Foreign assets held by a moroccan resident : IGOC 2024

The notion of foreign assets is key in foreign exchange regulations in Morocco.

In fact, these assets expose their resident holders to obligations in accordance with the legislative provisions in force. These include declaration and retention of documents.

With the approach of IGOC 2024, the management of foreign assets has become a crucial subject for investors and businesses in Morocco. Understanding the nuances of IGOC (Instruction Générale de l’Office de Change) and best practices for managing foreign assets is essential to ensure compliance and optimize investments.

In this article, we will explore the notion of foreign assets in Morocco. We will base ourselves on articles 1, 9 and 18 of the General Instruction for Foreign Exchange Operations (IGOC) 2024.

*IGOC 2024 is the updated version of the foreign currency regulation in Morocco.

General information on the General Instruction of the Office de Change (ICOG 2024)

foreign assets

Understanding IGOC 2024 in Morocco

IGOC 2024 is a regulatory framework put in place by Moroccan authorities to monitor and regulate foreign exchange operations. It aims to strengthen transparency, prevent financial risks and ensure better management of foreign assets.

Businesses and investors should familiarize themselves with these regulations to avoid penalties and maximize their benefits.

This instruction was developed as part of an ongoing process aimed at simplifying and easing foreign exchange regulations. Indeed, the objective is to better support economic operators in their international operations.

This instruction does not date from 2024. However, IGOC 2024 corresponds to an update which was carried out following extensive consultation with various associations and professional groups, as well as with the public authorities concerned.

This instruction was developed in consultation with operators such as Customs , Bank Al Maghrib , AMMC, ACAPS, the Digital Development Agency, the Ministry of Trade and Industry, and the Ministry of Digital Transition and Administration Reform.

Foreign Asset Management

Effective management of foreign assets requires a well-defined strategy.

This includes understanding tax laws, being aware of investment opportunities and having robust compliance mechanisms in place. A proactive approach can help get the most out of investments while remaining compliant with current regulations.

For all your consultations, and any assistance in your procedures with the Foreign Exchange Office, do not hesitate to contact Upsilon Consulting.

Foreign assets: definition and implications

foreign assets

According to article 1 of the IGOC 2024, foreign assets are “assets held abroad by persons resident in Morocco”. This may include:

  • First, bank accounts,
  • Second, financial or real estate investments,
  • or even movable or immovable property located abroad.

Article 9 of the IGOC specifies that the holding by a resident of foreign assets is subject to authorization from the Office of Change.

Furthermore, article 18 of the IGOC specifies that:

  • resident Moroccans
  • who come into possession of assets or cash abroad
  • have an obligation to declare to the Office des Changes.

This declaration is made within three months from the date of entry of said assets and liquidities into their assets.

This means that if you plan to carry out a transaction involving foreign assets, you must obtain prior authorization from the Office des Changes.

Obligations to declare and retain documents

As we have seen previously, resident Moroccan individuals who come into possession of assets or cash abroad have a declaration obligation.

This is, in fact, a declaration to be made within three months from the date of entry of said assets and liquidities into their assets.

This declaration must be drawn up according to the model attached in Annex 11 of the IGOC.

In addition, data subjects must keep supporting documents for a minimum period of five years.

It is important to note that failure to comply with reporting and retention obligations may result in administrative, civil or criminal sanctions. It is therefore advisable to be vigilant and comply with the rules set out by the IGOC to avoid any risk of infringement.

If you are a natural or legal person resident in Morocco, you must:

  • First, check the regulations before holding assets or cash abroad,
  • Second, understand the rules and obligations that apply.
  • Do not hesitate to contact the Office des Changes for more information and/or prior authorization if necessary.

For any consultation on this subject, contact us .

Spontaneous regularization of foreign assets 2024

regularization of foreign assets

The Spontaneous Regularization Operation 2024 (ORS 2024) in Morocco represents a crucial initiative for natural and legal persons holding foreign assets. This guide aims to provide a clear understanding of the regularization process and the steps necessary to ensure compliance with the Office des Changes.

Understanding ORS 2024

Launched under article 8 of Finance Law No. 55-23 for the 2024 budget year, ORS 2024 extends from January 1 to December 31, 2024. It concerns Moroccan residents who have accumulated assets and cash abroad before January 1, 2023, in violation of foreign exchange regulations.

Regularization Process

Holders of assets abroad can make their declaration anonymously to the bank of their choice. A model pre-established by the Office des Changes must be used, including the list and nature of the assets to be declared. The rate of the final contribution is set by the provisions of the Finance Law.

Strategies to Ensure Compliance

To successfully navigate this process, it is recommended to consult experts in foreign exchange regulations and international taxation. These professionals can help understand the nuances of ORS 2024 and prepare the necessary documents for a complete and compliant filing.

At Upsilon Consulting, our teams can guide and assist you in carrying out all procedures. Also request a prior consultation to check your eligibility.

Advantages of Regularization

Regularization under ORS 2024 offers several benefits, including compliance with Moroccan tax laws, avoidance of penalties for non-declaration, and peace of mind for holders of foreign assets.

The Spontaneous Regularization Operation 2024 is, therefore, an important opportunity for Moroccan residents to regularize their foreign assets. By following the directives of the Office des Changes and relying on the expertise of professionals, asset holders can ensure their compliance and secure their tax situation.


  1. What is IGOC 2024 and why is it important for businesses in Morocco? IGOC 2024 is a regulatory framework for foreign exchange operations in Morocco, aimed at strengthening transparency and financial risk management.
  2. How can companies effectively manage their foreign assets? Businesses must adopt a strategy that includes understanding tax laws, investing wisely, and implementing compliance mechanisms.
  3. What strategies are recommended to comply with IGOC 2024? Businesses should consult tax and foreign exchange experts, use financial management software, and implement internal policies for tracking foreign currency transactions.
  4. Are there any examples of success in the management of foreign assets in Morocco? Yes, several practical cases show how companies have optimized their foreign assets while respecting IGOC guidelines.