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This topic contains 6 replies, has 3 voices, and was last updated by Profile photo of ayers ayers 4 months, 1 week ago.

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    Profile photo of ayers

    Can you open a USD or EUR bank account in Morocco as a foreigner?
    Is it bad option among those countries that don’t take part in CRS?

    Profile photo of Streber

    Banking in Morocco is fairly good nowadays, although you will need to speak French or be comfortable with whatever Google Translate tells you. I can’t recall ever seeing online banking or bank website in English. Some banks are local extensions of large French banks, which some may see as an assurance of stability.

    There are pretty strict controls in place on the local Moroccan dirham currency. You’re not allowed to import or export more than 1,000 MAD (about 100 EUR/USD) in cash, which is basically just to ensure tourists can still leave with pocket change.

    Because of the restrictions on the local currency and cumbersome conversion of MAD to other currencies, foreign-currency accounts (compte en devise) are offered by many banks.

    From what I have seen and heard, opening a bank account Morocco as a non-resident foreigner is usually not a problem if you come from a wealth western nation or elsewhere in the Middle East. They’ll usually ask for a few hundred to a thousand EUR/USD balance. A cash deposit when opening the account helps but no more than one or two hundred.

    Remote bank account opening is rare in Morocco, though.

    Profile photo of ayers

    Interestingly the websites of the big banks don’t list how much they offer for USD or EUR deposits. I guess it might be somewhat lower than what you’d earn in the Caucasus.

    Maybe the best is to contact an advisor and have a personal meeting or enquire in email.
    Don’t know if English is enough though or you must speak some French?

    They do state that for non-residents the withholding tax is 0.

    I also read that some banks in Morocco work on a branch basis, meaning you must visit the same branch to get things done, another branch in another city won’t see your balance.

    Profile photo of T

    Living in morocco, i can confirm you several points:
    1. As a foreigner u can open an EUR account. “Compte convertible”. The more you deposit, the more flexible the bank will be.
    2. To speak some french helps a lot, however you can find some bankers dealing daily in english.
    3. morocco is very stable and very strict in terms of terrorism security controls.
    4. there are international banks (mainly french) but i would advice you a moroccan one (First AttijariWafa Bank then or BMCE) you’ll have more flexibility in every ways) if u use a french bank like Societe Generale or BMCI (alias BNP Paribas) you have big chances to see your bank account movements in your Fiscal Residence Country’s hands.(if u are from a western nation) In fact they work on branch basis however i think that every branch can see ur balance, but need to confirm it.
    5. However you are allowed, as a non-resident, to import/export 100 000 MAD (approximatively 9 300 Eur)
    6. Remote bank account opening is extremely extremely rare.
    7. Morocco is working to make disapear the restrictions on the local currency. (End 2017/ Early 2018)
    Conclusion: morocco is a very good option for many reasons, not listed above. Choosing the right banking company is a major point of the processus.

    Profile photo of ayers

    thanks for the detailed response.

    I wonder if compte convertible accounts in Morocco have IBAN account numbers?
    Also, while the account opening could be done in English (in person), as Streber pointed out you’d still have problems with online banking as it is French only (?).

    What are the other advantages of Morocco? I contemplate to opening a bank account there of in the Caucasus.
    Term deposit interest rates are 2 – 2.5% for EUR and 3.5% – 4% for USD in safer bank in Georgia/Armenia.

    Profile photo of T

    Convertible accounts have Iban.
    Indeed, The online banking is (from my experience) in french. CIH bank might have an english version though. To confirm.
    I have to ask about the interest rates for € and USD deposits.
    What are the other advantages you are looking for?
    I’m new on this blog. I am looking for some help about finding a jurisdiction that didn’t sign the AEOI, to set up an offshore company, that can offer Fiscal Residency, and good online banking service?
    I guess i should create a topic?

    Profile photo of ayers

    Yes either create a new topic or maybe wait a few days and see what Streber is going to publish?
    * EOI Mitigation (How to Avoid AEOI, CRS, FATCA) (March 9, 2017)

    What are the other advantages you are looking for?

    actually I was just referring to what you said: “morocco is a very good option for many reasons, not listed above.”
    if there is anything I missed and makes Morocco a better choice than say Georgia or Armenia.

    Also, in your opinion is it a better idea to arrange an appointment with a banker to open a bank account in Morocco, rather than just walking in from the street? Thanks.

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