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. Upsilon Consulting supports you in securing your transfers and preparing compliant files.
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. 156-177), 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. 156-162)
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:
- The employment contract endorsed by the Ministry of Employment;
- Pay slips covering the transfer period;
- The IR withholding certificate issued by the employer;
- A copy of the valid residence card or residence permit.
Seconded Moroccans Residing Abroad and Final Settlement
Moroccans residing abroad (MRE) temporarily seconded to Morocco by their foreign employer may transfer the portion of their remuneration paid locally, under the same documentary conditions. Upon contract termination, the final settlement (severance pay, untaken paid leave, end-of-mission bonuses) is transferable upon presentation of the discharge receipt and work certificate.
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Investment Income (Art. 163-169)
Transfer Guarantee
One of the pillars of Morocco’s attractiveness for foreign investors is the transfer guarantee for investment income. The IGOC 2026 confirms the right to transfer:
- 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:
- Certified financial statements and income statements (CPC) for the relevant fiscal year;
- The minutes of the General Meeting (PV AG) deciding the distribution;
- Tax receipts attesting to payment of the applicable withholding tax (15% on dividends, unless a more favorable tax treaty applies);
- The investment form for transactions under the convertibility regime.
The transfer is for the amount net of tax and net of any Moroccan tax withholding. The investor must be in good standing with the tax administration.
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Miscellaneous Current Transactions (Art. 170-177)
Social Contributions and Retirement Pensions
Moroccan employers of foreign staff affiliated with foreign social security schemes may transfer the corresponding employer and employee social contributions. Moroccan retirement organizations are authorized to transfer retirement pensions to beneficiaries residing abroad, upon production of the pension certificate and certificate of life.
Rent and Alimony
Transfers of rent to non-resident landlords are authorized upon presentation of the registered lease and receipts for housing tax and municipal services. Alimony set by court order is transferable upon production of the enforceable judgment and proof of the beneficiary’s residence abroad.
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;
- Family expenses: tuition fees for children studying abroad (enrollment letter, tuition fee documentation) and medical expenses abroad (medical estimate, hospital invoices).
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 for a period of five years 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 pay slips produced to the bank.
What documents are needed to transfer dividends to a foreign investor?
The bank requires the certified financial statements and income statements, the minutes of the General Meeting deciding the distribution, the tax receipts for withholding tax and the investment form. The investor must be in good fiscal standing.
Are tuition fees abroad transferable without a ceiling?
Tuition fees fall under study-travel allowances, which are subject to annual ceilings set by the IGOC. The bank verifies the enrollment letter and fee documentation before authorizing the transfer. For amounts exceeding standard allowances, a specific request to the Exchange Office may be necessary.
How can Upsilon Consulting help?
Our teams verify the compliance of your transfer file, prepare the required supporting documents and liaise with your bank and the Exchange Office. Contact us for tailored support.
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