Will Residents in Spain Continue to use UK bank Account’s Next Year?

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Author: Myra Cecilia Azzopardi

Some UK bank account holders will already have received notification from their UK banks advising of probable changes in the future. The UK banks are depending on an agreement as an alternative to the passporting regime between the EEA/EU and the UK. If that is not forthcoming, after the end of the transition period, banks will not be able to provide a service to their clients residing in the EEA/EU. The Passporting Rights forms the basis for the banks to date, having been able to provide a service to their EEA-resident based clients.

The UK banks suggest that an alternative agreement between th UK/EU seems low so they are contacting their clients with advance notice so other arrangements can be put in place. Clients may wish to switch their UK accounts to a suitable alternative provider.

Banks are expecting to hear some news an any agreements made during the EU/UK meetings on the Future Relationship sometime this month. Rumour has it that even if new arrangements are made, it will still prove to be burdensome and some banks are likely to choose to opt out from providing services to their EEA-residents.

Please note: The information provided is based upon our understanding of current legislation. It is not legal advice but is provided freely to enable you to be properly informed. We recommend that if you are considering taking action, you should seek professional advice.

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