Thousands of Britons living in the EU will have their UK bank accounts closed by the end of the year because of the UK’s failure to agree a post-Brexit trade deal.
Statement from the British High Commission, Nicosia:
“Some of our UK nationals in Cyprus may have seen recent media coverage about some UK banks’ decision to close accounts belonging to EU/EEA residents, and we wanted to share the latest information.
Whether UK banks can service EEA-based customers after the end of the UK Transition Period is a matter of local law and regulation in each country, and may be impacted by how firms are set up and what steps they have taken to continue to serve customers. We expect UK banks to comply with the law at all times.
If you are affected, your provider will contact you directly.
As we are unable to provide any financial advice, you should contact your bank or an independent financial adviser if you have any questions.
More information is available from the UK Financial Conduct Authority here: https://www.fca.org.uk/consumers/how-brexit-could-affect-you.”
UK Bank accounts closure: further reading
The Times – Brexit strips expats of UK bank accounts
(Public Service Announcement)