bank requires a copy of the employment contract approved by the Ministry in charge of Employment (except for nationals of countries with an establishment agreement with Morocco), the secondment contract where applicable, and a net salary certificate signed by the employer (Art. 159).
Practical implications for investment and company formation
Exchange status has direct consequences on how an investment or business creation in Morocco should be structured:
- Foreign currency vs dirham funding: only investments funded by repatriated foreign currency benefit from the transfer guarantee for income and capital. An MRE who uses an ordinary dirham account forfeits this guarantee.
- Company formation by a non-resident: the contribution must be funded in foreign currency, by a transfer received from abroad (Formule 2) or by debiting a convertible dirham account (Formule 4), or by the other methods listed in Article 173. These settlement documents (Art. 12) must be kept: they condition the future transfer of sale or liquidation proceeds.
- Foreign resident setting up a business: they are treated as a foreign investor (Art. 170). Their dividends are transferable without ceiling if the contribution was funded in foreign currency; without such proof, IGOC 2026 allows the transfer of income from the last closed financial year up to MAD 2 million per year, provided the investment has been held for at least ten years (Art. 161).
Structuring financial flows correctly from the outset is critical. Working with a chartered accountant experienced in exchange regulations prevents complications when the time comes to repatriate funds.
Key takeaways
IGOC 2026 distinguishes residents and non-residents within the meaning of tax legislation, with specific rules for four profiles. Foreign non-residents enjoy the broadest convertibility, MREs a hybrid regime (foreign currency and convertible accounts, buy-back of up to MAD 100,000 per year of currency repatriated over the last twelve months), while foreign residents, subject to the standard regime for current transactions, may hold foreign currency accounts and benefit from the transfer guarantee for investments funded in foreign currency. Status governs every operation: opening an account, investing, transferring funds or repatriating profits.
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