Wealth management in Morocco

«"Alexis, I'm retiring to Marrakech. I've read conflicting information about the Franco-Moroccan convention. Does it protect my inheritance, yes or no?"»

Morocco hosts 58,016 French citizens registered with the consular register as of December 31, 2025, an increase of +3.82 % over one year. It is the ninth most popular destination in the world, and one of the oldest French communities outside of Europe.

The Franco-Moroccan tax treaty of May 29, 1970, is often cited, rarely read. Yet the answer to the question of inheritance is clearly stated there, and it is more nuanced than what is commonly heard on either side: the treaty does not include a chapter on inheritance, but it contains a very favorable one-off provision, in its article 26 § 3.

At the house of Balmont Conseil, We work on the text, not on what is said about it. That's the only way to know what you have grasped and what you haven't.

1. Why seek expertise in wealth management In Morocco?

Four issues arise for a Frenchman living in Morocco.

• The pension system. Article 17 of the 1970 convention assigns the taxation of pensions and life annuities to the State of the beneficiary's tax domicile., without distinguishing depending on whether they are private or public. This is a notable difference compared to most of our conventions.
• The actual scope of the convention in matters of inheritance. No dedicated chapter, but a precise exemption in Article 26 § 3. Knowing exactly what it covers avoids both unpleasant surprises and unnecessary waivers.
• The law applicable to your estate. Between French law, Moroccan law and the European regulation on international successions, the choice is not neutral — and it is made by will, during your lifetime.
• Moroccan exchange regulations. It strictly regulates what a resident of Morocco can own or contribute to abroad. This is a regulatory constraint, separate from taxation, and is enforced locally.

2. The France ↔ Morocco framework in five verified points

Here is the applicable framework, verified in the text of the convention itself and in official sources as of September 15, 2026.

Article 26 § 3 is precise, and its precision is its limitation. It exempts in France the Moroccan securities dependent on the succession of a person of French nationality residing in Morocco. Three cumulative conditions. Outside this scope — for Moroccan real estate, for example — the convention says nothing, and article 750 ter of the general tax code applies in its entirety.

Paragraph 3 of Article 750 ter therefore remains the point of vigilance. It makes all assets received by an heir domiciled in France for at least six of the last ten years subject to French inheritance tax. A riad owned in Marrakech, passed on to a child who remained in France, falls within the scope of French inheritance tax.

The Moroccan system for pensions from foreign sources and exchange regulations do not appear in this table, and this is intentional. We only display information that we have verified in a primary source. These two points fall under Moroccan domestic law: they should be addressed with legal counsel authorized in Morocco, and we can help you ask them the necessary questions.

3. Our services: 360° support for expatriates and investors

Three projects for a Franco-Moroccan dossier.

Reading the convention applied to your assets

We are reviewing your assets one by one and determining, for each one, what the 1970 convention provides—or does not provide—for. Moroccan securities fall under Article 26 § 3; Moroccan real estate does not; income is governed by Articles 9, 13, 14, and 17 according to its nature.

The result is a map of your display, item by item, with the reference to the applicable article. This document is then used to make the decision.

• Asset-by-asset qualification with regard to the conventional text.
• Exact scope of the exemption under Article 26 § 3.
• Calculation of article 750 ter for the assets that fall under it.

Choice of inheritance law and will drafting

For a French citizen habitually residing in Morocco, the law applicable to inheritance is not straightforward. The European regulation on international successions allows them to designate the law of their nationality in their will; otherwise, other rules apply.

We are working on this point with your notary, as it determines not only the tax implications but also the order of inheritance and the reserved portion. This is a decision to be made during your lifetime, in a legal document, not a question to be left unresolved.

Pensions, French income and the portability of allowances

We verify the processing of your pensions in accordance with Article 17 of the convention and the formalities to be completed with your pension funds. We monitor your French-source income: minimum tax rate for non-residents under Article 197 A of the French General Tax Code (CGI), option for the average tax rate, and real estate wealth tax.

