Régime de convertibilité des investissements étrangers (IGOC 2026, volet investissements)

The cornerstone for foreign equity investors: any investment financed in foreign currency benefits from the convertibility regime, which guarantees the FREE transfer, without prior approval and without ceiling, of (i) income generated (dividends, coupons) and (ii) proceeds of disposal or liquidation, including the capital gain. The counterpart is documentary: the bank must be able to prove the original FX inflow (SWIFT, attestation de cession de devises / FX sale certificate, bank statement of the convertible account). No proof of FX entry = no repatriation right. MSCI's 2026 accessibility review explicitly flags this proof requirement as a friction point.