Living in or Moving to the European Union (EU)? You May Lose Your United Kingdom (UK) Bank Accounts

The EU passporting system allows banks and financial services companies, authorised in any EU or European Economic Area (EEA) state, to trade freely in any other. So when the UK left the European single market at the end of 2020, its EU passporting rights were revoked.

This created a unique set of circumstances for both UK based financial advisers with expatriate clients, and British expatriates resident in the EU and EEA.

The chief consequence for UK based advisers is that they are no longer authorised to advise British expatriates resident in the EU or EEA, unless they have successfully applied for the necessary regulatory permissions. The consequences for British expatriates, however, are not simply limited to procuring an expert "EU based adviser", such as AI Wealth, to replace their UK one.

Unfortunately, a number of British and Channel Island banks have now requested that EU resident clients close their UK accounts, citing limitations to the banking services they are now able to provide outside of the EU passporting system. As a result of this action, National Savings & Investments, a UK savings provider backed by His Majesty´s Treasury, has issued a statement on its website (nsandi.com), reminding clients that having a UK bank or building society account is a prerequisite to holding both an NS&I account and Premium Bonds.

What Do We Know So Far?

Although the situation is still far from clear, we know that Lloyds Bank, Barclays, NatWest and Coutts have already begun closing the accounts of UK customers who are resident in EU countries. On the other hand, banks such as HSBC and Santander are currently taking no such action.

Need a New Financial Adviser?- AI Wealth Can Help

Local, face to face advice from those who have lived and worked abroad with vast experience assisting expatriates with their financial planning needs is important. Headquartered in Barcelona, Spain, and with offices across the EU, AI Wealth are well placed to be able to assist you.

Need a New Bank Account That Works for Your UK & EU Needs? - AI Wealth Can Help

If you are asked by your UK bank to close your account, AI Wealth have some exceptional offshore alternatives for you that are free from monthly maintenance fees. These include multi-currency accounts (including GBP accounts) with full UK banking services including standing orders, direct debits and complimentary transfers to and from the UK.

Get in Touch With Us Today

AI Wealth would be delighted to be your advice firm of choice, should you no longer be able to seek advice from your Financial Adviser based in the UK, post-Brexit. Additionally, we would be delighted to help you set up a new bank account, should your UK bank close your existing account.

For a complimentary consultation, simply click the button below and complete our easy "Book a meeting" form. You are under no obligation and there is no charge for an initial conversation.