Morocco

Research notes

Morocco — family-office tax dossier

Last reviewed: 2026-10-15 Tax year: 2026 Reviewer: research agent (Claude), unreviewed by a tax adviser

Summary

Morocco taxes residents on worldwide income. Investment income is taxed at flat, final rates: 11.25% on Moroccan dividends paid in 2026 (10% from 2027), 15% on foreign dividends (with credit for foreign tax), 15% on gains on Moroccan-listed shares and 20% on unlisted or foreign shares and on real estate. There is no wealth tax and no inheritance tax; gifts to children bear 1.5% registration duty. Casablanca Finance City is a company regime and offers no personal tax relief to a passive investor.

US citizens: US citizens remain fully US-taxed on worldwide income and estates; the app adds the US federal layer. US-Morocco income tax treaty (1977) in force.

Residence and eligibility

Resident if (in order) the permanent home is in Morocco, the centre of economic interests is in Morocco, or the person stays more than 183 days in any 365-day period (PwC).

• Carte de séjour (residence card) (EU, US, OTHER): Foreigners staying beyond 90 days apply for a residence card (e.g. on the basis of means of subsistence, property or business); Morocco has no golden-visa programme verified in this session.

Capital gains

Standard regime

Gains on financial instruments are taxed at flat rates: 15% on listed shares and 20% on unlisted shares and bonds (PwC). Gains on foreign securities are 'profits de source étrangère' taxed at 20% (Upsilon, citing the CGI 2026). Real estate gains are taxed at 20%, with a minimum tax of 3% of the sale price; a principal residence occupied for at least six years is exempt.

• Important exceptions, statute references and announced changes: Since the 2026 Finance Law, foreign-source investment income and gains not withheld by a Moroccan intermediary must be declared under Art. 84 bis CGI by 1 April of the following year.
• Tax year / confidence / verification: 2026 / medium / partially_verified (checked 2026-10-15)
• JSON numbers: headline 20% (0.2); listed domestic 15% (0.15); listed foreign 20% (0.2); private business sale 20% (0.2); local real estate 20% (0.2); foreign real estate 20% (0.2).
• How derived: Flat final rates: listed (Casablanca Stock Exchange) shares 15%; foreign shares 20% (foreign-source profits); unlisted shares 20%; real estate 20% (minimum 3% of price). Foreign real estate assumed to fall under the 20% foreign-source rate.
• Holding period: None for securities; principal residence exemption after six years of occupation.
• Trader recharacterisation: Regular property dealing or securities trading as a business is taxed as professional income at up to 37%.
• Foreign assets: Residents are taxed on worldwide gains; foreign tax credit under Art. 77 CGI where tax was paid in a treaty country.

Open points for this tax: Treatment of gains on foreign real estate for a resident (20% foreign-source rate assumed) not confirmed in the CGI text. | Whether foreign-listed shares can use the 15% listed-share rate was not confirmed; Upsilon gives 20% for foreign-source profits.

Dividends

Standard regime

Moroccan dividends paid to individuals in 2026 bear an 11.25% final withholding tax (12.5% in 2025, 10% from 2027; Art. 247-XXXVII-C CGI). Foreign dividends received by residents are taxed at a flat 15% final rate (Art. 73-II-C CGI), withheld by a Moroccan bank or declared, with credit for foreign tax paid in a treaty country up to the Moroccan tax.

• Tax year / confidence / verification: 2026 / medium / partially_verified (checked 2026-10-15)
• JSON numbers: headline 15% (0.15); domestic 11.25% (0.1125); foreign gross 15% (0.15); foreign tax relief: credit.
• How derived: Domestic 11.25% (2026 payment year). Foreign 15% gross before credit; a 15% US treaty WHT would leave no Moroccan tax.
• Outbound withholding: 11.25% in 2026 (10% from 2027), reduced under treaties (e.g. 10%/15% US, 15% France).
• Treaty network: About 50 DTTs including the US, UK, France, Germany, Spain, Italy, Netherlands, Switzerland, UAE and Qatar.
• Holding companies: CIT 20% (35% above MAD 100 million taxable income); participation exemption for dividends from Moroccan companies.

