MRE: this mistake when buying in Morocco can block the repatriation of your money

Moroccan regulations protect foreign capital, but this protection is not automatic. Article 171 of the General Instruction on Foreign Exchange Operations 2026 guarantees the transfer of income from an investment as well as the proceeds from its sale or liquidation, provided that it was financed in foreign currency.

The scheme applies to foreigners residing or not residing in Morocco, as well as Moroccans residing abroad. It notably covers the creation of a company, the acquisition of shares, loans to a company, term deposits, as well as the purchase of real estate and work carried out on it, explains the Office des changes.

In practical terms, a foreigner who buys an apartment in Morocco with money transferred from abroad can, when reselling it, repatriate the initial capital and any capital gain. However, the banking circuit must make it possible to establish the foreign-currency origin of the financing.

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The mistake may consist of financing the purchase from an ordinary dirham account, transferring the funds without preserving their traceability, or making a payment without the bank being able to link the foreign currency received to the investment. In that case, the property obviously remains the buyer’s property, but the proceeds from its resale no longer necessarily benefit from freedom of transfer.

Foreign individuals, whether or not they reside in Morocco, as well as MREs, can avoid this difficulty by opening an account in foreign currency or convertible dirhams. According to article 228 published by the Office des changes, these accounts can receive transfers from abroad and be used to make payments in Morocco or to destinations abroad.

Without proof that the financing was in foreign currency, the transfer becomes more complicated

The difference becomes apparent mainly when recovering the money. When an investment benefits from the convertibility regime, its owner has a transfer guarantee covering the income generated, the sale price and any capital gain.

When this guarantee has not been obtained, the consequences vary according to the owner’s status. The Office des changes indicates that a non-resident foreigner may place the proceeds from the sale in a “convertible term account.” The money can then be transferred in four equal installments of 25%: the first immediately, followed by the other three on each anniversary date.

However, this solution is not available to foreigners residing in Morocco or to MREs. Amounts resulting from an investment that does not benefit from the convertibility regime must then be deposited in an ordinary dirham account and are not freely transferable abroad.

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The money is therefore neither confiscated nor unusable: its owner can spend it or reinvest it in Morocco. It is leaving the country that becomes difficult, owing to the lack of an automatic guarantee of conversion and transfer.

The essential precaution must be taken as soon as the transaction is financed. Funds intended for the purchase of housing or another investment must arrive from abroad through the banking system, with supporting documents making it possible to link the transfer to the payment made. This traceability is all the more important because MRE transfers represent a major resource for the Moroccan economy.

The choice of account is therefore not merely a banking detail. For someone considering reselling their property one day and recovering their money abroad, it may determine whether the capital can leave freely or remains subject to the restrictions applicable to non-convertible dirhams.