Gecko Towers
Clear in the certain knowledge that the outpouring from Brexit will now be what it is, neither I, nor, frankly, anyone has any real grasp of what the landscape will look like post 1st January 2021. As a result, I have stopped speculating, I am continuing to prepare and allowing the clock to run down!
What is becoming clear to those proactive residents and would be resident for whom personal certainty is important, is that there are certain institutions who are now seeking to conspire to make living outside the UK just a tad more complex.
In a multi-national world, where giant service providing corporations have tentacles in literally every corner of the globe – forgive the square Earth reference – there appears to be an insurmountable problem where your preferred residence sits beyond a nominated national frontier.
The most recent example of this phenomenon, that I describe as offering “an umbrella when its sunny”, is certain UK banks who have been contacting clients of late who at their overseas but still European addresses, delivering some curious and somewhat life changing news.
It appears that given the forthcoming changes to the political geography of Europe, multi-national banking operations, are confiding in their non-UK resident but otherwise loyal members of their client base, that post 01.01.21 they will no longer be able to provide continued banking services. As a result they are asking their clients to make alternative arrangements for their banking needs into the New Year.
Anyone who has mastered a banks online receipt and transfer process knows it can take many months to properly get to grips with the nuances of a bank’s own software. None of them appear to be either entirely logical or otherwise perfect but once mastered you are able to swing funds around the world with the abandon of a catapult.
However, for many people, the specter of an unforeseen change can be daunting. So when your bank of many, many years standing announces that given your geographic location they are no longer able to offer you the services they once were, it can have a very troubling effect.
What you want to close my bank accounts? Yes and there seems to be very little that they can offer you by way of alternative arrangements.
I appreciate that many are now using pre-loaded debt cards that can cope with purchases and transfers in multiple currencies. Additionally, others are adept at using specific on-line transfer facilities that shave both cost and time off the more traditional banking system transfer but at some point most of these services need to be fed from a mother lode bank account. Historically, for many, now located in Spain these accounts have been based in the UK. Combine this with an initial purpose of the UK bank account to receive pension and dividend income, the prospect of having to alter these arrangements and share new information with a host of payor’s is potentially very disruptive.
I would be very interested to know whether our readers have received word from their bank to this effect? To date we have heard that NatWest and Barclays have contacted various local clients.
Given this news what are your plans and how receptive have Spanish banks been to welcome your application to open new accounts? Please share in confidence with me on our details below as I am keen to understand how much of a problem this is becoming and whether we can seek to provide any material assistance to identify workable solutions.
Should you be interested in discussing the legal process involved in buying a property in the Marbella region, we would be delighted to assist you. Our team of bi-lingual, highly experienced and wholly independent team of Abogados are ready to help you.
Please call me, Mark FR Wilkins, during usual business hours on +34 600 343 917 or, if you prefer, please e-mail me at mark@roslegal.es
Please note that our posts are for general interest. They are no substitute for proper legal advice tailored to your specific circumstances as provided by a qualified Abogado who is experienced in the application of the Spanish Law.
© Mark FR Wilkins 2020 All rights reserved.