What is the tax on Casablanca Stock Exchange investments?

Capital gains from BVC-listed shares are taxed at 15% and dividends at 11.25% under the Moroccan Finance Act 2026. The withholding is made at source by the broker. Non-residents may benefit from tax treaties to avoid double taxation.

What is the MASI index and what return has it delivered?

The MASI (Moroccan All Shares Index) tracks all shares listed on the Casablanca Stock Exchange. It rose more than 26% in 2025. Over the past decade, the MASI has delivered an average annual return of approximately 6% to 8%. Past performance does not guarantee future results.

Casablanca Stock Exchange (BVC) Investment Simulator — net return projection

The Casablanca Stock Exchange (Bourse des Valeurs de Casablanca / BVC) is Morocco's national stock exchange, home to over 70 listed companies. Our simulator projects your net capital after the 15% capital-gains tax and 11.25% dividend tax — among the lowest rates on any Moroccan savings product.

MASI performance 2025: +26% — one of Africa's best-performing markets
Long-term average: ~6% to 8% per year (MASI, historical)
Tax: 15% on capital gains, 11.25% on dividends (Finance Act 2026)
Risk: high — capital not guaranteed, subject to market volatility
Liquidity: high — shares tradeable on any exchange session day

BVC: Africa's underrated stock exchange

The Casablanca Stock Exchange consistently ranks among the top three stock exchanges in Africa by market capitalisation. Listed companies include banks (Attijariwafa, BCP), telecoms (Maroc Telecom), and energy producers. For expats and international investors, BVC equities offer exposure to Morocco's economic growth, with capital and dividends freely repatriable under Office des Changes rules. Compare BVC against a Moroccan equity fund using our comparator.

Who should consider investing on the Casablanca Stock Exchange?

Direct stock market investment suits savers with at least MAD 10,000–20,000 — a minimum threshold to diversify across 3 to 5 stocks and dilute company-specific risk. It is best suited to investors comfortable with volatility and able to follow the financial news of listed companies. Over the long term (7+ years), the BVC has historically delivered some of the best returns in the MENA region, driven by regular dividends from banks, telecoms and building materials sectors.

How to invest on the Casablanca Stock Exchange?

Investing in Moroccan stocks requires going through a Casablanca Stock Exchange-licensed broker. The main brokerage firms are: CFG Marchés, BMCE Capital Bourse, Attijari Intermédiation, WafaBourse, CDG Capital Bourse and Bourse Direct Maroc. Open a securities account online or at a branch, deposit your initial capital, then place buy orders. Brokerage fees range between 0.1% and 0.3% per transaction — compare before opening your account.

How can foreigners invest in the Casablanca Stock Exchange?

Foreign residents and non-residents can invest via a securities account at an AMMC-licensed brokerage or Moroccan bank. Capital and dividends can be freely repatriated under Office des Changes regulations.

What is the tax on BVC shares in Morocco?

Capital gains from BVC-listed shares are taxed at 15% and dividends at 11.25% under the Finance Act 2026. The withholding is made at source by the broker. Non-residents may benefit from tax treaties.

What is the MASI index and its historical return?

The MASI (Moroccan All Shares Index) tracks all listed BVC shares. It rose over 26% in 2025. Over the past decade the MASI has averaged approximately 6% to 8% per year. Past performance does not guarantee future results.

BVC shares vs equity fund: which is better for expats?

Direct BVC shares offer direct ownership (15% on gains, 11.25% on dividends) but require company research. Equity funds provide instant diversification with professional management — more practical for non-resident investors unfamiliar with Moroccan listed companies.

Worked projection: 50,000 MAD invested in Casablanca Stock Exchange shares

Illustrative scenario computed with our simulator: 50,000 MAD initial capital, 500 MAD monthly contribution, indicative annual return of 8% / yr, taxation 15% gains + 11.25% div. (2026 Finance Act). Indicative figures — past performance does not guarantee future results.

BVC stocks projection — 50,000 MAD + 500 MAD/mo, 8% / yr
Horizon	Total invested	Gross capital	Estimated tax	Net-of-tax capital	Net gain
1 yr	56 000 MAD	60 375 MAD	591 MAD	59 784 MAD	+3 784 MAD
3 yrs	68 000 MAD	83 780 MAD	2 130 MAD	81 649 MAD	+13 649 MAD
5 yrs	80 000 MAD	111 231 MAD	4 216 MAD	107 015 MAD	+27 015 MAD
10 yrs	110 000 MAD	202 455 MAD	12 481 MAD	189 974 MAD	+79 974 MAD
15 yrs	140 000 MAD	338 365 MAD	26 779 MAD	311 586 MAD	+171 586 MAD
20 yrs	170 000 MAD	540 850 MAD	50 065 MAD	490 786 MAD	+320 786 MAD

Over 20 years, a saver who set aside 170 000 MAD in total would build net-of-tax capital of 490 786 MAD — a 2.85× multiple of cumulative savings.

BVC stocks vs other Moroccan products

For the same savings effort (50,000 MAD + 500 MAD/mo), here is the estimated net-of-tax capital under the 2026 Finance Act:

Estimated net-of-tax capital comparison — same investment
Product	Indicative rate	Tax (2026)	After 5 yrs	After 10 yrs	After 20 yrs
BVC stocks	8% / yr	15% gains + 11.25% div.	107 015 MAD	189 974 MAD	490 786 MAD
Bond fund	4% / yr	20% redemption gains	91 359 MAD	140 533 MAD	269 613 MAD
Term deposit	3% / yr	30% withheld	87 283 MAD	129 137 MAD	229 632 MAD

Over 20 years, BVC stocks produces 2.04× the net capital of Term deposit (490 786 MAD vs 229 632 MAD) in this scenario. Adjust these inputs to your profile with our savings comparator.

Other Morocco savings simulators

Equity Fund (OPCVM) Equity Savings Plan (PEA) Treasury Bills Term Deposit Full comparator

Sources: Casablanca Stock Exchange — MASI performance; AMMC — market regulation; Office des Changes — foreign exchange rules. Calculations are indicative — past performance does not guarantee future results.