Investment guide · Foreign exchange and capital flows: institutional map

## Institutional map (who does what) • Office des Changes: regulation of foreign exchange operations (IGOC) and the regime framework. • Intermediary banks: current operations, domiciliation, document checks and statistical declarations. • DGI: tax compliance (tax receipts, withholding). ## Key institutional facts (framework and values) • The IGOC 2026 entered into force on 1 January 2026 and restructures the rules by type of operation and user profile. • Convertibility regime: direct investment in foreign currency (capital, subscription, shareholder loans) opens the right to transfer income and capital. • Dividends and profits: transferred on presentation of audited statements, allocation decision and tax receipts through the bank. • Shareholder loans: bank avis de crédit and registration of external debt required; repayment on presentation of the contract and withholding receipts. • Import advances: general ceiling of 30% (up to 50% by sector), subject to documentary consistency. ## Official sources • IGOC 2026 (official PDF): https://www.oc.gov.ma/sites/default/files/reglementation/pdf/2026-01/IGOC%202026_0.pdf • Office des Changes: https://www.oc.gov.ma