Accounts in foreign currencies and accounts in convertible dirhams of resident or non-resident foreigners and Moroccans residing abroad

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Banks are authorized to open accounts in foreign currencies and accounts in convertible dirhams in the name of:

 

• resident or non-resident foreign natural persons;

• Moroccans residing abroad;

• foreign legal persons and their representations in Morocco;

• companies located in industrial acceleration zones;

• entities established in offshore financial centers located in Morocco;

• diplomatic representations established in Morocco;

• international organizations and their representations in Morocco.

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These accounts must not operate in a debit position. However, in the case of a line of credit granted by a Moroccan bank to a company established in an industrial acceleration zone, the foreign currency account of the said company may go into debit within the line of credit limit provided for in the contract.

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Credit operations

 

• Transfers from abroad;

• Transfers from accounts in foreign currencies or convertible dirhams;

• Collections of any means of payment denominated in foreign currency or convertible dirhams, it being understood that payments of foreign banknotes must be made against remittance to the bank:

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​- or the exchange slip or any other document, dated at most one month, proving that the banknotes in question were previously withdrawn from the same account.

- the original of the foreign currency import declaration signed with the border customs services, dated no more than six months;

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• The amount of currency purchases under the provisions of this Instruction or a specific authorization from the Office des Changes;

• Remuneration and reimbursements resulting from capital transactions carried out by the holders of said accounts;

• The amounts of retirement pensions repatriated by foreigners residing in Morocco directly into accounts in ordinary dirhams opened in their names, for the last twelve (12) months, upon presentation to the bank of a copy of the corresponding pension form . It is understood that the account in dirhams having housed these pensions must be domiciled with the same domiciliary bank of the account in foreign currency or in convertible dirhams.

• Remuneration of sight and term deposits.

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Debit transactions

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• Any payment in Morocco or to foreign countries, including withdrawals of banknotes;

• Establishment of term deposits.

 

Income, transfer, liquidation and inheritance for foreign investment operations in Morocco

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Income, proceeds from the transfer or liquidation of foreign investment as well as funds from the devolution of foreign investment in Morocco, include:

 

• Income generated by foreign investments made in Morocco:

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- dividends or profit shares distributed by Moroccan companies;

- profits made by branches in Morocco of foreign companies;

- rental income;

- interest generated by related loans and current account advances of associates; - interest generated by debt securities;

- attendance fees;

- interest generated by term deposits.

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• Proceeds from the sale or liquidation of foreign investments in Morocco;

• Reimbursement in principal of shareholder current account advances and related loans contracted in foreign currencies in accordance with the provisions of this Instruction;

• Funds in favor of non-resident beneficiaries under the devolution of a foreigner or a Moroccan residing abroad.

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Provisions relating to regulations

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Payments, for the benefit of foreign and Moroccan investors residing abroad, in respect of income, sale or liquidation proceeds and funds resulting from the devolution of foreign investment in Morocco, must be made in accordance with the provisions of the Article 7 of the General Instruction on Foreign Exchange Operations, when the investment benefits from the convertibility regime.

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If the investment sold or liquidated does not benefit from the convertibility regime, the proceeds in dirhams, after proof of payment of taxes and duties and all other costs due in respect of the transaction in question, must be:

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- made available to the seller if the latter resides in Morocco;

- or paid into a convertible term account to be opened under the conditions set out in article 162 of the General Instruction on Foreign Exchange Operations.

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However, payments under foreign investment transfer operations in Morocco can be made directly abroad when it comes to transfers made by a person of foreign nationality for the benefit of a person of foreign nationality or benefit of a Moroccan residing abroad.

 

In the case of payment abroad, the purchaser will inherit the position of the seller as to the convertibility status of the investment subject to the sale.

 

In the event that the investment in question is settled directly abroad by a non-resident foreigner, the costs, taxes and duties inherent in the transaction, etc., must be settled in accordance with the provisions of Article 8 ofthe General Instruction on Foreign Exchange Operations.

 

Banks are authorized to settle foreign investment income in Morocco without limitation in amount and time, after payment of taxes and duties in force in Morocco, for the benefit of non-resident foreign natural or legal persons, regardless of how to finance their investments.

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