Does anyone know what the law is when bringing in cash from USA?

@Cathylesher

just a question about taken your money out of Morocco .

what happens if I ( U S  citizen ) purchased a property in Morocco by using City Bank and decide to sell that property years later?

Am I allowed to retransfer my money to the U S

is there a certain tax form or any legal paperwork that needs to be done before any funds are transferred to Morocco?

thinking about purchasing a place in Marrakech.

Thank you

emile

@Haimzaf i suggest you talk to your banker but there is q limit as to how much you can take or transfer to the US.

@Yahya411 It's per person.

Declaring the amount at the custom can be done even for smaller amounts and it is tax free. It's just a proof that you brought the money in Morocco from abroad, and that you are free to take it back in the coming three months.

Based on your pseudonym, I would imagine you are bi national, so Moroccan in Morocco, subjected to Foreign Currency exchange controls and limitations. Just declare it... it takes 15-20 minutes and can avoid a lot of hassle

@Haimzaf Yes there are some paper work, in particular your bank in Morocco HAS TO issue a statement that the funds where send from a foreign country.

Selling it an repatriating the funds to the US is always possible, if things are done correctly at the beginning, but the Foreign Currency Exchange Office can enforce a rate and a duration (no more than x% per year) and that depends also of your personal situation (Bi national, Moroccan, Foreigner). You can contact me for more details, as this is obviously too long, detailed and personal for a forum post

Regarding the bank, the "ties" with the US are not that important. I would recommand Bank of Africa, which is very good in international transactions and has ATMs everywhere.

When I arrived in Morocco, I also chose a bank that had "ties" with my country and my own bank, that was definitively a mistake, as the service was not that good and the prices quite higher.

@Cathylesher Having residency does not force you to close your convertible account. Just to open another one, "not convertible", but you can still do transfers from your normal account in dirham to your convertible one, in some cases.

I know.but I did not want 2 accounts. I still have my income direct deposited in my US account.

@Cathylesher I don't understand why you don't want two accounts ? That's the most practical solution here.

@Haimzaf

Hello, if you buy a property in Moroccco and want to sell it and transfer your money back you need to fill a file with the “office des changes” in Morocco which will specify rhat the money you will transfer to Morocco is in order to buy a property etc…If you don’t do that the day you will sell you will only be able to transfer 25% any year to have your money back. So it will take 3 to 4 years. You should get all the informations from the Moroccan Bank

@Z&M I am on the website now. do you exactly know which form to fill? I am planning to transfer money from overseas to buy an apartment here in Morocco. I also would like to be able to sale it in the future and take that money out of Morocco.

@U M52 hello, I don’t know the file but you should transfer the money on a convertible dirham account open under your name and then see with your bank how to register this money to the property you want to buy. You should not transfer anything before having a meeting with a bank here.

@Yahya411

Its per person so split it with each other