Getting your money back out of Morocco..
The single most important thing a foreign buyer must understand about Moroccan property is not the price — it's the dirhams convertibles channel. Get this right at purchase, and you can repatriate rental income and sale proceeds in hard currency. Get it wrong, and your capital is trapped.
What 'dirhams convertibles' means
Morocco has currency controls. The dirham is not freely convertible — you cannot simply wire dirhams abroad. The dirhams convertibles regime is the legal exception: a registered foreign-currency account that lets non-residents bring capital in, and — critically — take it back out.
How the guarantee works
Money in
Wire foreign currency from abroad directly to a Moroccan bank convertible-dirham account. The bank registers each inflow with a certificate of foreign currency transfer.
Money out
At resale, the notary + bank use that original certificate to authorise repatriation of the full proceeds — principal plus any capital gain — in your original currency.
At purchase
Bring funds in through a convertible-dirham account. The bank issues a certificate of foreign-exchange import — your proof the capital arrived as hard currency. Keep it; it is your repatriation passport.
At exit
The certificate lets you repatriate the original capital plus capital gains, in hard currency, through the same channel. No certificate, no clean exit.
The 4 steps
- 01
Open a convertible-dirham account
At a Moroccan bank (Attijariwafa, BMCE/Bank of Africa, CIH all offer them to non-residents).
- 02
Wire your purchase funds in foreign currency
Into that account. The bank records the inflow and issues the foreign-exchange import certificate.
- 03
Pay for the property from the convertible account
So the chain of custody from foreign currency to title is documented end to end.
- 04
At resale, repatriate through the same channel
The notaire and your bank use the original certificate to authorise the transfer abroad.
Why FCR shapes pricing
Properties purchased with convertible dirhams command a premium in resale — because the FCR traceability makes the buyer's exit certainty verifiable. Listings on Marocain show an FCR-eligible flag when the title chain supports full traceability.
Why it matters for pricing
A property bought outside this channel is worth materially less to an international buyer, because their exit is trapped in dirhams. On marocain.investments every listing carries an FCR-status indicator so you can see, before you enquire, whether a clean repatriation path is available.
Not legal advice. Engage a Moroccan notaire and a cross-border tax adviser before transacting. Foreign-exchange rules are set by the Office des Changes and can change.