Capital gains tax in Morocco 2026: rates, exemptions and how to pay less

Last reviewed: November 2026 · Reviewed by Stéphane Gombauld, tax expert, technologist and digital nomad

You own Moroccan shares, a portfolio at a foreign broker, or a flat in Marrakech or Tangier, and you plan to sell. This guide gives you the 2026 rates by asset and how the taxable gain is computed. It also covers non-residents and the legal levers that cut the bill.

Morocco capital gains tax in 2026: the key figures

Rates as summarised by PwC Worldwide Tax Summaries – Morocco (secondary source, last reviewed 30 April 2026).

What changed for 2026

• Dividend withholding fell again. The transitional rates run by distribution date: 12.5% from 1 January 2025, 11.25% from 1 January 2026, and 10% from 1 January 2027 (PwC, secondary).
• Capital gains rates are unchanged. The Finance Law 2026 measures reported by PwC target corporate tax, VAT and withholding. The 15%, 20% and 3% figures stay.
• New exchange control instruction. The Office des Changes' General Instruction on Foreign Exchange Operations 2026 applies from 1 January 2026. It governs how sale proceeds move in and out of Morocco.

Is this guide for you?

Read on if you…

• are tax resident in Morocco and hold shares, bonds or funds, in Morocco or abroad;
• own Moroccan property you may sell, whether you live in Morocco or not;
• are planning a move to or from Morocco and want to time a sale.

Probably not your case if you…

• sell assets held inside a Moroccan company, where corporate income tax applies instead;
• have no Moroccan residence and no Moroccan assets.

How are gains on shares and bonds taxed in Morocco?

Morocco does not run share gains through the progressive income tax scale (0% to 37%). Gains on securities sit in a separate category of investment income, taxed at flat rates.

The rates

• 15% on gains from listed shares (Casablanca Stock Exchange).
• 20% on gains from unlisted shares, for example a stake in a friend's SARL.
• 20% on gains from bonds and other debt securities.

These rates are confirmed in the PwC Morocco income determination summary.

Computing the gain

1. Take the sale price, less sale expenses such as brokerage fees.
2. Deduct the acquisition price, plus acquisition expenses.
3. For bonds, use the capital amount only. Accrued interest not yet due is excluded from both prices.
4. Apply the flat rate to the net gain.

Gains on foreign accounts are your job. As a resident you are taxed on worldwide income, so you declare them yourself. The DGI (Direction Générale des Impôts, the tax authority) can check them against data received from abroad.

Here's the catch. Flat rates mean no personal allowances and no family deductions. The rate you see is the rate you pay.

Dividends and interest

Dividends are not capital gains, but they hit the same portfolio. Moroccan dividends bear 11.25% withholding in 2026. Foreign-source dividends are taxed at 15%. Interest received by individuals outside a business regime is taxed at 30%.

How is a property sale taxed in Morocco?

Property gains (profits fonciers) have their own regime.

The rate and the minimum

The tax is 20% of the net gain. It can never be lower than 3% of the sale price. So a sale with a small gain, or even a loss, still costs 3% of the price. Only an exemption avoids it.

Computing the gain

1. Start from the net sale price.
2. Deduct the updated purchase price. The purchase price is revalued with a coefficient that the tax authority sets from a cost-of-living index.
3. The purchase price includes acquisition costs, investment expenses (works) and loan interest paid to finance the purchase.
4. Apply 20% to the result, then compare with 3% of the sale price. You pay the higher figure.

The revaluation coefficients change each year. Ask your notary for the current table before you sign.

The main residence exemption

The gain is exempt if the property was used as your principal residence for at least six years. This is the only holding period the regime mentions. Five years and eleven months does not count.

Registration duties paid on purchase and the annual taxes on ownership are covered in our guide to specific taxes in Morocco.

How are non-residents taxed on Moroccan gains?

Non-residents are taxed only on Moroccan-source income. Gains on Moroccan property and on Moroccan securities are Moroccan-source.

• Property: the 20% rate and the 3% minimum apply, as for residents.
• Moroccan shares: the domestic rates are 15% (listed) and 20% (unlisted). A tax treaty may move the taxing right to your country of residence.
• Foreign assets: outside Moroccan tax once you are non-resident.

Morocco has tax treaties with 49 countries plus the Arab Maghreb Union, per PwC (secondary). Partners include France, Spain, Belgium, Germany, the UK, the US and the UAE. Read the gains article of your treaty before you sell.

