Rockstar has fixed the issue and People are now able to transfer as normal.

Grand Theft Auto V for Xbox Series and PlayStation 5, also known as Expanded and Enhanced has started to release around the world.

One major issue with the game is people who have transferred from Xbox One / PS4 to PC back in 2015 are now unable to transfer to PlayStation 5 and Xbox Series S/X. After much debate and anger on Twitter from people speculating and presuming, Rockstar Games have confirmed a fix is on the way.

Posted a short while ago on Twitter by Rockstar Support they said

We’re currently working to resolve the issue with GTA Online profile migration for PS5 and Xbox Series X|S where those migrating from PS4 or Xbox One are currently blocked due to previously migrating those accounts to PC, and will update everyone once this is working as intended.

So everybody unable to Migrate your character, hang tight and you’ll be on the Expanded and Enhanced version shortly.

If you want to know how to migrate your character, check out the following article here.