Having Two Passports - Effect on Opening Bank Accounts?

DIYhelp76

Hi
I have a UK Passport.  Following Brexit I am considering applying for a second European passport as I have parents from the EU.  My main reason for doing so is to avoid any visa issues and to skip queues at airports etc (and thinking very far into the future, possibly retiring in Europe and having health entitlements or right to work in Europe if I should decide to do so).
I have bank accounts with a number of UK banks and when there are new switching offers I like to apply for new ones.  My question is, what impact will having a second, EU passport have on my ability to continue to freely opening new UK bank accounts?  Apols if this is a stupid question, but when I've opened new accounts recently, they all seem to ask that question about whether you have any other passports or dual nationality etc.  I've always answered "no" but what if I apply for a second passport and now have to answer "yes"?  What are the implications?  Would opening accounts in the UK become more difficult as a result?  Has anyone been in this situation recently and answered "yes" - what is/was the outcome?
Many thx for help with this question.

colsten

Dual nationality has no impact on your ability to apply for, and operate, bank accounts.

DIYhelp76

Thanks Colsten, but why then do the Banks ask this question when you open an account?  Has anyone answered "yes" and, if so, what other info do you have to give or are you subject to any different account opening procedures? Many thx.

ratechaser

They want to know in case there are tax implications with another country, and most specifically any connection with the US. Read up on FATCA if you want more detail on what a minefield that can be for banks to administer.

Wellard_Mann

In my experience, it makes no difference when it comes to applying for new accounts. I started the process of applying for an EU passport (based on ancestry) the day after the referendum result, obtained the document about 9 months later and have opened a couple of accounts since. As pointed out by a previous poster, my understanding is that it’s about tax implications  - particularly the USA, where the banks may be reluctant to incur the additional admin burden involved with that country’s legislation.

Zellah

DIYhelp76 said:

Hi
I have a UK Passport.  Following Brexit I am considering applying for a second European passport as I have parents from the EU.  My main reason for doing so is to avoid any visa issues and to skip queues at airports etc (and thinking very far into the future, possibly retiring in Europe and having health entitlements or right to work in Europe if I should decide to do so).
I have bank accounts with a number of UK banks and when there are new switching offers I like to apply for new ones.  My question is, what impact will having a second, EU passport have on my ability to continue to freely opening new UK bank accounts?  Apols if this is a stupid question, but when I've opened new accounts recently, they all seem to ask that question about whether you have any other passports or dual nationality etc.  I've always answered "no" but what if I apply for a second passport and now have to answer "yes"?  What are the implications?  Would opening accounts in the UK become more difficult as a result?  Has anyone been in this situation recently and answered "yes" - what is/was the outcome?
Many thx for help with this question.

You are over thinking things. Wrt opening/operating UK bank accounts, you are British - as long as you have no plans to relinquish your UK nationality.

DIYhelp76

Many thanks all.  Yes I do have a tendency to "overthink" in general.... thx for the reassurance.  I will get on with my passport application now....

[Deleted User]

DIYhelp76 said:

Many thanks all.  Yes I do have a tendency to "overthink" in general.... thx for the reassurance.  I will get on with my passport application now....

It is better to overthink and find out the correct info - rather than to not overthink and therefore not look into things, as ignorance is no excuse in breaking any rules of the law.

Ping2084

So true @[Deleted User]!