Morocco PER 2026: IR optimization via Retirement Savings Plan

Principle and 2026 caps

Any contribution to a licensed PER contract (retirement life insurance) is DEDUCTED from your net taxable income the year of contribution. Cap: 10 % of net taxable income, not exceeding MAD 50,000/year (CGI art. 28).

Example: net income MAD 200,000/year, max cap MAD 20,000 contributable to PER (10 %). If you contribute MAD 20,000: taxable income = 200,000 − 20,000 = 180,000. IR savings at 34 % bracket: MAD 6,800.

IR savings by marginal bracket

Bracket 30 % (income 60-80K): max contribution MAD 8,000 → IR savings MAD 2,400/year.

Bracket 34 % (income 80-180K): max contribution up to MAD 18,000 → IR savings up to MAD 6,120/year.

Bracket 38 % (income > 180K): max contribution MAD 50,000 capped → IR savings up to MAD 19,000/year.

For an executive at MAD 250K/year contributing MAD 25,000 to PER: immediate IR savings of 25,000 × 38 % = MAD 9,500.

Conditions to benefit from deduction

Retirement life-insurance PER contract licensed by ACAPS (Insurance and Social Welfare Supervisory Authority).

Minimum 8-year duration before penalty-free withdrawal. Exit age ≥ 55 (except force majeure: disability, death, layoff).

Regular OR exceptional contributions accepted. No mandatory minimum annual contribution (you can skip years).

Wafa Assurance — market leader (Attijariwafa)

'Wafa Retraite' contract: min contribution MAD 500/month, 2026 net yield on dirham funds 3.5-4.2 %, multi-fund options possible (equities, bonds). Management fees 0.8-1.2 %/year.

Why choose: fund size (>MAD 20bn assets), Attijariwafa network for proximity support, Wafa Connect app for online management.

RMA Assurance — competitive alternative

'RMA Avenir' contract: min contribution MAD 300/month, net yield 3.2-3.8 % on dirham funds, advanced multi-fund options. Fees 0.7-1.0 %/year.

Why choose: historically more stable yields (low volatility), more flexible multi-fund options, contract 100 % digitizable.

AXA Morocco — international network

'AXA Epargne Retraite' contract: min contribution MAD 500/month, yield 3.0-3.7 %, heavily oriented to UC (unit-linked). Fees 0.9-1.3 %/year.

Why choose: AXA international group (maximum security), global UC asset management expertise, practical for MRE residing in Europe.

Sanlam Morocco — digital challenger

'Sanlam Epargne Plus' contract: min contribution MAD 200/month (most accessible), yield 3.3-3.9 %, very user-friendly Sanlam Connect mobile app. Fees 0.7-1.0 %/year.

Why choose: accessible to young active (low min contribution), digital native (100 % online subscription without branch), good for starters.

Single executive MAD 100-180K/year

34 % bracket profile. Contribute 10 % of net income (MAD 10-18K/year) to PER = immediate IR savings MAD 3,400-6,120/year.

Recommended strategy: 60 % dirham funds (security) + 40 % multi-fund (yield). Automatic monthly contribution MAD 1,000-1,500 for savings discipline.

Family executive MAD 200-400K/year

38 % bracket profile. Contribute max cap MAD 50K/year to PER = IR savings MAD 19,000/year.

Recommended strategy: 50 % dirham + 50 % multi-fund (higher risk tolerance due to wealth). Monthly contribution MAD 4,000 constant + exceptional contribution MAD 2-3K in December to hit the cap.

Liberal profession (doctor, lawyer, freelance) MAD 250K+/year

38 % bracket profile. Contribute cap MAD 50K/year = IR savings MAD 19,000.

Additional strategy: combine PER + primary residence mortgage (partial interest deductible) + recognized public-utility donations = total IR optimization up to MAD 30K/year savings.

MRE pensioner MAD 360K+/year

Already benefits from 80 % abatement (CGI art. 73). Additional PER less priority since taxable base already reduced to 20 %.

Strategy: contribute to PER ONLY if planning permanent Moroccan tax residency switch (loss of MRE abatement). Otherwise, prefer classic life insurance for wealth transfer.

Capital exit after 8 years (and 55)

Flat final withholding (PFL) of 15 % on exited capital (vs IR bracket up to 38 %). For final capital of MAD 1,000,000: IR at exit = MAD 150,000 instead of MAD 380,000 at progressive rates.

Net savings over contract duration: ~50-60 % of theoretical IR.

Life annuity exit

Monthly annuity payment until death. Taxation per progressive IR with specific abatement (30-70 % based on age at liquidation).

Advantage: guaranteed lifetime income, ideal to complement CNSS/CMR pension. Drawback: capital lost at death (except annuity with reversion).

Force majeure (early exit without penalty)

Permanent disability of holder or spouse. Holder's death (capital paid to designated beneficiaries with favorable taxation: exemption up to MAD 500K/beneficiary).

Layoff (definitive job loss). Judicial liquidation for self-employed. Court-recognized over-indebtedness.