Morocco’s Office des Changes published the updated Foreign Exchange General Instruction (Instruction Générale des Opérations de Change – IGOC) 2026, effective January 2026. This regulatory update introduces meaningful liberalization measures that directly impact foreign investors operating in Morocco, particularly regarding capital repatriation, international transfers, and cross-border business operations.
For international companies and individual investors with Moroccan assets, the new IGOC framework provides enhanced flexibility while maintaining exchange control compliance requirements. Understanding these regulatory changes is essential for foreign investors seeking to optimize capital mobility while ensuring adherence to Moroccan foreign exchange law.
Personal Travel Allowances and Individual Transfers
The IGOC 2026 maintains the annual personal travel allowance at MAD 100,000 per person, with an important supplementary allocation mechanism. Moroccan residents can access an additional allowance calculated at 30% of their prior-year income tax payment (Impôt sur le Revenu – IR), capped at MAD 200,000 per year.
This progressive calculation method creates differentiated access to foreign currency based on tax contribution. Higher-income residents who pay substantial IR consequently obtain larger foreign currency allowances for international travel and expenses.
Foreign residents in Morocco benefit from the same allowance structure as Moroccan nationals. The allowance applies to all authorized foreign exchange transactions, including international wire transfers, foreign currency cash withdrawals, and electronic payment card usage abroad.
Ten-Year Foreign Resident Investment Income Transfer
The IGOC 2026 introduces a significant provision for long-term foreign residents. Individuals who have maintained investments in Morocco financed through foreign currency for at least ten years can now transfer investment income abroad up to MAD 2 million annually without providing origin justification documents.
This measure addresses a longstanding concern for foreign investors worried about capital exit restrictions. Previously, all foreign currency transfers required detailed documentation proving the foreign currency origin of the initial investment. The ten-year threshold eliminates this documentary burden for established foreign residents.
The MAD 2 million annual limit applies to investment income specifically, including rental income from real estate, dividend distributions from Moroccan companies, and capital gains from securities sales.
Corporate Foreign Investment Limits
Moroccan companies seeking to establish foreign operations or acquire foreign assets face a revised annual investment ceiling. The IGOC 2026 sets the foreign investment limit at MAD 200 million per company per calendar year.
This limit covers all outbound investment transactions, including foreign subsidiary creation, share acquisitions in foreign companies, real estate purchases abroad, and shareholder loans to foreign entities. Companies exceeding the MAD 200 million threshold require prior authorization from the Office des Changes.
Foreign investors structuring Moroccan operations should evaluate optimal entity configurations to maximize foreign exchange flexibility while maintaining regulatory compliance. Cabinet Lafrouji Avocats assists international companies with corporate structuring analysis and foreign exchange regulatory compliance. Contact us at +212 (5) 22 47 55 29.
Startup and Technology Sector Provisions
The IGOC 2026 contains specific facilitation measures for innovative technology companies registered with Morocco’s Agence de Développement du Digital (ADD). Founders of qualified Moroccan startups can now establish foreign holding companies and contribute their Moroccan company shares to these foreign entities.
This structure enables Moroccan startups to access international venture capital funding through foreign investment vehicles. The regulatory framework permits Moroccan startup founders to transfer partial or total share ownership to foreign entities, provided the startup holds ADD registration and demonstrates a firm financing commitment from foreign investors.
Business Travel Allowances for Companies
Corporate foreign exchange allowances for business travel increased substantially under the IGOC 2026. Companies without foreign currency or convertible dirham accounts can now access annual business travel allowances up to MAD 1 million, calculated at 100% of the company’s prior-year corporate tax payment.
Companies holding “categorized operator” status with the Office des Changes benefit from an enhanced ceiling of MAD 1.5 million.
Repatriation Guarantees for Foreign Currency Investments
Foreign investors financing Moroccan investments through foreign currency transfers benefit from explicit repatriation guarantees under Moroccan foreign exchange law. The IGOC 2026 confirms that investors who bring foreign currency into Morocco through authorized banking channels retain the right to repatriate both invested capital and investment returns.
This protection applies to all foreign currency investments properly documented through the Moroccan banking system. The repatriation guarantee covers investment principal, capital gains from asset sales, and investment income.
Legal Services for Foreign Exchange Compliance
Cabinet Lafrouji Avocats provides comprehensive legal services for foreign investors navigating Moroccan foreign exchange regulations:
- Investment structuring advisory: Entity selection, financing method analysis, and repatriation right optimization for foreign-funded Moroccan operations
- Foreign exchange compliance: IGOC requirement interpretation, Office des Changes filing preparation, and regulatory authorization applications
- Capital repatriation assistance: Documentation preparation for investment income transfers and sale proceeds repatriation
- Cross-border transaction review: Foreign exchange compliance verification for acquisitions, disposals, and international contracts
- Banking relationship establishment: Guidance on authorized bank selection and foreign currency account opening procedures
Contact Cabinet Lafrouji Avocats for foreign exchange regulatory advisory:
Cabinet Lafrouji Avocats
64 rue Taha Houssein
20000 Casablanca – Maroc
Téléphone: +212 (5) 22 47 55 29
Email: contact@lafroujiavocats.com
Legal Notice: This article provides general information regarding Moroccan foreign exchange regulations and does not constitute legal advice. Foreign investors should consult qualified legal counsel to evaluate their specific circumstances and compliance obligations under current Moroccan law.
