The General Instruction for Exchange Operations (IGOC) 2026 defines four exchange control statuses in Morocco: Moroccan resident, foreign non-resident, Moroccan living abroad (MRE) and foreign resident in Morocco. Each status determines which bank accounts are permitted, transfer rights, investment options and reporting obligations. This article breaks down the rules applicable to each profile.
Why exchange status matters
Morocco’s exchange control regulations rest on a core principle: the dirham is only partially convertible. Any transaction involving foreign currency — transfers, investments, repatriation — is supervised by the Exchange Office (Office des Changes). A person’s exchange status dictates the full scope of their rights and obligations regarding capital movements.
With the overhauled IGOC that came into force in 2026, the rules have been clarified and certain thresholds raised, but the status-based framework remains the backbone of the entire system.
The four exchange statuses: summary table
| Status | Definition | Examples |
|---|---|---|
| Moroccan resident | Moroccan national with habitual residence in Morocco | Employee, entrepreneur, retiree living in Morocco |
| Foreign non-resident | Foreign national or entity without habitual residence in Morocco | Foreign investor, parent company abroad, tourist |
| MRE (Moroccan living abroad) | Moroccan national with habitual residence outside Morocco | Moroccan expatriate in France, Canada, UAE |
| Foreign resident in Morocco | Foreign national with habitual residence in Morocco | Expatriate executive, foreign spouse, retired foreigner settled in Morocco |
Status is determined by habitual residence, a concept distinct from tax residence. A Moroccan who has been living abroad for more than six months is classified as MRE under exchange regulations.
Moroccan resident: the standard regime
The Moroccan resident operates exclusively in dirhams. Bank accounts are denominated in the national currency, and holding foreign currency accounts is only permitted on an exceptional basis (travel allowances, study allocations).
Permitted bank accounts: current accounts and savings accounts in dirhams with Moroccan banks.
Investment options: domestic investments without restriction. Investing abroad requires prior authorisation from the Exchange Office, except within the investment allowance framework (annual ceiling set by circular).
Transfer rights: annual tourist allowance (raised to MAD 100,000 in 2026), study allowance, emigration allowance. Commercial transfers are unrestricted for duly domiciled imports.
Reporting obligations: declaration of assets held abroad where applicable, compliance with allowance ceilings, travel supporting documents.
Foreign non-resident: full convertibility
The foreign non-resident benefits from the most favourable exchange regime. The guiding principle is a guarantee of transfer and convertibility for capital brought into Morocco through the banking system.
Permitted bank accounts: convertible dirham accounts and foreign currency accounts with Moroccan banks. These accounts are freely funded by transfers from abroad.
Investment options: direct and portfolio investments with no ceiling, provided funds entered the country through proper channels. Dividend transfers are guaranteed without amount limitations.
Transfer rights: full repatriation of invested capital, capital gains and income (dividends, interest, rent). Transfers are executed upon presentation of banking and tax supporting documents.
Reporting obligations: investment declaration with the Exchange Office for direct investments, certificate of foreign currency importation for real estate investments.
MRE: a beneficial hybrid regime
Moroccans living abroad enjoy a specific status that combines advantages from both the resident and non-resident regimes. IGOC 2026 consolidated and expanded their prerogatives.
Permitted bank accounts: the MRE may open three types of accounts in Morocco:
- Ordinary dirham account: funded by transfers from abroad or local income, usable for day-to-day expenses in Morocco.
- Convertible dirham account: funded exclusively by transfers from abroad, guaranteeing reconversion of available balances into foreign currency.
- Foreign currency account: denominated in euros, dollars or another quoted currency, funded by transfers from abroad.
Investment options: MREs can invest freely in Morocco in real estate, securities, UCITS and shares in Moroccan companies. Investments funded through convertible dirham or foreign currency accounts benefit from the transfer guarantee.
Transfer rights: MREs may transfer abroad the income from their investments (rent, dividends) and proceeds from asset disposals, provided the initial investment was funded by repatriated foreign currency. The purchase of foreign currency against non-convertible dirham balances is capped at MAD 100,000 per year.
Reporting obligations: investment declaration for shareholdings and real estate, proof of foreign currency funding to benefit from the transfer guarantee.
Foreign resident in Morocco: treated as resident with adjustments
A foreign national settled in Morocco is subject to the exchange regulations applicable to residents. However, specific adjustments allow the repatriation of part of their income.
Permitted bank accounts: dirham accounts under the standard regime. Opening a foreign currency account is possible for funds originating abroad, but convertibility remains limited.
Investment options: same regime as Moroccan residents for domestic investments. Investing abroad is subject to the same restrictions.
Transfer rights: the foreign resident may transfer their net salary savings (after income tax and social contributions) without limitation. Transfer of retirement pensions earned in Morocco is also authorised. Capital transfers, however, require authorisation.
Reporting obligations: the same as those of Moroccan residents, with additional proof of employment or income required for salary savings transfers.
Practical implications for investment and company formation
Exchange status has direct consequences on how an investment or business creation in Morocco should be structured:
- Foreign currency vs dirham funding: only investments funded by repatriated foreign currency benefit from the transfer guarantee for income and capital. An MRE who uses an ordinary dirham account forfeits this guarantee.
- Company formation by a non-resident: the capital contribution must flow through a convertible dirham account. The foreign currency importation certificate is essential for future dividend repatriation.
- Foreign resident setting up a business: they fall under the resident regime. Their dividends as a shareholder are transferable only within the limits applicable to residents.
Structuring financial flows correctly from the outset is critical. Working with a chartered accountant experienced in exchange regulations prevents complications when the time comes to repatriate funds.
Key takeaways
IGOC 2026 maintains an architecture built on four distinct exchange statuses. Foreign non-residents enjoy the broadest convertibility, MREs benefit from a hybrid regime with convertible accounts and a MAD 100,000 annual foreign currency purchase ceiling, while Moroccan residents and foreign residents remain subject to the dirham’s partial convertibility. Status governs every operation: opening an account, investing, transferring funds or repatriating profits.
Read also
