Coming late into this thread, I offer to the readers the following views and information.
The operation of the EU is based firmly on four freedoms of movement,
People, goods, services and capital.
The fact is that between the other States of the EU and the UK the free movement of services does not happen. The fault lies squarely with the UK and its imposed advisory regulations which are contrary to the spirit of the operation of the EU.
Firstly -- My friend Graham Richards (in his comment above) is absolutely right – no-one should surrender any financial arrangements established in the UK before emigrating to other EU States (bank accounts – savings accounts- investments). Anyone considering emigration should ensure that they have perhaps opened more than one before leaving.
The UK government via Financial Services Authority [FSA] (now replaced by the Financial Conduct Authority and other regulatory bodies) has prevented or advised the finance houses not to open any accounts for anyone non-resident in the UK.
Less than ten years ago there was no problem. One could invest in the UK from France etc. About ten years ago I helped a friend invest in a certain finance house in the UK using his French address. Today it is not possible. The freedom of movement of services has been impeded.
Even today one can open a bank account in France and not be resident in France. You can have a ‘non-resident account’.
I speak from experience – My daughter (in her forties) moved here and came into a small inheritance. She wished to invest in bonds in a UK finance house, with which I was very familiar over very many years. That finance house refused because of the ‘advice’ given via FSA as above and blamed the ‘EU regulations’.
I knew that the EU accusation was false.
I contacted the EU Citizens Advice service (address as follows)… and had several exchanges with that body.
European Citizens Advice Service.
You also can contact this body -
Their advice to me was that the UK finance house was mistaken. EU law permits and indeed encourages ‘free movement of services’. Unfortunately a bank is not compelled by law to open an account for a prospective client. It can choose. But the UK FSA etc surely should not lead the banks into avoiding the non-resident client. Many of us need onshore accounts in sterling and should be able to select where to deposit one’s savings. There should be lively competition.
I fear that the finance house did not back down, frightened by the ‘authority’ of the UK government. Eventually a solution was found, but it was by no means straightforward.
This obstruction of the UK to ‘freedom of movement of services’ needs to be removed.
How does one get changes effected? It has to be through political change.
How does one get political change? By having a politician speak up for you!
How do you get a politician to speak up for you? By having one for whom you vote.
That is why we need directly elected MPs and also MEPs for the interest of the British expatriates in the EU
It is necessary that a very great clamour comes from the British expatriate for this political representation.
Sign up here for some change http://epetitions.direct.gov.uk/petitions/55085
Somehow the Ya-Boo political system of Britain must be changed.
Somehow the political system in the UK must show a concern for British Citizens throughout the EU.