In short
- For whom: individuals, Moroccan residents and Moroccans living abroad.
- Cap: 2 million dirhams of total deposits, one PEA per person.
- Duration: at least five years of holding.
- Benefit: income and capital gains are tax-free, if the conditions are met.
What is a PEA?
The PEA is a savings contract for building a long-term portfolio of shares. According to the AMMC guide presented by Finances News Hebdo in March 2026, it can be opened with banks, brokerage firms authorised to hold securities accounts, and the Caisse de Dépôt et de Gestion.
Comparison with a standard securities account
Here is a made-up example for a resident, using the rates in our tax guide:
| Income | Securities account | PEA after 5 years, conditions met |
|---|---|---|
| Capital gain of 10,000 MAD | 1,500 MAD of tax (15%) | 0 MAD |
| Dividend of 1,000 MAD in 2026 | 112.50 MAD of tax (11.25%) | 0 MAD |
This example ignores fees and any exemption threshold. The PEA does not remove the risk of loss: it changes the tax treatment, not how prices move.
What to check
- The fees: opening, custody and brokerage, with your institution.
- Withdrawing before five years: the effects on tax and on the plan.
- Eligible securities: exactly what the plan can hold.
- The duration: long-term money is not meant for a quick need, and its value can fall.
Tax rules change with finance acts. The reference remains the current General Tax Code and the AMMC’s investor guide.
Frequently asked questions
Can I have several PEAs?
No. According to the AMMC guide, each subscriber can hold only one PEA.
Can a Moroccan living abroad open a PEA?
Yes, the plan is open to Moroccans living abroad. The rules of their country of residence may also 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.
