If you are on the .com domain, then your data is stored in a data center located within the US. On the other hand, if you are on the .eu domain, then your data will be stored and processed in a data center located within Europe.
GDPR does not necessitate that your data be stored within Europe, however, if you’d like to move your data to a data center located in Europe, you can do so manually by taking a backup of your organization and creating a new organization in the .eu domain.
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