No deal Brexit strips expats of UK bank accounts

No deal Brexit strips expats of UK bank accounts

International Thursday, 15 October, 2020

Thousands of Britons living in the EU will have their UK bank accounts closed by the end of the year because of the UK’s failure to agree a post-Brexit trade deal.

Statement from the British High Commission, Nicosia:

“Some of our UK nationals in Cyprus may have seen recent media coverage about some UK banks’ decision to close accounts belonging to EU/EEA residents, and we wanted to share the latest information.

Whether UK banks can service EEA-based customers after the end of the UK Transition Period is a matter of local law and regulation in each country, and may be impacted by how firms are set up and what steps they have taken to continue to serve customers. We expect UK banks to comply with the law at all times.

If you are affected, your provider will contact you directly.

As we are unable to provide any financial advice, you should contact your bank or an independent financial adviser if you have any questions.

UK Bank accounts closure: further reading

The TimesBrexit strips expats of UK bank accounts

The GuardianThousands of Britons living in EU told their UK bank accounts will be closed

Daily MailTens of thousands of British expats in Europe ‘will be stripped of their UK bank accounts and credit cards in weeks’ after government failed to negotiate post Brexit rules

Source: Cyprus Property News


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