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New registration procedure for residents (TIE)

By Chris Webb
This article is published on: 6th October 2020

Well, summer is well and truly over. After a scorching few months, which at times was unbearable, we´re now being treated to what I always tell the kids is good old English weather. The heavens opened, the sky turned a miserable shade of grey and the temperature dropped from the mid 30´s to around 16 degrees in the space of 48 hours.

We had a little respite and it warmed up a bit, but as I´m writing this the rain is steadily falling again.

So far 2020 has been a strange year. We started off with Brexit at the forefront of our minds, but that quickly turned into a Covid 19 panic. Summer seemed more relaxed and it appeared we were through the worst but now Madrid is heading back into a type of lockdown, although not as severe as in March.

So what´s new? Well, the latest shock news to hit the front pages is the threat of UK banks closing down accounts for EU residents. On top of that there is the new registration procedure for residents (TIE) which came into force in July.

Closed UK Banks

Do you have a bank account in the UK but live in Spain?

By now, I am sure you have all seen the headline news saying that a number of UK banks are writing to their clients living in the EU to close down their UK banks accounts.

The news is true, we have had clients that have already received notification, but this change affects different banks and different EU countries. You probably already know that the blame for this decision lies purely with Brexit!

Looking at the information available it seems that Spain may get off lightly with this as it doesn’t get a mention, but only time will tell whether we face the same issue.

Brexit has put these banks in a difficult position, leaving them to calculate the cost and inconvenience of managing EU resident clients. Once Britain is out of the EU marketplace, the banks will be forced to adhere to individual regulations which differ from country to country. If they want to continue to service clients in any EU state, they will need the relevant licences to do so. But if it is not viable for them to arrange this, it will lead to account closures.

This is going to cause all manner of problems for those that still rely on a UK bank account. It could be for rental income to be received, bills to be paid or just a spending account for when you visit family and friends. If you are affected by these closures there are no other UK options available to you, as you can´t open a new bank account if you´re not a resident there.

They may offer you an international bank account, but that is yet to be determined. If you find yourself in this position then get in touch; The Spectrum IFA Group have a great working relationship with Standard Bank who offer an international account in multiple currencies, which may be the ideal solution to your predicament.

There is a great article on Money Saving Expert that also has a useful graphic detailing the latest info from a number of banks. Click on this link to see more:

The second “new thing” for us is the registration procedure for a residence card in Spain. We are all used to the green A4 or credit card sized document, but now we have the new TIE for British national’s post Brexit. We are being advised that making the change is optional and the green cards remain valid, but in my opinion it is only a matter of time before it becomes mandatory.

You can apply for the new TIE by following these three links:
EX23 – TIE Application Form

Modelo 790-12 – Payment Form

Cita Previa

I have already been through the process of changing to the TIE and I am happy to say it was the easiest piece of Spanish administration I have ever dealt with in nearly 8 years. If you want further information, I have a great article I can send on which was put together by CAB Spain and explains the exchange process as well as applying as a new resident.

Article by Chris Webb

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