Open points for this tax: PwC (reviewed 30 April 2026) still shows the 2025 dividend rate of 12.5%; the 11.25% 2026 rate is from Upsilon citing the CGI and was not checked against the DGI text.

Inheritance and gifts to children

Standard regime

No inheritance tax: transfers on death are not subject to registration duty. Gifts (hiba) between ascendants and descendants bear a reduced 1.5% registration duty on the market value (CGI art. 133-I-C-4°). Succession follows the Moudawana's fixed shares for Muslim Moroccans; foreigners' successions follow their national law (not verified).

• Important exceptions, statute references and announced changes: Partition deeds between heirs bear 1.5%; land registry (ANCFCC) and adoul/notary fees apply on Moroccan real estate.
• Tax year / confidence / verification: 2026 / medium / partially_verified (checked 2026-10-15)
• JSON numbers: basis none, children fully_exempt, exemption 0 MAD, brackets (marginal): none; other transfer costs 0% (0.0).
• Gifts: 1.5% registration duty on gifts to children (on the property's market value), plus land registry and notary costs; scored as a cost, not a gift tax. (same as inheritance: True; tax-free after years: None)
• Foreign assets: No inheritance tax on any asset; registration duty applies to deeds registered in Morocco.
• Residence/domicile rules: Not applicable.
• Business relief covers listed shares: False

Open points for this tax: Whether a gift of foreign listed securities by deed triggers the 1.5% registration duty was not verified.

Wealth tax

Standard regime

No net wealth tax.

• Tax year / confidence / verification: 2026 / high / partially_verified (checked 2026-10-15)
• JSON type: none
• Property tax (not a wealth tax): Local taxes on property: taxe d'habitation and taxe de services communaux (rates not verified here). Registration duties of 1-6% on property transfers.

Special regimes

None modelled; see Residence and eligibility.

Company taxation (kept separate from personal tax)

Headline CIT rate: 20% (0.2). CIT 20% on taxable income below MAD 100 million and 35% above (FY 2026); 40% for banks and insurers; minimum contribution 0.25% of turnover. Dividend WHT 11.25% in 2026. Special zones/regimes: Casablanca Finance City (CFC) companies and Industrial Acceleration Zones: 20% rate. CFC is a corporate status; its employee salary regime does not help a passive investor.

Cost of living notes

Not researched.

Open questions

• CGI 2026 text on the DGI site (tax.gov.ma) returned HTTP 403; statutory articles are cited from professional summaries.

Sources

• Morocco - Individual - Income determination (PwC Worldwide Tax Summaries, professional): https://taxsummaries.pwc.com/morocco/individual/income-determination
• Revenus de capitaux mobiliers au Maroc : dividendes, intérêts, RAS et déclaration (Upsilon Consulting, professional): https://upsilon-consulting.com/revenus-capitaux-mobiliers-maroc/
• Fiscalité internationale des dividendes au Maroc — CGI 2026, conventions et IGOC (Upsilon Consulting, professional): https://upsilon-consulting.com/fiscalite-dividendes-international/
• Morocco - Individual - Other taxes (PwC Worldwide Tax Summaries, professional): https://taxsummaries.pwc.com/morocco/individual/other-taxes
• Morocco - Corporate - Other taxes (PwC Worldwide Tax Summaries, professional): https://taxsummaries.pwc.com/morocco/corporate/other-taxes
• Testament, donation, héritage au Maroc 2026 : règles et fiscalité (Wafir, other): https://wafir.ma/fr/guide/testament-donation-heritage-maroc-2026-regles-fiscalite
• Morocco - Individual - Residence (PwC Worldwide Tax Summaries, professional): https://taxsummaries.pwc.com/morocco/individual/residence
• Morocco - Corporate - Taxes on corporate income (PwC Worldwide Tax Summaries, professional): https://taxsummaries.pwc.com/morocco/corporate/taxes-on-corporate-income

Change log

• 2026-10-15: initial research.