Morocco Eases Foreign Exchange Rules for Expats and Residents in 2020

MREs now have the possibility to repurchase and export 100% of the foreign currency previously repatriated and sold on the foreign exchange market, up to 100,000 DH. This is one of the easing measures included in the new general instruction on foreign exchange operations. Similarly, banks can issue guarantees that may guarantee loans abroad that MREs have taken out for the acquisition of real estate in Morocco, financed entirely in foreign currency.

Individuals and legal entities in Morocco are also beneficiaries of easing measures. For individuals, these measures concern, among other things, the increase in the ceiling of the tourist allocation, now set at 200,000 DH instead of 100,000 DH. The indexation rate of the supplement to income tax is set at 25% instead of 10% previously, in addition to the possibility of carrying forward the unused balance once to the following year.

For companies, the new easing measures concern several sectors of activity including exports. Service exporters, bidders for foreign contracts, are therefore able to open foreign currency accounts abroad, dedicated to the settlement of expenses related to the contracts.