In brief: The IGOC 2026 regulates current transfers abroad from Morocco: employment income of foreign employees, investment income (dividends, interest, rent), retirement pensions, social contributions and miscellaneous transactions. Each category is subject to specific rules regarding ceilings, supporting documents and banking procedures.
Current transfers encompass all transactions through which residents or non-residents transfer funds from Morocco abroad in respect of income, benefits or contractual obligations. Unlike capital transactions, these transfers are in principle free, subject to the production of supporting documents required by exchange control regulations.
The IGOC 2026, in its Chapter III, sections 10 to 12 (Art. 156-169), details the conditions applicable to each type of current transfer. This article reviews the main categories and associated documentary obligations.
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Employment Income (Art. 156-159)
Foreign Employees Working in Morocco
Foreign nationals exercising salaried employment in Morocco have the right to transfer their employment income abroad. The transferable amount corresponds to the net-of-tax salary, after deduction of income tax (IR) withheld at source, mandatory social contributions (CNSS/AMO) and living expenses in Morocco.
The documents to be produced to the authorized intermediary bank are:
- A copy of the employment contract approved by the ministry in charge of Employment (and, where applicable, the secondment contract to Morocco). Approval is not required for MRE or for nationals of countries that have signed an establishment agreement with Morocco. If the contract has not yet been approved, the acknowledgment of receipt of the approval application is sufficient, the approved contract having to be presented to the bank within six months of the first transfer;
- A salary certificate drawn up and signed by the employer, showing the monthly salary net of tax and other deductions.
Transfers are made monthly, in arrears; arrears may be caught up within the limit of the last twelve monthly payments due.
Seconded Moroccans Residing Abroad and Final Settlement
Moroccans residing abroad (MRE), whether hired directly by a Moroccan entity or seconded to Morocco by a non-resident entity, may transfer their salary income provided they can show at least five years of professional activity abroad. Those hired directly by a Moroccan entity must also produce a certificate of residence abroad at the time of hiring and the work certificates covering those five years. Upon contract termination, the final settlement is transferable, net of tax, upon presentation of an employer’s certificate showing the amount net of taxes and documents evidencing the termination of the contract. Severance pay is transferable only if it results from a final court decision (judgment to be produced) or from an amicable settlement approved by the ministry in charge of Employment.
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Investment Income (Art. 160-164)
Transfer Guarantee
One of the pillars of Morocco’s attractiveness for foreign investors is the transfer of investment income. Banks pay this income to foreign investors and MRE where the investment was financed in foreign currency; non-resident foreigners benefit from it without any limit on amount or duration, whatever the method of financing. Since 2026, a resident foreigner who has held the investment for at least ten years without being able to show foreign-currency financing may transfer the income of the last closed financial year up to 2,000,000 MAD per year. The IGOC 2026 covers:
- Dividends and profit shares distributed by Moroccan companies;
- Interest on shareholder current account loans and advances;
- Rental income from real estate located in Morocco;
- Net profits of branches and permanent establishments.
Required Supporting Documents
For each investment income transfer, the bank requires:
- The balance sheet and income statement (CPC) for the relevant fiscal year, stamped by the tax administration (electronic stamping via the DGI platform is accepted);
- The minutes of the Ordinary General Meeting (or the decision of the sole shareholder), bearing a certified date, deciding the distribution and showing the amount distributed;
- The list of foreign or MRE shareholders (identity, nationality, address, number of shares);
- The transfer covers the amount net of taxes and duties owed in Morocco, in particular the withholding tax on dividends (11.25% for dividends paid out of profits of the 2025 financial year, 10% for those of the 2026 financial year onwards, unless a more favorable treaty rate applies);
- For MRE and resident foreigners, evidence of financing of the investment in foreign currency or convertible dirhams (bank forms provided for in Art. 12); failing that, for a resident foreigner, documents showing that the investment has been held for at least ten years.
The transfer is for the amount net of tax and net of any Moroccan tax withholding.
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Miscellaneous Current Transactions (Art. 165-169)
Social Contributions and Retirement Pensions
Social charges owed to foreign public or private funds by resident foreigners, Moroccans who have acquired a foreign nationality and Moroccans who have resided abroad and are affiliated with such funds are transferable upon presentation of the contribution call notices (or documents justifying the amounts advanced on their behalf by a foreign entity). Retirement pensions paid by Moroccan bodies to retirees or their beneficiaries permanently residing abroad are transferable upon production of a document from the paying body showing the amount (certificate, transfer order, etc.) and a certificate of residence abroad renewed every year.
Rent and Alimony
Rental income from property acquired in Morocco by a foreign investor or an MRE falls under investment income (Art. 160-162). It is transferable, net of taxes, upon presentation of the property certificate, the lease bearing a certified date covering the rental period, evidence of financing in foreign currency or convertible dirhams (for MRE and resident foreigners) and proof of payment of taxes and duties for year n-1, to be submitted to the bank before the end of April of the following year. Family charges and alimony owed under a court decision to non-resident persons are transferable upon presentation of the court decision (a document serving as supporting evidence within the meaning of the IGOC).
Professional Subscriptions and Legal Fees
The following are also transferable:
- Subscriptions to international professional organizations (professional associations, industry bodies) upon proof of membership;
- Legal fees incurred abroad in the context of international litigation or arbitration, upon production of the fee agreement and invoices;
- Tuition fees abroad fall under the study-travel regime (Art. 145-151): the file is domiciled with a single bank, which transfers upon presentation of the institution’s invoice and the certificate of enrollment (or admission letter);
- Medical care abroad falls under Art. 152-155: medical certificate from the attending physician, final invoice (or estimate / pro-forma invoice, the final invoice having to be submitted within three months) and a copy of the patient’s passport or registration card.
Common Documentary Obligations
For all these transfers, the authorized intermediary bank verifies:
- The identity of the ordering party and their resident or non-resident status;
- The consistency of the amount with the supporting documents produced;
- Payment of Moroccan tax obligations related to the transaction;
- Compliance with any ceilings set by the IGOC or by Exchange Office circulars.
Banks retain supporting documents in accordance with the document retention rules of the Commercial Code and keep them available for Exchange Office inspections.
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Reference texts: Instruction Générale des Opérations de Change (IGOC) 2026 (PDF)
Frequently Asked Questions
Can a foreign employee transfer their entire salary?
No. Only the net-of-tax salary is transferable, after deduction of income tax, mandatory social contributions and living expenses in Morocco. The amount must correspond to the net salary certificate drawn up and signed by the employer.
What documents are needed to transfer dividends to a foreign investor?
The bank requires the balance sheet and income statement stamped by the tax administration, the minutes of the Ordinary General Meeting (or the decision of the sole shareholder) bearing a certified date and deciding the distribution, the list of foreign or MRE shareholders and, for MRE and resident foreigners, evidence of financing of the investment in foreign currency or convertible dirhams. The transfer covers the amount net of taxes owed.
Are tuition fees abroad transferable without a ceiling?
No. Tuition fees fall under the study-abroad regime and are transferred up to the amount stated by the institution (invoice and certificate of enrollment or admission letter), with no ceiling. Only living expenses have a reference amount of 15,000 MAD per month, which may be exceeded upon presentation of a document from the institution, the consulate or a competent authority stating the monthly amount required. Rent is transferred up to the amount of the lease. Everything goes through the bank holding the “study abroad” file, with no request to the Exchange Office.
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