Morocco Extends Deadline for Declaring Foreign Assets to December 31

From 2021, the automatic exchange of data on foreign assets will take place. It concerns "natural or legal persons residing who have a residence, registered office or tax domicile in Morocco, who have constituted before September 30, 2019 assets and liquidity abroad, in violation of the foreign exchange regulations," details L’Economiste citing Hassan Boulaknadal, director of the Office of Foreign Exchange.

According to the Director General of the Office of Foreign Exchange, "the rate of the liberating contribution is set at 10% of the acquisition value of real estate held abroad and 10% of the subscription or acquisition value of financial assets and securities and other equity or debt securities held abroad. It is equivalent to 5% of the amount of foreign currency assets repatriated to Morocco and deposited in foreign currency or convertible dirham accounts and 2% of foreign currency cash repatriated to Morocco and sold on the foreign exchange market against the dirham."

The newspaper reports that several people are already starting to comply with it.