Three of the biggest banks have informed retail and business customers that they will lose
their accounts before or when the Brexit transition period ends on 31 December and unfortunately more banks are expected to follow suit.
Lloyds Banking Group, which includes Bank of Scotland and Halifax, has contacted all customers in the Netherlands, Slovakia, Germany, Ireland and Portugal, warning them of a similar outcome. Regrettably, alternative arrangements will have to be put in place as they will no longer be able to offer their banking services. The banking groups have assured people that they want to make this as smooth a transition as possible.
Unless a trade deal is decided with the EU, UK financial institutions will have to abide by the rules set which vary considerably from country to country and will be dependent on what services are being offered by which kind of bank.
Customers who presently bank with EU-based affiliates are having their accounts transferred, however banks that do not have an EU arm would have to apply for a licence to trade in each EEA realm.
Numerous financial institutions have yet to decide on future arrangements. However, many have stated they plan to keep assessing the situation closely and review regularly.
The Moving to Portugal Exhibitions in London have been rescheduled to April 2021. This could be delayed yet again which we will advise nearer the time.
In the meantime, if you are considering relocating, please contact us to discuss NHR, pensions, investments and planning your move.
Formula 1 returned to Portugal on 25 October, which was particularly exciting as the last Grand Prix was held 24 years ago at the Estoril Circuit near Lisbon.
This remarkable event was held at the Autodromo Internacional do Algarve in Portimão between the 23 and 25 October. The Circuit was completed at a cost of €200m in 2008 and has hosted McLaren, Honda, Ferrari and Toyota for test sessions, World Super Bikes and various Sportscar series.
The Autodromo has a capacity for 90,000 but due to the constraints of the global pandemic reduced numbers of 40,000 spectators per day were allocated. Rita Marques the Secretary of State for Tourism has stated that “in the worst hypotheses” the races should have an economic impact of €30 million, which is highly effective for our local economy in Portugal, especially during these challenging times.