Latest Headlines

Bank accounts for all EU citizens

Europeans will have the right to open a basic bank account in any country of the EU, to switch bank accounts and see what fees they are being charged under a new Directive proposed by the European Commission.

EU CITIZENS will have the right to a basic current bank account in any country of the EU and compare the fees charged by banks under new European legislation plans. The European Commission suggested that they are drafting a proposal to make it easier for customers to compare charges and switch to another bank.

At present, many consumers find it difficult to open an account in another EU country where they are not residents. The Commission will also aim to reduce the numbers of European citizens who do not have accounts (they estimate that around 58 million consumers across the EU, aged over 15, do not have a payment account).

Only France, Belgium and Italy have laws in place that ensure people have access to a basic bank account in line with the proposals.

The new EC directives would mean anyone could potentially open an account (even in instances where they have been made bankrupt or unemployed). This would allow them to perform basic operations such as to receive their salary, pensions and benefits, or to pay utility bills. The EC will also ask banks to send information to customers that list the fees for common services, and the charges that have been levied in the previous 12 months.

The EC wants this to be implemented (i.e. free switching between providers in different EU countries) within 30 days.

Dr George Mountis
Partner | Banking advisory | Leaf Research

Readers' comments

Comments on this article are no longer being accepted.

  • Louis says:

    Hi Nigel,

    I’m a little confused about the property tax and how it’s calculated.

    I paid €250,000 for my apt and I took delivery of it in 2008. As of yet I have not yet received my deeds,so could you please inform me as to what are my responsibilities to this tax i.e. how much is due, to whom do I pay it to, etc. etc.



  • The views expressed in readers' comments are not necessarily shared by the Cyprus Property News.


Back to top