Even before signing the contract at the notary\u2019s office, every foreign buyer faces a practical question: should they open a bank account in Morocco, and if so, which one? The answer has implications that go beyond mere convenience. The type of account you choose, and how you fund it, will largely determine your future ability to repatriate your funds should you sell the property.<\/p>\n
This guide explains the types of accounts available to non-residents in accordance with the General Instructions on Foreign Exchange Transactions published by the Foreign Exchange Office, the concept of residence which determines your rights, and our advice on opening and using your account when purchasing a property.<\/p>\n
In short<\/strong> : Moroccan banks can open foreign currency accounts<\/strong> and some convertible dirham accounts<\/strong> to foreign nationals, whether resident or non-resident. Funded by transfers from abroad, these accounts can be freely debited for your expenditure in Morocco and for transfers. A standard dirham account in the name of a non-resident foreign national, however, requires authorisation from the Foreign Exchange Office.<\/p>\n Foreign exchange regulations distinguish between residents and non-residents, and refer to tax legislation for this purpose. According to the General Tax Code, a natural person is deemed to be resident for tax purposes in Morocco if they have their permanent residential home<\/strong>, the the focus of its economic interests<\/strong>, or when his stays in Morocco exceed 183 days<\/strong> over any 365-day period.<\/p>\n In practical terms:<\/p>\n Your status may change over time. Please notify your bank of any changes, as this will affect the accounts you are permitted to hold.<\/p>\n Held in euros, for example, it keeps your funds in their original currency. It is credited with transfers received from abroad and can be debited freely for any payments in Morocco or abroad.<\/p>\n This is the account most commonly used by foreign buyers. The funds are held in dirhams, which makes it easier to pay the solicitor, tradespeople or everyday bills, but they retain their convertible<\/strong> : they can be converted into foreign currency and transferred. According to the Foreign Exchange Office\u2019s directive, these accounts are credited, in particular, with:<\/p>\n They are debited for all transactions in Morocco or abroad, including cash withdrawals. These accounts cannot be overdrawn.<\/p>\n For a foreigner resident<\/strong>, this is a day-to-day account, similar to a French current account. For a foreigner non-resident<\/strong>, opening a standard dirham account is one of the transactions subject to prior authorisation from the Foreign Exchange Office. In practice, a convertible dirham account fulfils this role.<\/p>\n A property investment financed in foreign currency benefits from the convertibility regime: you will be able to freely transfer the income it generates and the proceeds from its sale, including any capital gains. However, you must be able to prove this, and it is your bank account that provides the evidence. Every transfer received from abroad and converted results in a bank statement. It is these documents, together with the deed of sale, that will one day enable your bank to authorise the repatriation of funds.<\/p>\n Conversely, funds received through informal channels, handed over in cash without a customs declaration, or paid directly to the seller abroad may mean you lose this guarantee. Our guide to the\u2019Property purchase in Morocco by a foreigner<\/a> put this stage into the context of the overall process.<\/p>\n Ideally, as soon as your plans start to take shape, before signing the preliminary agreement. This will give you time to transfer the deposit, followed by the balance and the fees, without having to rush.<\/p>\n Each bank has its own know-your-customer requirements. As a general rule, you should allow for:<\/p>\n Yes. Moroccan banks are authorised to open foreign currency accounts and convertible dirham accounts for foreign individuals, whether resident or non-resident.<\/p>\n Funds held in a convertible dirham account may be converted back into foreign currency and transferred abroad. An ordinary account is used for residents\u2019 day-to-day transactions; non-residents require authorisation from the Foreign Exchange Office to open one.<\/p>\n Yes, upon presentation of the original foreign currency import declaration filed with customs, dated no more than six months ago, or a foreign exchange statement proving its origin.<\/p>\n There is no legal requirement to do so, but it makes all payments in Morocco easier and is the best way to ensure your funds can be traced should you need to repatriate them in the future.<\/p>\n No. Foreigners\u2019 accounts in foreign currencies and convertible dirhams must not be in debit.<\/p>\nResident or non-resident: the preliminary question<\/h2>\n
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Accounts available to non-residents<\/h2>\n
The foreign currency account<\/h3>\n
The convertible dirham account<\/h3>\n
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The standard dirham account<\/h3>\n
Specific accounts<\/h3>\n
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Why a convertible account is crucial when buying a property<\/h2>\n
Opening an account: a practical guide<\/h2>\n
When should you open it?<\/h3>\n
What documents do I need to bring?<\/h3>\n
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How do you choose a bank?<\/h3>\n
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Using your account during the purchase process<\/h2>\n
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Mistakes to avoid<\/h2>\n
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Frequently Asked Questions<\/h2>\n
Can a non-resident foreigner open a bank account in Morocco?<\/h3>\n
What is the difference between a convertible dirham account and an ordinary dirham account?<\/h3>\n
Can you deposit cash in euros into your account?<\/h3>\n
Is it compulsory to have a bank account to buy a property?<\/h3>\n
Can you go into the red on a convertible account?<\/h3>\n
Plan your purchase with peace of mind<\/h2>\n