US tax form needed to open bank account in Morocco

chaslaw Active member

94POSTS

5 years ago

Hi, When I opened a personal bank account (dirhams non-convertible) last year, I was required to sign a form from the US Internal Revenue Service providing my name and social security number. Then this form was sent to the main office of the Moroccan bank for approval and, probably, registration.

Does anyone know which form this is? Another American has asked me, and I can't recall.

Thank you.

The Morocco expat guide

Comprehensive and free

Read it now

chaslaw Active member

94POSTS

5 years ago

Ok, thank you. Peter and Dolle1980. I don't think this person will be earning money in Morocco, but he wants to have a personal account in dirhams convertible to which he will transfer money from the US, probably.

But he was curious about which form I had to sign. I'm thinking it was a W-9 form, as I'm a US citizen living abroad some of the time.

Cathylesher Contributor

149POSTS

5 years ago

Yes. I have signed one too. It gives the bank authorization to report you have a foriegn bank account. Also it is to be reported on your income tax return.

chaslaw Active member

94POSTS

5 years ago

Thank you, Cathylesher.

Can anyone verify that this IRS form is a W-9 form? My friend wants to see what he'll be asked to sign. I think that's what it is, but I'm not sure. Note that he's a US citizen who wants to set up a bank account in Morocco. He may want to apply for residency at some point, but I don't know for sure.

Thanks again.

-chas

Cathylesher Contributor

149POSTS

5 years ago

Yes it was聽 a W9.聽 My bank had it ready for me to sign

1 member reacted to this post

chaslaw Active member

94POSTS

5 years ago

Thank you, Cathylesher! Very helpful.

Yahya411 Contributor

163POSTS

5 years ago

It's W-9. If that bank account has more than $10,000 USD (MAD conversion) at any time, you must file FBAR when doing taxes. Penalties not doing so are severe.

Cathylesher Contributor

149POSTS

5 years ago

Yes. My bank called me in and had me sign the W-9. this year
I have always filed FBar but this year I don't have too as I keep the bulk of my funds in my USBank. Found it works best for me.

1 member reacted to this post

NORCAL Member

23POSTS

5 years ago

#10

It depends on the bank, but neither did the SGB or Attijariwafa request this when i opened my account 7 years ago.

yunj8022 New member

7POSTS

5 years ago

#11

So.. are there ways to take your money out of morocco?聽 Or almost impossible without a lawyer?聽 Im interested in buying small condo in morocco.
Thanks

NORCAL Member

23POSTS

5 years ago

#12

Of course you may take money out of Morocco, but if travelling, you may only take up to 10 000 US dollars with you if returning to America, for instance. You may also open an account in US dollars if you would have money that you would want to take in and out of the country. I am not familiar with other countries. Hope this helps.

Vakil Morocco Expert

426POSTS

5 years ago

#13

chaslaw wrote:
Hi, When I opened a personal bank account (dirhams non-convertible) last year, I was required to sign a form from the US Internal Revenue Service providing my name and social security number. Then this form was sent to the main office of the Moroccan bank for approval and, probably, registration.

Does anyone know which form this is? Another American has asked me, and I can't recall.

Thank you.

Hi under the new rules in Morocco, any USA citizen will be given this form by the bank upon applying for the new account. The bank will provide the document you will complete the documents correctly and then return it to the bank who will then send the file to the appropriate department.

Hope this helps.

Vakil Morocco Expert

426POSTS

5 years ago

#14

yunj8022 wrote:
So.. are there ways to take your money out of morocco?聽 Or almost impossible without a lawyer?聽 Im interested in buying small condo in morocco.
Thanks

If you have a convertible Dh account then any money brought into the country can legally be taken out via wire transfer subject to you wiring the money into morocco. Approval is required but the banks submit the approval request on your behalf. Any profits you have made in morocco will be subject to restriction unless you can justify the reasons. 1 year hold within morocco and or 10% of the profits can be taken out. just depends on how you negotiate with the bank. always keep evidence of how you brought the money into morocco that are in other currency that way you have a better change to take the money back out without ay issues.