Investing in the Moroccan Stock Market from Abroad: AMMC 2026 Guide

Yes, MRE can open a securities account with a Moroccan brokerage firm from abroad. Since 2022, AMMC has simplified remote account-opening procedures. Operations can be carried out online via Moroccan broker platforms.

No, capital gains on sales of Moroccan securities are exempt from income tax for non-residents (foreign investors and MRE). This tax exemption is a major advantage compared to European stock markets.

Dividends distributed by companies listed on the Casablanca Stock Exchange are subject to 15% withholding tax in Morocco for non-residents. This withholding is generally creditable in the MRE's country of residence via bilateral tax treaties.

Contact an AMMC-authorised brokerage firm (list at ammc.ma). Documents typically required: passport copy, proof of address abroad, anti-money laundering KYC form, and Moroccan bank details (MDM account recommended).

Yes, stock market gains realised on Moroccan securities (capital gains and net dividends) can be freely repatriated by MRE to their country of residence, in accordance with IGOC provisions. The operation goes through the securities account and MDM account.

Moroccan UCITS (mutual funds and SICAVs) are accessible to MRE via authorised banks and management companies. There are equity, bond and money market funds. Past performance and taxation (non-resident exemption) make these funds attractive.

AMMC-authorised brokerage firms are the only authorised intermediaries: CFG Markets, Upline Securities, Attijari Intermediation, BMCE Capital Bourse, CDG Capital Bourse, among others. Some Moroccan banks also offer brokerage services for their MRE clients.