Morocco’s Foreign Asset Amnesty Yields 2.3 Billion Dirhams, Below Expectations

According to Hassan Boulaknadel, Director of the Foreign Exchange Office, this first operation made it possible to regularize 70 years of illegal practices. "This one today concerns the last six years," he said. According to him, this year’s amnesty aims to give Moroccan residents holding undeclared assets, property or financial assets abroad "the last chance" to be up to date before 2021. They still have only a few days left to make their declaration before the operationalization of the international exchange of data. According to the Foreign Exchange Office, this amnesty takes into account the assets and cash holdings of Moroccan residents (individuals or legal entities), constituted before September 30, 2019.

As for the rate of the liberating contribution, it is set at: 10% of the acquisition value of real estate held abroad; the subscription or acquisition value of financial assets and securities and other equity or debt securities held abroad. It is also estimated at 5% of the amount of foreign currency assets repatriated to Morocco and deposited in foreign currency or convertible dirham accounts. It is also set at 2% of the foreign currency cash repatriated to Morocco and sold on the foreign exchange market against the national currency.

The Office also recalls that these declarations are made under total anonymity of the declarants. They are released from any payment of fines or penalties, exempt from any tax related to these assets or holdings and from any administrative or judicial prosecution, it is specified.