Belgium MRE Morocco bank accounts tax declaration requirements

Having a bank account in Morocco is common for Moroccans in Belgium. It can be used to pay household expenses, receive rental income, send money to family, prepare a return to the country, or simply keep part of your savings in Morocco. But for a Belgian resident, this account can also create a tax obligation in Belgium.

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The SPF Finance is clear: an account held abroad must be declared both to the Central Contact Point for accounts and financial contracts at the National Bank of Belgium and in the annual tax return. A Moroccan bank account therefore falls into this category as soon as its holder is tax resident in Belgium.

The rule does not target only large accounts or significant investments. It also concerns accounts used occasionally. The SPF Finance specifies that foreign accounts must be declared even if they were only opened for a short period during the year. The fact that a Moroccan account generates almost no income, or that it is used solely for family expenses, is therefore not enough to exclude it.

The first step is with the Central Contact Point, called PCC, managed by the National Bank of Belgium. The taxpayer must communicate the existence of the foreign account there. This declaration is normally made only once for the account in question. It can be submitted online or by written form.

A declaration each year to the tax authorities

This first declaration to the PCC is not sufficient. The account must also be mentioned each year in the Belgian tax return, in section XIII, item A. The taxpayer must indicate that they own an account abroad and state that the data has been properly communicated to the PCC.

This is an important difference. Many taxpayers think that once the account is declared to the National Bank, everything is settled. In reality, reporting to the PCC is one thing, the annual mention in the tax return is another. The two procedures complement each other.

The obligation also applies to accounts held jointly. If a couple owns a joint bank account in Morocco, each person concerned must complete their own declaration. The National Bank clarifies that Belgian residents holding a foreign account must declare it themselves, as foreign banks do not automatically transmit these accounts to the Belgian PCC.

The case of children must also be examined carefully. When a foreign account is opened in the name of a child whose income is still combined with that of the parents, each parent may need to notify this account individually. Again, the idea is simple: the Belgian tax authorities want to know which foreign accounts are linked to taxpayers residing in Belgium.

Closing the account does not eliminate the obligation. If an account in Morocco is closed, or if previously communicated data changes, the taxpayer must also report this to the PCC. The SPF Finance provides closure, correction, or deletion forms to update the information.

Declaring a bank account in Morocco does not automatically mean that the money deposited in it will be taxed in Belgium. The declaration is primarily about the existence of the account. However, if this account generates income, such as interest, it may need to be declared according to the rules applicable to foreign income.

For MREs in Belgium, the risk often comes from confusion between Morocco and Belgium. Many think that an account opened in a Moroccan bank falls only under the Moroccan system. But when the holder is tax resident in Belgium, the Belgian administration also wants to be informed.

The right approach is therefore to check all accounts still open in Morocco: current account, savings account, account used for a house, joint account, old account never closed, or account opened for a child. Even dormant, an account may still be relevant.

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Moroccans settled in Belgium therefore have an interest in getting their affairs in order before their tax return. A bank account in Morocco is not a problem in itself. But if it is not declared when it should have been, it can become a source of complications with the Belgian administration.