British expats in Cyprus face losing their UK bank accounts post-Brexit!

25 Sep 2020 By Panayiotis Z. Toulouras LLC

British expats in Cyprus face losing their UK bank accounts post-Brexit!

UK Banking Institutions have recently announced the likely closure of bank accounts held by British Nationals currently living in Cyprus, and all other EU nations, at the end of the ‘Transition Period’ on the 31st of December 2020.

Once the Transition Period ends, on the 1st January 2021, the United Kingdom will officially depart from the European Economic Area (EEA).

With no trade agreement yet reached between the EU and UK to set new revised banking rules, this will likely result in the subsequent closure of bank accounts of British expats.

According to EEA policy as it stands, the UK banking institutions will not be allowed to accommodate the banking needs of British Nationals living permanently in the EU. UK banking institutions will need to apply for new banking licenses, if they wish to resume providing banking services for British clients living in the EU. As an EU member, the UK institutions would have been able to provide banking services in other EU nations through the EU passporting rules. However, this will all change once the UK has officially exited the EU at the end of the Transition Period.

On the contrary, this may all change if a trade agreement is reached to permit the UK banking institutions to conduct such banking activities within the EU.

Lloyds, Barclays and Coutts have already informed their clients living in parts of the EU about the closure, whilst Natwest and Santander are still considering how to handle the current situation.

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Panayiotis Z. Toulouras can assist UK Citizens, living in Cyprus and the rest of the EU, in finding the right bank institution suiting their banking needs and assist them in opening bank accounts in Cyprus and the rest of the EU.

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