Barclays bank to close accounts of UK expats living in Cyprus
Letters have been received by thousands of people currently living abroad in Cyprus and Malta, stating that their UK Barclays accounts will be shut down.
Barclays says the accounts must hold a minimum balance of £100,000 by September 11th or face being without an account. Pensioners living abroad must have a UK-based account to receive their British state pension; many fearing may not be able to set up a new account because they do not have a UK address, which is usually necessary.
David Hosie, 73, who lives in Paphos, Cyprus, says: ‘Barclays has no interest in loyalty and only wants to attract wealthy customers it seems.’
Barclays has released a statement: “We announced our priority to cut costs in 2013, and our business will focus on a reduced number of 70 markets globally. As a result, Barclays has introduced a new minimum balance for customers residing in Cyprus.”
It's going to create commotion for potentially thousands of people, although the exact figure of affected accounts will not be released. For the first part, Barclays won't go into much detail, other than the fact it is focusing on 70 countries, with expats in Greece looking to expect a similar letter in the future.
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