In short
- Buying shares goes through a securities account and an intermediary in Morocco.
- The convertible dirham account is linked to funds coming from abroad.
- Tax also depends on your country of residence.
- Check the rules with your bank and the Office des Changes.
Two accounts to tell apart
| Account | What it is for |
|---|---|
| Bank account | Receiving and sending money. |
| Securities account | Holding shares and recording transactions. |
Orders are carried out by a licensed brokerage firm, directly or through the bank. Some banking groups offer online access.
What is a convertible dirham?
According to Bank of Africa’s description of its account for Moroccans abroad, this type of account is funded in foreign currency. The money can then be used in Morocco or transferred abroad, without Office des Changes authorisation according to the bank. These terms describe one specific offer and can vary between banks.
Questions to ask before investing
Which account for the stock market?
Not all convertible dirham accounts are necessarily meant for investments. Ask the bank.
How do I get the money back?
How can sale proceeds and dividends be transferred back?
What fees?
International transfers, currency exchange, brokerage and custody fees. See our guide to fees.
What taxes?
In Morocco and in your country of residence, with a possible tax treaty.
What happens if I return to Morocco?
A change of residence can change the rules that apply.
Two extra risks
- Currency risk: a gain in dirhams can shrink if the dirham falls against your currency, and the opposite can also happen.
- Remote scams: see our guide to scams.
Made-up example: 10,000 dirhams are worth 1,000 euros at 10 DH per euro. If the euro rises to 11 DH, these 10,000 dirhams are worth about 909 euros, even though the share price has not changed.
The PEA
According to the AMMC guide presented by Finances News Hebdo, the PEA is open to Moroccan residents and to Moroccans living abroad.
Frequently asked questions
Do I need to come to Morocco to open an account?
It depends on the bank or firm. Some offer a remote application or work through an office abroad.
Who can answer currency questions?
Your bank and the Office des Changes, which publishes the rules that apply.
Sources
This article is for information and educational purposes only. It is not investment advice or a recommendation to buy or sell any security. Investing in shares involves a risk of capital loss. Check figures against official sources (Casablanca Stock Exchange, AMMC) and consult a licensed professional. Read the full disclaimer.
