Casablanca – The Foreign Exchange Office has announced the completion of the 2024 automatic settlement process for properties and assets held abroad, which has resulted in over $206,185,567 in declared amounts. This initiative, aimed at regularizing the status of Moroccan residents with assets outside the country, recorded a total of 658 declarations.

The settlement process, established under Article 8 of Finance Law No. 23-55 for the fiscal year 2024, distributed the declared amounts across three main categories. Financial assets topped the list with a total of $94,453,608,  accounting for 45% of the total. Real estate followed closely, with declarations amounting to $89,601,031, representing 43%. Cash assets were the least declared, totaling $25,220,619 or 12% of the total.

The process, which ended on December 31, 2024, also generated $23,891,753 in revenues from the amnesty contribution paid to the treasury. Despite this impressive figure, the outcome fell short compared to the 2020 general amnesty, which recorded around $618,556,701, and significantly lower than the $2,886,597,938 from the first foreign exchange amnesty in 2014.

The automatic settlement allowed individuals and legal entities residing in Morocco, who had established assets and funds abroad before January 1, 2023, and were in violation of foreign exchange laws, to regularize their legal status. To benefit from this process, participants had to declare their properties and funds held abroad, repatriate cash in foreign currencies, and pay a liberation contribution ranging from 10% to 2%, depending on the circumstances.

The Foreign Exchange Office provided guidelines for participants, ensuring that declarations and payments were made anonymously at recognized financial institutions. Declarants were assured exemption from administrative or judicial actions and permitted to retain ownership of the declared assets and foreign currency accounts.

In addition to regularizing their legal status, participants were exempt from fines related to foreign exchange violations and from income or corporate taxes and associated penalties. The revenues from the amnesty contribution are set to be allocated to the Social Protection and Social Cohesion Support Fund, reinforcing the government’s commitment to social welfare.

This initiative reflects the ongoing efforts by the Moroccan government to ensure compliance with foreign exchange regulations and to encourage the repatriation of funds held abroad, contributing to the country’s economic stability and growth.