Other British fintechs migrated the EU-residents customers to their EU entities without any kind of disruption before Brexit. If the T212 EU-residents customers are still in the T212 UK entity is due to the T212 own responsibility, so why the customers must be penalized by that?
Also other fintechs have multiple subsidiaries according to their business lines. A possible alternative for any existing issues.
The part that is also wrong is that this is still not acknowledged, nor stated officially in the marketing material. This thread in a community forum is one thing; but this needs to be stated front right and center on the product pages. If I go to the website, there is no mention of this big caveat whatsoever.
Any feedback on the above?
Yes, your understanding is correct. In such cases, clients who already created a 212 Card wonāt lose access to it, nor will they have to create a new account to continue using the card.
So the EU-resident customers in T212 UK entity could benefit from the same approach?
I already stopped all my new deposits and investments in T212 due to this, and started those in other brokers. I will start to wind-down my uninvested cash to invest in other brokers.
If T212 offer me the possibility to have the same rights as all other UK-residents that moved to EU but are still in the T212 UK entity, I still could return to grow my investment in T212, because Iām just beginning in other brokers.
PS: Can you please provide our Compliance Department contact?
We do get your point, and weāre exploring our options, as Kris mentioned at the beginning of this thread, yet such changes require careful planning and will require time and resources.
You can reach our Compliance Department by sending a message to complaints@trading212.com.
But now please do it with big priority!!
We are feeling us now as customers of secondary class and have no secure of more problems in the future on the T212 UK platform.
Hi @Momchil.G,
I have a non-tradeable instrument (a CVR), if I decide to close my T212 UK account (and open T212 CY account), how the CVR be handled?
Or can the CVR be migrated to the new T212 CY account?
Can the T212 UK account be closed?
NCBO transfers should be allowed if 212 support it.
Open TradeRepublic account, request protoflio transfer to their account, then close T212 and open a new one. And do portfolio transfer again.
Or simply, move to other brokers and not return. This migration is overdue for a couple of years, and T212 donāt seem to solve their own mess or offer an easy solution to their customers that arenāt guilty for the T212 own doings.
Letās see if can we close an account when we had a non-tradable instrument (a CVR) in our portfolio:
alternativelyā¦ do what I did. (If you are not a seller)
leave what you have in here, until they provide ways to transfer. And open a new account with the provider of your choice.
Presuming you are not using an ISA in T212 (since you are non-UK) you can even sell things you donāt like, annually, under your capital gains tax allowances, move the cash to your preferred provider and invest again.
Unfortunately, we donāt have tax allowances in most EU countries.
Iām eligible for Irish citizenship. A while ago, I did wonder whether it would be worthwhile pursuing it from a finance point of view.
But, from what I gather, Ireland has a pretty punitive tax regime for average-Joe investor at least. Reading up on it made me feel lucky to be in the UK.
Iāll get round to applying one of these days though as I want the rights associated with an EU passport ā even if itās just so I can pick the shortest queue at the airport.
to be perfectly fairā¦ āthe allowanceā is an old habit, old guys like me keep banging on about 
it was a very healthy 8K (ish) in year 2000, 13K in 2020. now itās 3Kā¦ better then nothing but a shell of what it used to be.
Yeah, Ireland is only tax friendly if you have a money printing corporation 
in any case keep in mind, taxation almost always depends on āresidencyā rather than citizenship (with a major asterix for US)
If other UK companies like Revolut can migrate their customers to their EU companies, T212 should be able to do it too. I donāt understand the problems of migration! Come on T212!!
The current situation is very unsatisfactory. T212 makes us wait many months for the card and then suddenly tells us that it is not possible in our case.
T212 has really disappointed me here!!
Am I imagining things or did T212 announce that all EU clients would be migrated once the EU base legal entity was created? @Veselin.V back when this was an issue. How come this was not done and it is actually not a priority?
I have to say that this is a very nasty surprise. I have a considerable amount invested with you and it is relevant that you understand that this is a very important topic for us EU residents that are affected by it.
Please clearly communicate a timeline to resolve the issue.
Not imagining. T212 announced years ago that. But still didnāt do! And now their EU customers are suffering for the T212 lack of action.
@ UK friends,
Can you mention the legal and regulatory authorities in UK that could be involved in this kind of issues?
Perhaps FCA or a consumer protection authority?
Because this situation, can be legal and regulatory repercussions. Due to not migrating their EU customers to an EU entity in due time and now blocking them in UK entity and discriminate them. Possible breaches of fiduciary duties?
Usually there are a few different levels of ācomplainingā for any other type of conflict, and its often āoh we donāt deal with that go complain to thatā
Luckily FCA has broader authority and will handle most things from ordinary complaints, to misrepresentation, to even fraud. Protecting consumers is part of their mandate.
Playing the devils advocate here, I doubt theyāll find any wrongdoing here, mostly because there are several bilateral agreements between yourself and T212. But Iām no legal mind.
You can also try financial ombudsman service which can be more helpful. This service will try to resolve the issue without a legal battle. But first thing theyāll ask about will be