In France, reports reveal the identities of wealthy Moroccans as well as those of their wives and children, owning luxury real estate in Paris, without having declared them to the Moroccan Foreign Exchange Office or the Moroccan tax authorities.
Morocco is more than ever attracting foreign investment. This is evidenced by the latest report published by the Office of Exchange.
The Foreign Exchange Office has launched a "mission of awareness and sensitization for the benefit of foreign banks" in order to ensure the success of the automatic regularization operation of the property and assets of Moroccans and Moroccans residing abroad (MREs) abroad.
The controllers of the Foreign Exchange Office are currently verifying the documents of certain Moroccan businessmen who have transferred tens of millions of dirhams to finance investments in the Gulf countries and Africa.
Paradox in Morocco. While olive oil is becoming increasingly inaccessible to Moroccans due to its high price, exports of this highly prized product have risen in the first six months of the current year.
The regularization of taxpayers, as well as the declaration of liquid assets held abroad, are coming to an end. These two operations had been launched by the Office of Exchange and the Directorate General of Taxes (DGI).
Moroccan stone and meteorite traders, especially those selling their products in the United States, are in the sights of the Office of Foreign Exchange, the Directorate General of Taxes and the General Administration of Customs and Indirect Taxes.
The Office of Exchange is committed to welcoming Moroccans residing abroad (MRE) this summer and to giving them special attention as part of its 2022-2026 strategic action plan. This is at least what Driss Bencheikh, its acting director general, affirmed.
In 2023, remittances from Moroccans living abroad reached $11.8 billion, an increase of 5.2% compared to the previous year. This figure positions Morocco as the second largest recipient of remittances in the MENA region, behind Egypt.
The Foreign Exchange Office wants to crack down on fraudsters in terms of currency declaration. Any offender is liable to heavy fines and prison sentences ranging from 3 months to 5 years.
The control services of the Foreign Exchange Office have recently received alerts from the French and Spanish financial control authorities on the differences noted between the amounts spent by Moroccan tourists during their visit to these countries and those declared at the borders.
Good news for Moroccan travelers! Domestic flights operated by Ryanair can now be paid for in dirhams.