Clause 767 - Transfer of the benefit made from sale or liquidation.
The accredited intermediaries are authorized to transfer the following in favour of the investors:
- The benefit from the sale or liquidation of their investments financed in accordance with the provisions of this clause;
- The principal reimbursement of the related loans in accordance with the provisions of this clause.
- The transfer must relate to the nominal value of the investment as well as any capital gain.
- The benefit of the sale must correspond to the real value of the investments sold.
Clause 768 - Investment sale and the settlement terms.
Transfers of investments made in foreign currency by private or legal resident or non-resident persons of foreign nationality as well as private persons of Moroccan nationality living abroad depending of the availability of the persons involved.
Foreign resident or non-resident have the possibility to proceed freely with the sale of their investments made in Morocco, regardless of how they were originally financed.
The transactions listed below relating to investments made in Morocco and belonging to foreign persons give them the possibility to:
- Transfers between persons of foreign nationality regardless of their place of residence ;
- Transfers by foreigners to Moroccans living abroad;
- Transfers made by foreigners for the benefit of residents of Moroccan nationality.
- The transfers in question may be either transfers in exchange of payment, transfers for free or in exchange of donations.
- Transfers of investments must result in a payment with Moroccan dirhams; however, for certain duly justified cases, payment in foreign currencies abroad may be tolerated.
a- Payment in Moroccan dirhams in Morocco:
The sale operations indicated above must be settled in dirhams in Morocco. If the buyer is a foreign non-resident, the dirhams must come from currencies sold in the foreign exchange market, a foreign currency account or an account in convertible dirhams.
In the event that the transferred investment benefits from the convertibility regime, the transfer of the corresponding sale benefit must be made in accordance with the provisions of clause 769.
If the transferred investment does not benefit from the convertibility regime, the benefit in dirhams of the corresponding sale must be made available to the seller if the latter lives in Morocco, or it must be paid to a convertible account to be opened under the conditions provided by clause 40 of this clause, after proof of taxes payment and any other fees due in respect of the transaction in question.
b- Payment in foreign currency abroad :
Notwithstanding the provisions of paragraph a) of this section, the operations of sales listed below may result in payment abroad in foreign currencies depending on what the buyers have:
cessions intervenues entre des personnes de nationalité étrangère quel que soit leur lieu de résidence
Transfers between persons of foreign nationality regardless of their place of residence;
Transfers by foreigners to Moroccans living abroad;
In the case of a settlement outside of Morocco, the status of the investments regarding the convertibility regime remains unchanged and the acquirer will inherit the seller's position as to the status of the investment subject to the transfer. Thus, the assignee will benefit from the convertibility regime, if the investment was originally financed in foreign currency.
In the event that the investment in question is settled in a foreign currency directly abroad by a foreign non-resident, the fees, taxes and duties inherent of the transaction, etc., must be subject to a repatriation of the foreign currency to Morocco or be withdrawn from a foreign currency account or an account in convertible dirhams.
If the buyer is a Moroccan living abroad, the operation must be carried out exclusively for his personal account and financed by deduction from his own resources. To this regard, the person involved must be able to justify to the Office des Changes the existence of income or resources of foreign origin.
Clause 769 - Documents required for the transfer of sales benefits.
For the transfer of benefits from the sale or liquidation of foreign investments, interested parties must submit in regulation with the transfer orders all documents justifying the financing in foreign currency of the investment or a copy of the acknowledgment of receipt, or any document that replaces it, justifying that the investor concerned has transmitted to the Office des Changes a report on the realization of his investment.
On top of these documents, the interested parties must provide the following douments
For the transfer of benefits of tranferable securities:
- The accounting documents relating to the last financial year of the company which transferable securities were sold, the minutes of the Ordinary General Assembly as well as the copies of the transfer documents of the transferable securities sold showing the transfer price;
- For the transfer of benefits of sale of immovable property:
- Copy of the sale’s deed accompanied by the documents justifying the payment of the due taxes for the transaction in question;
For the transfer of the liquidation benefits:
- The liquidation balance sheet duly endorsed by the Tax Administration, the minutes of the General assembly of shareholders or copies of the judicial decision pronouncing the dissolution or partial or total liquidation of the investment, the liquidator's report highlighting the net benefit to be distributed and any documents justifying the payment of taxes..
Clause 770 - Report on the execution of the transfer.
Accredited intermediary banks are obliged to send to the Office des Changes by electronic email - an established report in accordance with the model 117.
Clause 771 - Authorization of non-resident foreign administrators to operate bank accounts of Moroccan companies.
Non-resident foreign administrators can operate the bank accounts of Moroccan companies provided that the operations carried out fall within the scope of their statutory and legal responsibilities.