Morocco Equity Savings Plan (PEA) Simulator — net return projection

The Moroccan Plan d'Épargne en Actions (PEA) is one of the most tax-efficient long-term savings products available in Morocco. It invests in Casablanca Stock Exchange equities with a 15% tax rate before 5 years — and full tax exemption after 5 years. Our simulator shows the impact of this exemption on your net capital over time.

Indicative yield: ~7% per year (invested in BVC equities)
Tax before 5 years: 15% on capital gains
Tax after 5 years: 0% — full exemption (Finance Act 2026)
Risk: high — capital not guaranteed, market-linked
Best suited for: long-term investors with a 5+ year horizon

Why the PEA is Morocco's best tax-efficient investment after 5 years

On a 10-year horizon, the PEA's tax exemption can add 10% to 15% to your net capital compared to direct BVC shares or an equity fund. The simulator lets you adjust the duration slider to see exactly when the tax exemption kicks in and how much it saves. Use the comparator to rank all 9 products for your situation.

Who should consider the PEA?

The Moroccan Plan d'Épargne en Actions (PEA) is designed for investors seeking Casablanca Stock Exchange exposure with a significant tax benefit after 5 years. It is particularly relevant for mid-career workers with a long investment horizon who want to build an equity portfolio while reducing their tax liability on capital gains and dividends. Full exemption after 5 years represents a substantial net gain compared with an ordinary securities account taxed at 15%.

How to open a PEA in Morocco?

The PEA is opened through an authorised stockbroker enabled to offer the plan. Contributions are invested in eligible BVC shares or PEA-labelled mutual fund units. Contribution ceilings are set by regulation — ask your broker for the current limit. If you withdraw before 5 years, you lose the tax benefit and the plan is closed. The commitment period is therefore a critical factor: only open a PEA if you are confident you will not need the funds for at least 5 years.

What is the Moroccan Equity Savings Plan (PEA)?

The Moroccan PEA is a tax-advantaged wrapper for Casablanca Stock Exchange equities. Capital gains are taxed at 15% before 5 years and fully exempt after 5 years of holding. Available through licensed brokers to Moroccan residents and qualifying expats.

How does PEA tax exemption work in Morocco?

Under the Finance Act 2026, gains realised within a PEA are taxed at 15% if liquidated before 5 years. After 5 full years, all capital gains are completely exempt from tax — making the PEA one of the most tax-efficient long-term products in Morocco.

What is the maximum contribution to a Moroccan PEA?

Total contributions to a Moroccan PEA are capped at MAD 2,000,000 over the life of the plan. Exceeding the cap or withdrawing before 5 years triggers 15% taxation on net gains.

PEA vs direct BVC shares: which is better?

Both invest in BVC equities. The difference is tax: direct shares are taxed at 15% on gains/dividends every time. A PEA becomes fully tax-exempt after 5 years — significantly more advantageous for investors with a long horizon. The PEA is clearly superior for 5+ year investments.

Worked projection: 50,000 MAD invested in an Equity Savings Plan (PEA)

Illustrative scenario computed with our simulator: 50,000 MAD initial capital, 500 MAD monthly contribution, indicative annual return of 7% / yr, taxation 15% → tax-free after 5 yrs (2026 Finance Act). Indicative figures — past performance does not guarantee future results. The tax advantage is decisive: from year 5 onward, gains become fully tax-exempt — hence the estimated 0 MAD tax beyond that threshold in the table.

PEA projection — 50,000 MAD + 500 MAD/mo, 7% / yr
Horizon	Total invested	Gross capital	Estimated tax	Net-of-tax capital	Net gain
1 yr	56 000 MAD	59 811 MAD	572 MAD	59 239 MAD	+3 239 MAD
3 yrs	68 000 MAD	81 611 MAD	2 042 MAD	79 570 MAD	+11 570 MAD
5 yrs	80 000 MAD	106 678 MAD	0 MAD	106 678 MAD	+26 678 MAD
10 yrs	110 000 MAD	187 025 MAD	0 MAD	187 025 MAD	+77 025 MAD
15 yrs	140 000 MAD	300 928 MAD	0 MAD	300 928 MAD	+160 928 MAD
20 yrs	170 000 MAD	462 400 MAD	0 MAD	462 400 MAD	+292 400 MAD

Over 20 years, a saver who set aside 170 000 MAD in total would build net-of-tax capital of 462 400 MAD — a 2.72× multiple of cumulative savings.

PEA 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
PEA	7% / yr	15% → tax-free after 5 yrs	106 678 MAD	187 025 MAD	462 400 MAD
BVC stocks	8% / yr	15% gains + 11.25% div.	107 015 MAD	189 974 MAD	490 786 MAD
Equity fund	7% / yr	11.25% div + 15% gains	102 976 MAD	176 338 MAD	421 830 MAD

Over 20 years, PEA produces 1.13× the net capital of Equity fund (462 400 MAD vs 421 830 MAD) in this scenario. Adjust these inputs to your profile with our savings comparator.

Other Morocco savings simulators

Casablanca Stock Exchange Equity Fund (OPCVM) Company Savings Plan (PEE) Housing Savings Plan (PEL) Full comparator

Sources: AMMC — PEA regulation; Casablanca Stock Exchange — MASI performance. Taxation: Finance Act 2026 (General Tax Code). Results are indicative — not financial advice.