Moving abroad is one of the most significant financial events in a person's life, yet many people approach it with the same attention to financial preparation they would give a two-week holiday. The window immediately before, during, and just after departure presents planning opportunities that close quickly — some permanently. This checklist structures what needs to be done and when.
3–6 Months Before Departure
Locate all pension entitlements Request a State Pension forecast from HMRC via the gov.uk/check-state-pension tool. Identify all workplace pensions (a pension tracing service is available at gov.uk/find-pension-contact-details). Locate all personal and SIPP arrangements. Understand the value of each scheme and the expected retirement benefits. This information is the foundation of all subsequent pension planning.
Assess QROPS suitability If you are planning a long-term or permanent move, explore whether a Qualifying Recognised Overseas Pension Scheme (QROPS) transfer makes sense for your situation. QROPS can be appropriate for permanent emigrants who want pension assets in the same jurisdiction as their retirement, but the decision is complex and requires specialist advice — tax on the transfer, the impact on death benefits, and the regulatory environment of the receiving scheme all need careful assessment. Do not transfer without independent advice.
Review and update your UK will Before departing, ensure your UK will is up to date. If you are acquiring assets abroad, take legal advice on whether additional wills are needed in those jurisdictions. Update nominations on all pensions and life insurance policies to reflect your current wishes.
Review life insurance and income protection Check whether your existing UK life insurance and income protection policies remain valid while resident abroad. Many UK policies have territorial limitations. Arrange international cover if required.
CGT and IHT planning window UK Capital Gains Tax (CGT) and Inheritance Tax (IHT) planning opportunities may arise in the period before you become non-UK tax resident. Once non-resident, gains on UK residential property remain taxable in the UK (since April 2015), but gains on other UK assets may be sheltered. The pre-departure period is a potential window to crystallise certain gains, restructure portfolios, or transfer assets between spouses at market value before departure. This requires careful advice — acting without it can create tax charges rather than savings.
Arrange a Foreign Exchange (FX) strategy for any lump sum conversion If you have a large sum to convert — a property sale, an investment realisation, a redundancy payment — engage a specialist FX broker before departure. Rates available through a specialist broker are materially better than those offered by high-street banks, and forward contracts can fix a rate for conversion at a future date, removing uncertainty.
1–3 Months Before Departure
Notify HMRC via Form P85 P85 (Leaving the UK — Getting Your Tax Right) is submitted to HMRC when you leave the UK to work or live abroad. It notifies HMRC of your departure, requests a tax refund if you have overpaid PAYE tax, and triggers HMRC's assessment of your residency status. Submit it once you have left or shortly before if the departure date is confirmed.
Complete the Statutory Residence Test assessment The UK Statutory Residence Test (SRT) is the mechanism for determining whether you are UK tax resident. Do not assume you become non-resident automatically. The test has multiple components (automatic UK tests, automatic overseas tests, and sufficient ties tests). Common errors include assuming that spending fewer than 183 days in the UK is sufficient — it is not, in all circumstances. Take advice from a tax adviser before departure.
Arrange a bank account in your destination country Open an account before you arrive if possible — some banks allow non-resident account opening for an employer-sponsored relocation. If not, apply as soon as you have your local address and visa. Maintain your UK account throughout (see the banking guide for full detail).
Register as a Non-Resident Landlord (NRL) if letting UK property If you own UK property and will be letting it while abroad, register with HMRC's Non-Resident Landlord Scheme before departure. Without NRL registration, your letting agent or tenant is required to withhold 20% of rent and pay it directly to HMRC. With NRL registration, rent is paid to you in full and you account for tax via Self Assessment. Registration is via HMRC form NRL1.
Currency hedging review If you will be receiving ongoing UK income (salary, rental, pension, investments) in sterling while living with expenses in a foreign currency, establish a strategy for regular currency conversion. Setting up a standing conversion arrangement with an FX broker removes the timing risk of currency moves.
Update all financial accounts with new contact details Banks, investment platforms, insurance companies, and pension providers need your new address. UK-issued correspondence that goes to an old address creates problems — particularly HMRC correspondence, which often has a response deadline.
On Arrival
Establish local tax registration Most countries require newly arrived residents to register with the local tax authority within a defined period (30–90 days is common). Failure to register can result in penalties. In some countries, tax registration is linked to residency registration — complete both promptly.
Arrange International Private Medical Insurance (IPMI) Health insurance should be in place from day one in your new country. Do not rely on your EHIC/GHIC card (only valid for EU countries for UK citizens, covers only emergency care), your UK travel insurance (not designed for long-term residence), or the local state healthcare system until you have confirmed eligibility.
Update all nominations Confirm that pension and life insurance nominations reflect your current wishes and that any new arrangements (local pension, employer group insurance abroad) have correct nominated beneficiaries.
Set up local utilities and services in your name Creating a local paper trail — utility bills, lease agreements — establishes your local address, which you will need for bank account applications, insurance, vehicle registration, and many other purposes.
Annually (Once Settled)
UK Self Assessment tax return (if required) If you are non-UK resident with UK source income — rental income from a UK property, dividends from UK shares, income from a UK employment for work carried out in the UK — you may still need to file a UK Self Assessment return. The deadline is 31 January online, 31 October on paper, for the preceding tax year. Missing the deadline incurs automatic penalties.
Review National Insurance contribution record Your UK State Pension entitlement depends on your NI contribution record. Gaps in contributions accumulated while abroad can be filled voluntarily. Class 3 voluntary contributions cost £18.40 per week (around £956.80 for a full year's gap, 2026/27 rate) and are typically excellent value for those who expect to draw a UK State Pension. Review your NI record annually via gov.uk.
Annual FX review Review your currency conversion strategy annually. If your income/expense currency mix has changed, or if exchange rates have moved materially, adjust your hedging or conversion programme accordingly.
Will and nomination review Review your will, LPA arrangements, and all nominations once a year. Life events — birth of children or grandchildren, change of relationship status, death of a nominated beneficiary, change of significant assets — all trigger the need for an update.
Expat financial health check Once a year, review with an independent financial adviser whether your overall financial structure — pensions, investments, property, insurance, currency positions — remains appropriate for your circumstances and the current regulatory environment.
Important: Tax law, pension regulations, and financial planning requirements are complex and change regularly. The above checklist is general guidance and does not constitute financial, tax, or legal advice. Always take advice from qualified professionals in the UK and your country of residence before making significant financial decisions.
How Global Investments Can Help
The financial checklist above covers the frameworks, but each item requires individual assessment in the context of your assets, family situation, and specific destination country. Global Investments works with HNW clients at every stage of an international relocation — from pre-departure planning through to annual reviews once established abroad. Our network of independent financial advisers, tax specialists, and legal professionals spans the international markets we work in. Contact our team to arrange a comprehensive pre-departure financial review.
This guide is for general information only and does not constitute financial, legal or tax advice. Rules, fees and regulations change frequently; verify current requirements with a qualified adviser before acting.