Hi, I tried to open a monzo account and after the verification of my identity, they ask me where I am tax resident in. I live in France but I don’t pay tax yet. So what can I put? And why ask they me this question? Thanks for your answers
Ask yourself, ‘if I earned enough to pay tax, where would I pay it?’ - that’s where you are tax resident.
The EU rules require banks to report to the tax authorities of your residency.
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Why are you asking me for tax residency details?
All financial institutions are required by regulation to:
- Establish the tax residency of all account holders
- Identify any possible connections for tax purposes with any other countries
- Report the financial account information of customers to the relevant tax authorities
This requirement results from international agreements designed to help tax authorities address tax evasion. This is particularly relevant if someone holds assets in countries where they’re not tax resident and may not be declaring those assets, or income, in their residence territory. Under these agreements, governments will exchange information about these assets and income with the residence territory.
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Ok thanks! Because I have a friend who has already an account so I asked her what did she answer to this question and she said me that she didn’t have this question when she created her account, that’s why I’m a little bit confused
Everyone is asked it at some point as it is recorded in your settings.
Monzo may have just changed how it is presented, to make it clearer, since your friend signed up.
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