More information has come to light regarding forced UK account closures for expats living in the EEA. Barclays has now stated that it will be closing all bank accounts (including current accounts, deposit accounts and savings accounts), wealth management accounts and some international banking accounts for expats living in the EEA, if the client can’t provide a UK residential address.
According to a communication issued by the bank, Barclays is working through countries in EEA in alphabetical order and writing to all the expats with a non UK address, advising them their accounts will be closed by the end of 2020. Barclays have provided the following link https://www.barclays.co.uk/ brexit /eea-changes/ where you will find all the relevant details.
In addition to this, NatWest Wealth Management has also started advising clients that unless they can supply a UK residential, their investment portfolios will be liquidated and closed by the end of 2020.
HSBC and Lloyds have said that they are looking at this issue but to date, no decision has been made to close accounts, however, this view could change in the future.
To date, only one bank has stated that it won’t be closing accounts and that is Santander.
Expats are being advised to check with their UK bank and to take swift action to ensure they are not caught out by the changes.
