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.
Morocco foreign exchange 2026
Morocco foreign exchange 2026
Morocco foreign exchange 2026
Morocco foreign exchange 2026
Morocco foreign exchange 2026
Morocco foreign exchange 2026
Morocco foreign exchange 2026
Morocco foreign exchange 2026
Morocco foreign exchange 2026
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. The Office des Changes requires supporting documentation showing the IR payment amount from the Direction Générale des Impôts (DGI) when requesting the supplementary allowance.
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. The transfer right does not extend to salary income or professional fees earned in Morocco, which remain subject to standard repatriation procedures under applicable tax treaties.
Foreign investors must still demonstrate the ten-year holding period through bank records showing the original foreign currency investment. Authorized banks verify the investment date before processing transfer requests under this provision.
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.
The investment limit applies on a per-company basis rather than a per-transaction basis. Multiple smaller investments throughout the year count cumulatively toward the annual ceiling. Companies planning significant foreign expansion should monitor their cumulative foreign investment to ensure regulatory compliance.
Authorized Moroccan banks process foreign investment transfers up to the MAD 200 million limit without Office des Changes pre-approval. Banks verify that the requesting company meets regulatory requirements, including proper corporate authorization and compliance with prior foreign exchange obligations.
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. Technology companies raising capital from foreign venture capital funds or angel investors often require foreign jurisdiction holding structures to accommodate investor requirements.
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. Existing shareholders in the Moroccan startup can similarly contribute their holdings to the foreign holding company.
This mechanism facilitates cross-border fundraising while maintaining operational activities in Morocco. The foreign holding company typically incorporates in a jurisdiction familiar to international investors, such as Delaware, Luxembourg, or the Netherlands, while the Moroccan operating company continues business operations under Moroccan law.
ADD registration requires the Moroccan company to demonstrate innovative technology development and meet specific criteria regarding intellectual property, development activities, and business model. Not all technology companies qualify for ADD registration.
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 (Impôt sur les Sociétés – IS) payment.
Companies holding “categorized operator” status with the Office des Changes benefit from an enhanced ceiling of MAD 1.5 million. Categorized operator status represents a confidence classification for companies demonstrating strong foreign exchange compliance history and meeting specific financial criteria.
The business travel allowance covers expenses for employees traveling abroad for business purposes, including airfare, accommodation, meals, and incidental expenses. Companies must maintain proper documentation showing the business purpose of travel and employee expense reports.
These allowances apply separately from individual employee travel allowances. A company can utilize its corporate allowance while employees simultaneously access personal travel allowances, subject to respective limits and documentation requirements.
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. Investors must ensure their initial foreign currency transfer passes through a Moroccan bank and obtain a foreign exchange certificate (certificat de change) documenting the transaction.
The repatriation guarantee covers investment principal, capital gains from asset sales, and investment income. For real estate investments, foreign buyers who finance property purchases with foreign currency can later repatriate sale proceeds, including property appreciation, provided the original purchase was properly documented.
The thirty-day repatriation deadline applies to most investment income and sale proceeds. Investors must repatriate funds and convert them through authorized foreign exchange dealers within thirty days of the payment date. Extensions beyond this period require specific Office des Changes authorization.
Documentation Requirements and Compliance Procedures
Moroccan foreign exchange regulations maintain strict documentation requirements despite liberalization measures. All foreign currency transfers require supporting documentation showing transaction legitimacy and compliance with regulatory limits.
For personal travel allowances, individuals must present valid travel documents, airline tickets, or hotel reservations when purchasing foreign currency. Banks verify allowance usage against annual limits through centralized Office des Changes reporting systems.
Corporate foreign investments require board resolutions authorizing the investment, financial statements demonstrating company solvency, and documentation describing the foreign investment purpose. Banks review these documents before processing transfers.
Real estate investors must provide the notarial deed (acte authentique) and foreign exchange certificate from the original purchase when requesting repatriation of sale proceeds. The Office des Changes cross-references these documents to verify the foreign currency origin claim.
Investors financing operations through foreign loans must register these obligations with the Office des Changes. Loan reimbursements and interest payments require supporting documentation showing the loan agreement terms and payment schedule.
Foreign Exchange Regulatory Advisory Services
The IGOC 2026 represents the latest phase in Morocco’s gradual foreign exchange liberalization process, which has progressed incrementally since 2017. Each regulatory iteration introduces specific modifications requiring updated compliance procedures.
Foreign investors establishing or expanding Moroccan operations should implement proper foreign exchange compliance structures at the transaction planning stage. Initial investment structuring decisions—including financing method, currency denomination, entity selection, and documentation protocols—determine future repatriation rights and regulatory obligations.
International companies operating in Morocco benefit from establishing relationships with authorized banks experienced in foreign exchange operations and maintaining organized records of all cross-border transactions. Proper documentation at the time of each transaction prevents complications during later repatriation requests.
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, sale proceeds repatriation, and foreign currency conversion
- 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
Our legal team advises international investors on structuring compliant foreign exchange operations while maximizing capital mobility under current Moroccan regulations.
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.
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