They are on a grey list not for corporate tax but money laundering
While corporations may exploit the Channel Islands corporate tax rates; it is not the islands themselves who are money laundering…
agreed It is just individuals. But the bigger problem is use of such islands for corporate and individual tax avoidance and evasion. I think they are on grey lists more for tax evasion than anything else.
EDIT for those who don’t know the difference between the two types of tax noncompliance: Tax Avoidance and Tax Evasion. The terms “tax avoidance” and “tax evasion” are often used interchangeably, but they are very different concepts. Basically, tax avoidance is legal, while tax evasion is not. Tax evasion is the illegal act or practice of failing to pay taxes which are due. Businesses get into trouble with the HMRC and IRS when they intentionally evade taxes.
Hey - I’ve been hearing rumours that Monzo are closing down/not supporting accounts of users that are registered in Jersey, Guernsey, IOM, etc! Is there any truth to this?
rather than asking on a public forum that anybody can answer , with or without any specific knowledge why not ask in app to Monzos customer support for a definitive answer, and perhaps let everybody know what the response was ?
I have done - just asking if anyone had any knowledge with this too
So, it looks like Monzo aren’t offering accounts to those in Jersey/Guernsey at the time being but those who already have accounts there will be fine!
I’m glad you got the answer!
We can’t offer accounts to new customers in the Channel Islands, or Isle of Man as these are outside of the UK.
If you have a prepaid card and can provide us with a UK correspondence address we will happily upgrade you!
This topic was automatically closed 180 days after the last reply. New replies are no longer allowed.