Getting the money out is a separate question. The Office des Changes rules for foreign non-resident investors cover the financing of the investment and the transfer of sale proceeds. Individuals should also read the Office des Changes page for foreign non-resident individuals, which lists the convertible account types. In practice, keep proof that you funded the purchase with foreign currency.

Comparing destinations? See capital gains tax in Mauritius and capital gains tax in Ethiopia.

How can you legally reduce capital gains tax in Morocco?

Good news: the rules leave real room for planning.

1. Reach the six-year mark on your home. On a MAD 500,000 gain, 20% is MAD 100,000. Six full years of main-residence use takes it to zero.
2. Keep every invoice. Works, acquisition costs and loan interest all raise the purchase price and shrink the gain.
3. Use the revaluation coefficient. It lifts an old purchase price in line with the cost of living. The older the purchase, the bigger the effect.
4. Time your residence change. Residents are taxed on worldwide gains, non-residents only on Moroccan-source gains. Your exchange-control status follows, because the IGOC 2026 defines residents by tax law. Our guides to obtaining and ceasing tax residency in Morocco explain when the switch happens.
5. Check the treaty before selling shares as a non-resident. It may give the exclusive taxing right to your residence country.
6. Treat crypto separately. It has its own legal and exchange control issues, covered in our guide to cryptocurrency taxes in Morocco.

Common mistakes (and what they cost)

• Selling your home a few months before year six → the whole gain is taxed at 20%, with the 3%-of-price floor.
• Losing renovation and notary invoices → the gain is overstated and you pay 20% on costs you actually incurred.
• Ignoring foreign broker accounts as a resident → worldwide income is taxable, so the DGI can reassess the gain with penalties and late-payment interest.
• Assuming a loss means no tax on property → the 3% minimum on the sale price still applies unless an exemption covers the sale.
• Selling Moroccan shares as a non-resident without reading the treaty → you may pay Moroccan tax that the treaty would have avoided, then chase a refund.

Frequently asked questions

What is the capital gains tax rate in Morocco in 2026?

Individuals pay 15% on gains from listed shares and 20% on unlisted shares and bonds. Property gains are taxed at 20% of the net gain, with a minimum of 3% of the sale price. These are flat rates, separate from the 0% to 37% income tax scale. Moroccan dividends bear 11.25% withholding in 2026.

Is the sale of my main home tax-free in Morocco?

Yes, if the property was your principal residence for at least six years when you sell. Below six years, the gain is taxed at 20%, and the tax cannot be lower than 3% of the sale price. Keep proof of residence, such as utility bills and your residence card address, for the whole period.

Do non-residents pay capital gains tax in Morocco?

Yes, on Moroccan-source gains. A non-resident selling Moroccan property pays 20% of the gain, with the 3%-of-price minimum. Gains on Moroccan shares follow the 15% or 20% domestic rates. A double tax treaty with your residence country may shift the right to tax share gains, so check it first.

How is the gain on a Moroccan property calculated?

Take the net sale price and deduct the updated purchase price. The purchase price is revalued with an official cost-of-living coefficient. It also includes acquisition costs, works and loan interest. Tax is 20% of the result, but never less than 3% of the sale price. Your notary applies the current coefficient.

Are foreign shares taxable for Moroccan residents?

Yes. Moroccan residents are taxed on worldwide income, so gains realised through a foreign broker are taxable in Morocco. No Moroccan intermediary withholds the tax, so you declare the gain yourself. A treaty can give a credit for tax withheld abroad. Foreign-source dividends are taxed at 15%.

Is Moroccan dividend tax falling?

Yes. Under the CGI's transitional rates, withholding on dividends drops from 12.5% (2025 distributions) to 11.25% for distributions from 1 January 2026, then 10% from 1 January 2027. The rate applies by distribution date, whatever year the profits come from.

Related guides

• Morocco tax landscape overview
• Cryptocurrency taxes in Morocco
• Specific taxes in Morocco: VAT, registration duties and more
• Personal tax deductions and benefits in Morocco
• How to cease your Moroccan tax residency
• Capital gains tax in Mauritius
• All country tax guides

Sources

• General Instruction on Foreign Exchange Operations 2026 – Office des Changes
• Foreign non-resident investors – Office des Changes
• General Instruction on Foreign Exchange Operations 2026 (IGOC 2026) – Office des Changes
• Morocco: Individual income determination – PwC Worldwide Tax Summaries (secondary)
• Morocco: Corporate significant developments – PwC Worldwide Tax Summaries (secondary)
• Morocco: Foreign tax relief and tax treaties – PwC Worldwide Tax Summaries (secondary)

This guide is general information, not personalised tax advice. See how we research and review.