Conference: Automatic Exchange of Information and Accounts Abroad: What impact for foreigners in Morocco?

In 2019, Morocco signed up to an automatic exchange of banking data project in partnership with the Organisation for Economic Co-operation and Development (OECD). It will come into force in September 2021. The purpose of this standard established by the OECD is to enable tax authorities to better combat tax fraud and evasion. Over the past two years, nearly 100 countries have committed to automatically exchanging banking information on assets and accounts held by banks and other investment entities on behalf of taxpayers established abroad.

Greater tax transparency

“Banks in both Morocco and Switzerland are now obliged to collect information on non-residents who hold an account with them and to pass it on to the tax authority of their country”, recalled Sami Zerelli, President of the CCSM, at the conference. Frédéric Elbar, Director of Maghreb Consulting &Training, presented the legal and tax framework of the AEOI for foreigners in Morocco, urging them to regularise their situation and pointing out that “the Swiss and Moroccan administrations will soon be directly informed of the existence of the bank accounts that their taxpayers hold abroad”.

Digital banking at the service of expatriates

A partner of the CCSM, Swissquote, the leading Swiss digital bank, represented by Mohamed Hajibe and Jan de Schepper, presented its offer for expatriates: “An advantageous combination for clients in terms of technological innovation and cost.” In the face of the commercial withdrawal of traditional banks and the high fees charged for opening bank accounts remotely, Swissquote is making digital its lever for growth in order to meet a need. Of the nearly 85,000 expatriates in Morocco, many still encounter difficulties in opening an account in Switzerland. Digital banks therefore represent innovative, comprehensive and competitive solutions for Swiss people living abroad.

“We are moving towards an increasingly transparent world. Today banks ask clients for their tax identification number, and tomorrow they will ask for proof of their tax payments. The aim of today’s conference is to support Swiss expatriates in this process and enable them to understand the new regulations in force.” Sami Zerelli, President of the Swiss Chamber of Commerce in Morocco “Morocco will join the automatic transfer of banking data in September 2021. For residents of Morocco who hold an account abroad, this means that the Moroccan authorities will be aware of the existence of that account within two years. These people, if they are Moroccan, can regularise their situation through the discharge contribution that opens this year. As for foreigners in Morocco, they will be able to file a tax return and start paying tax on any income that these foreign bank accounts might generate for them.” Fréderic Elbar, Director, Maghreb Consulting & Training “At this conference, we were able to explain how a digital account works. Swissquote, the leader in digital banking in Switzerland, can meet the remote needs of expatriates. Unlike traditional banks, our processes allow us to serve clients all over the world at competitive rates.” Jan de Schepper, Chief Marketing and Sales Officer, Swissquote Bank SA “Swissquote Bank SA, the leader in Switzerland, came to present to expatriates its solutions to all the banking problems they may encounter. Thanks to the Swiss Chamber of Commerce, which organised this conference, we were able to learn about local issues and gain a better understanding of the Moroccan market.” Mohamed Hajibe, Head of Institutional Sales, Vice Director, Sales Headquarters, Swissquote Bank SA