UK Nationals in Europe – Is Your Bank Account At Risk?
On 31st December 2020, the Transition Period will end, and the UK departure from the EU will come into force. While discussions continue around life past 2020, there remains much uncertainty about what the final ‘divorce agreement’ will look like, and how this will impact British citizens living in EU member states. In a recent announcement, some of the biggest UK banking providers have warned that, without post-Brexit negotiations being finalised, they may be forced to close bank accounts held by British nationals living in Europe. Time is of the essence, and such negotiations continue to show little sign of progress; so what can expats do now to prepare for this potential eventuality? International Banking and the Brexit Withdrawal Agreement While the Withdrawal Agreement , formalized in January 2020, sets out the terms of the Transition Period, final terms post-transition are yet to be agreed. The latest update this week was a meeting of the General Affairs