Morocco’s Updated Foreign Exchange Framework
The Office des Changes published the Instruction Générale des Opérations de Change (IGOC) 2026, effective January 1, 2026. This updated framework introduces meaningful liberalization measures that improve Morocco’s attractiveness as an investment destination, particularly for foreign individuals and multinational groups with Moroccan operations.
Enhanced Repatriation Rights for Foreign Investors
Foreign investors holding Moroccan assets through convertible investment accounts (compte en devises or compte en dirhams convertibles) may now repatriate: annual investment income up to MAD 2 million within the first 10 years post-investment, capital gains on disposal of qualifying investments, and full repatriation of proceeds from winding up Moroccan operations. These rights apply without requiring prior Office des Changes approval for amounts within the established thresholds.
Corporate Investment Limits and MAD 200M Ceiling
Moroccan companies may now invest abroad up to MAD 200 million per fiscal year without individual authorization (up from MAD 100 million), subject to Office des Changes notification. This facilitates Moroccan multinationals expanding regionally and supports structured holding company arrangements for foreign groups using Morocco as a regional hub.
Personal Allowances and Travel
Individual residents benefit from enhanced personal travel allowances: business travel allowances increased to MAD 200,000 per trip, with simplified documentation. Non-resident Moroccans (MRE) retain unrestricted transfer rights for legitimate income earned abroad.
Our firm advises foreign investors and multinationals on foreign exchange compliance and structuring transactions within Morocco’s updated IGOC 2026 framework.
