Thousands of Brits residing in the EU have been informed by UK banks that their EU-based bank accounts will soon be shut.
A range of British banks, including Barclays, Halifax and Lloyd’s, have told UK citizens living in the EU that they will no longer be able to have and use their account in member states, primarily in Spain, France and Germany.
They have been told they can only keep their UK bank accounts if their permanent address is in the UK, so if they are deemed living permanently in Britain, according to the international news site Expat.
Following the end of the transition period, which ended in December 2020, British banks who wish to continue operating legally across the bloc, special legal permissions are required for each EU market individually.
As a result, many British banks have come to the conclusion this exercise is too costly and requires too much paperwork for a relatively modest amount of customers.