Morocco Extends Foreign Asset Amnesty Program for Residents and Dual Nationals

The amnesty of foreign assets was established by the Foreign Exchange Office in December last year, as part of the 2020 Finance Act, and remains in effect until next November. It covers "real estate, financial assets and liquid assets". Its beneficiaries are "natural persons of Moroccan nationality residing fiscally in Morocco and Moroccans with dual nationality". According to Aujourd’hui le Maroc, in the category of legal entities, "the amnesty targets Moroccan companies with a registered office or tax domicile in Morocco".

The changes that could occur in the operating procedure of this amnesty "will concern the rates applied by the Moroccan authorities to the assets or sums declared by natural or legal persons". Due to the crisis generated by the coronavirus pandemic, this remains possible, since "the government is looking for alternatives to strengthen foreign exchange".

The last tax amnesty decided by Morocco before the one currently in force dates back to 2014, indicates Aujourd’hui le Maroc. At the time, "the liberating contribution on assets and liquidity held abroad had reached 27.85 billion dirhams", while the forecasts were counting on only 5 billion dirhams.

The rate applied was 10% on real estate, financial assets and securities, 5% on liquid assets in foreign currency repatriated to Morocco and deposited in foreign currency or convertible dirham accounts, and 2% on foreign currency liquidity repatriated to Morocco and sold on the foreign exchange market against dirhams.