Channel Islands and Isle of Man

Monzo Chat
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They are on a grey list not for corporate tax but money laundering

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While corporations may exploit the Channel Islands corporate tax rates; it is not the islands themselves who are money launderingā€¦

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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 donā€™t know the difference between the two types of tax noncompliance: Tax Avoidance and Tax Evasion. The terms ā€œtax avoidanceā€ and ā€œtax evasionā€ 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.

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Hey - Iā€™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?

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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 ?

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I have done - just asking if anyone had any knowledge with this too

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So, it looks like Monzo arenā€™t offering accounts to those in Jersey/Guernsey at the time being but those who already have accounts there will be fine! :slight_smile:

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Iā€™m glad you got the answer!

We canā€™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!

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