Bringing capital in and taking it out again

The dirham is not freely convertible. You can bring euros into Morocco without limit, but taking money out is regulated by the Office des Changes. For a property buyer this comes down to one rule:

Fund the purchase through a convertible dirham account in your own name, and keep the proof.

Do that, and you can later repatriate the sale proceeds, the rental income and any capital gain in foreign currency without asking for permission. Skip it, and you own an asset you cannot easily turn back into euros.

The convertible dirham account

A compte en dirhams convertibles is a bank account that may only be funded from abroad, in foreign currency, and whose balance may be converted back and transferred out. Any Moroccan bank will open one for a non-resident. You need a passport, proof of address, and in practice a visit to the branch, which we fit into the viewing trip.

The sequence matters:

1. Open the account.
2. Transfer euros from your European account. The Moroccan bank converts to dirhams and credits the convertible account.
3. Pay the notary from that account. Never from cash, never from a friend’s local account, never directly to the seller.
4. Keep the bank’s attestation showing the inward transfer and the payment to the notary. This is the document that will let you take the money out again, possibly many years later.

What the notary needs

The sale deed records how the price was paid. If it says the funds came from a convertible account held by the buyer, the Office des Changes treats the investment as foreign capital, which is what you want. The notary will ask for the bank attestation; without it, the deed may simply record a dirham payment, and your future repatriation becomes a file instead of a formality.

Selling later

When you sell, the buyer’s funds go to the notary, who pays capital gains tax and then releases the balance to you. With the original attestation on file, your bank converts the proceeds and transfers them abroad. Rental income works the same way: it can be transferred out in proportion to the foreign-funded share of the purchase.

Mortgages

Moroccan banks do lend to non-residents, typically up to 50 to 70% of the value, in dirhams, at rates that are usually higher than in Europe. Some of our clients finance in their home country instead and buy for cash in Morocco. Both work; the convertible-account rule applies to whatever part you bring in.

Cash

You will be offered the chance to pay part of the price in cash, “to save on tax”. Declaring a lower price is a crime for both parties, the undeclared part cannot be repatriated, and your capital gains tax on sale will be calculated from the lower declared price. We do not take part in it, and we will not introduce you to sellers who insist on it.

What we do with this

Opening the account is on the viewing-trip schedule. We tell the notary in advance how the purchase will be funded, and we check that the deed records it correctly before you sign. It is the least glamorous part of the process and the one that protects your exit.