The EU isn't saying that personal data has to be processed only in the EU. They're saying it has to be processed somewhere with adequate standards of data protection.
Andorra, Argentina, Canada, Faroe Islands, Guernsey, Israel, Isle of Man, Japan, Jersey, New Zealand, Republic of Korea, Switzerland , the United Kingdom, and Uruguay.
The EU isn't saying that personal data has to be processed only in the EU. They're saying it has to be processed somewhere with adequate standards of data protection.