Regarding savings accounts, we examine what should be kept and what should be reallocated, taking into account that a Luxembourg life insurance contract It is not subject to the same portability constraints as a contract governed by French law. Compatibility with Moroccan exchange control regulations is verified with a local advisor.

4. Methodology: our way of working

We work in four stages, and you know where you are at each stage.

1. The initial assessment. We assess your actual situation: composition of assets, project timeline, situation of each member of the household, and tax domicile of your heirs — because it is theirs that dictates, not yours.
2. The applicable reference framework. We establish, source by source and with its date, the framework that concerns you. What we do not know, we write "to be confirmed" — never anything else.
3. The arbitrations. We present you with the numerical options, along with their respective consequences, and you decide. Heritage engineering comes after the decision, not before.
4. The follow-up. An annual review, offered free of charge, which verifies that the framework has not changed — the conventions are modified, the attractiveness schemes are eliminated, the thresholds change.

5. What the firm offers you

This is what specifically distinguishes our intervention.

• Sources, not claims. Each item in your file has its reference number and date. You can check. This is the only way to work on a subject where most of the information available online is outdated.
• A single point of contact in France. We coordinate with your local advisors, we do not replace them: the internal tax regulations of the host country are handled by a qualified professional on site. Our role is to maintain overall consistency and to defend the French side of the case.
• Fees that are easy to understand. Firm fees: €500 including VAT per hour. Annual follow-up is included. No hidden kickbacks, no performance-based billing.

Frequently Asked Questions in Morocco

Does the Franco-Moroccan convention cover inheritances?

Not in the sense of a complete inheritance chapter, as exists with Germany or the United States. The convention of May 29, 1970 governs income tax and registration duties, and it contains only one inheritance provision, in its Article 26 § 3.

This provision is real and useful: it exempts Moroccan securities forming part of the estate of a French citizen domiciled in Morocco from inheritance tax in France. It does not cover Moroccan real estate or other categories of assets.

Will my house in Marrakech be taxed in France upon my death?

It can be. Article 26 § 3 of the convention only applies to securities; Moroccan real estate does not fall within its scope.

Therefore, Article 750 ter of the French General Tax Code applies. If an heir is domiciled in France on the date of the transfer and has been domiciled there for at least six years during the ten preceding years, France taxes all the assets they receive, including this asset. This is the calculation we perform beforehand.

Will my retirement pensions be taxed in France or Morocco?

Article 17 of the 1970 convention provides that pensions and life annuities are taxable only in the State where the beneficiary has their tax domicile, without distinguishing between private and public pensions.

This wording is more favorable than that of most of our conventions, which generally reserve public pensions for the paying state. However, this requires that your Moroccan tax residence be established and documented, and that the necessary formalities be completed with your pension funds.

Can I keep my French life insurance policy while living in Morocco?

The issue has two aspects, which must be addressed separately. The tax aspect falls under Moroccan law and should be verified with an authorized advisor in Morocco. The regulatory aspect falls under the jurisdiction of the Exchange Office, whose rules govern what a resident can hold or contribute to abroad.

We will not decide these two points for you: they require a written local position. However, we will tell you exactly what to ask, and we will adapt your asset structure to the response received.

Does the exit tax pose a problem for a departure to Morocco?

Less so than elsewhere. Morocco is among the countries, along with France, that have the two required clauses—exchange of information and assistance in tax collection—in place. The deferral of payment is therefore automatic, without the need for collateral.

The reporting obligations remain, as does the annual monitoring until the tax relief is granted. We will take care of these.

In summary

Morocco offers a partial treaty framework: favorable on pensions, favorable and precise on securities upon death, but silent on the rest. This is exactly the kind of situation where reading the text is more important than relying on its reputation.

The key point of concern is Moroccan real estate passed on to heirs who remained in France. It can be addressed, but it must be addressed proactively.

Firm's fees: €500 including VAT per hour. Annual follow-up is offered.

Let's review your situation

A thirty-minute exchange is enough to map out what the agreement covers and what it leaves out in your case. You can also start with a Free X-ray of your contracts.

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