Oh, of course HMRC need info to go request data for themselves from other countries, I forgot about that.
I’ve got a very complicated citizenship situation with one of those countries and different agencies in that country seem to have different info about me , but luckily I haven’t had tax problems with either, but could be because I’m low income and I wonder what would happen if I earnt more.
I’ve just double checked this, I haven’t got that quite right. Under FATCA the minimum in 50k USD. For CRS which is every other country there is no minimum.
Wait? Are you saying my accounts don’t actually get reported as they’re under $50k? If this is the case why are some banks so paranoid they ban US citizens.
P.S. @thomas - one more question - where do I find my Investec account details for filing FBAR?
I have no idea what this means. I am from Australia and have dual citizenship with the UK. I am working here and paying tax here. Do I need to declare something? If so how?
If you have received an email from us, that means you have declared that your a tax resident in a reportable country (sounds like it’s Australia in your case). Tax residency is not the same as citizenship or residency status in a country.
Every country has different rules about what constitutes tax residency, I’m afraid you will have to do your own research on how Australian tax law works (this looks like a good place to start).
If you are tax resident, then don’t need do anything.
If you’re not tax resident then you will need to update this in app so we don’t end up reporting your financial data in the new year.
Hey,
Even though tax residency is not the same as citizenship; when you confirm you are a citizen of another country the app automatically marks tax residency as required in the list and will not let you un-tick it?
If there is a difference is it possible to define that in the app. As a dual UK US citizen who has never lived or worked in the US, am I still tax resident there? I wonder what the implications are of digging out and submitting a SSN?
The US is a special case. US tax law is very unique, and not the most friendly. Again you will need to do your own research, but this may be a useful starting point.
Seems to be alot of confusion about tax status in other countries, a blog post for this on how to find out etc would be very useful and save people headaches.
Also adding this info when signing up /editing status in the app, would be nice.
Thanks for the reply. I’m not a British citizen. That’s right, dual citizenship is not allowed in Malaysia, otherwise I’d get another from my father’s side.
I tried contacting the Malaysian embassy once regarding passport renewal and they are not very helpful. Plus, I don’t think they care at all.
I need you to help me! I received your email about updating my residency data. Unfortunately, I do not use my account at all. I tried to open up to you but could not complete the application. Can you cancel my account if I can? I have a residence in Romania. I do not know what to do. can you help me. I can not even get into the Monzo app, I do not have a card to you and I do not use it I do not know why I received e-mail. I’m waiting for your answer to make it all right.
Hey Stephan - if you don’t have one of our cards then please ignore the email. It sounds like you never completed the sign up process, therefore you don’t actually have a full account with us and the email doesn’t apply.
Please feel free to private message me if you have more questions.
Unfortunately this is a question we can’t help you with. Every country has their own rules around tax residency, you will need to do you own research to understand how this applies to you. Thankfully many countries provide calculators which can give you a clear answer.
No this won’t affect your ability to use Monzo as your main bank. This is a legal requirement that every bank in the UK is required to do, so if you have accounts elsewhere then you can expect emails from them as well in the future.
Hi Thomas, please can you confirm - my husband is a US citizen, residing in the UK, working here for 4 years and as I understand it therefore tax resident in the UK, so why his app has defaulted to tax residency in the US, solely?
I believe perhaps the correct status should be tax resident in both due to US tax laws being as a citizen he is always taxed worldwide on his income, but it seems an incorrect default to select only the US, perhaps better to default to blank and requires customer input
As I believe he would always be first tax resident in the UK (where he is living, working, earning money and paying local UK taxes), and then the FATCA dual tax agreement connects it back to the US government taxation rules (as it would for others in other countries). Any advice welcome and thanks for the replies in advance. SO should he be adding the UK tax residency to his app to show both?!