On January 1, 2026, Morocco’s Exchange Office (Office des Changes) overhauled its entire foreign exchange framework. The new Instruction Générale des Opérations de Change (IGOC 2026) is the most significant reform to Morocco’s capital controls regime in years.
Foreign investors can now repatriate income without proof of original forex funding
Resident foreign investors who have held investments in Morocco for at least 10 years can now transfer investment income abroad – up to MAD 2 million (~€185,000) per year – even if they cannot produce original proof of foreign currency financing. This corrects a longstanding regulatory friction that effectively trapped returns for some long-term investors.
Asset & liability guarantees are now permitted in M&A transactions
Residents can now provide garanties d’actif et de passif (representations and warranties / asset-liability guarantees) to non-resident buyers during share or equity sales. Previously, this was a structural obstacle in cross-border M&A: sellers couldn’t backstop their reps because the exchange regulations didn’t allow it. That barrier is gone.
Tech startups get a fast lane for outbound investment
Moroccan startups certified by the Digital Development Agency (ADD) can invest abroad up to MAD 10 million (~€920,000) per year – with no minimum operating history and no statutory auditor requirement.
Higher ceilings across the board
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- Business travel: MAD 1 million (up from 500,000) for companies without forex accounts; MAD 1.5 million for categorized operators
- E-commerce: MAD 2 million for ADD-certified startups (doubled from 1 million)
- Service exporters: Can credit up to 15% of foreign contract value directly to forex accounts
- Personal travel: Annual allowance set at MAD 500,000 (basic + supplementary)
The bigger picture: controlled but accelerating liberalization
IGOC 2026 is part of the Exchange Office’s Strategic Vision 2025–2029. Morocco is not abandoning capital controls but is calibrating them. The approach is to open enough to attract FDI (which hit MAD 76 billion in 2025), but tight enough to protect external balances (forex reserves: MAD 455 billion). The CGEM employers’ federation has publicly pushed for even further liberalization, calling for the exchange regime to become “a genuine lever for competitiveness.”
What this means for European investors
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- Exit structuring is easier (repatriation + warranty guarantees)
- Operational forex management is more flexible (higher ceilings, simplified service import payments)
- Tech-sector joint ventures have a clearer outbound investment path
The full IGOC 2026 is available on the Exchange Office website.
At Korte Law-Amereller, we advise European and international companies on market entry, corporate structuring, and regulatory compliance in Morocco.
If you need guidance on how the new exchange rules affect your investment, please get in touch.
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