Compte convertible à terme (CCT)

Invest without hard-currency proof and your exit gets locked into a 4-year, 25%-per-year drip.

The penalty box. Proceeds from the sale or liquidation of a foreign investment that did NOT benefit from the convertibility regime (i.e. was not originally financed in foreign currency) must be paid into a 'compte convertible à terme'. Funds can then only be transferred abroad over 4 years, in 4 equal annual instalments of 25%, with the first transfer no earlier than 1 year after the funds are booked. This is the single most important reason to document the FX origin of every dirham invested.