Expat Financial Planning Checklist: 50 Actions Before, During and After Your Move

Relocating internationally is not just a lifestyle change — it is a complete financial restructuring event. Tax residency shifts, banking arrangements change, pension access rules alter, insurance must be renegotiated, and estate plans need updating. The good news is that, approached systematically, it is all manageable. The bad news is that most expats discover at least half of this list only after something has gone wrong.

This checklist is designed for UK-origin HNW individuals relocating abroad, but the principles apply broadly. Work through it methodically before you move, on arrival in your new country, and then annually thereafter.

PART ONE: BEFORE YOU LEAVE (do 6–12 months ahead where possible)

UK Tax and Residency

1. Commission a Statutory Residence Test (SRT) analysis. Understand exactly what the SRT says about your current situation and how to break UK tax residency cleanly. This is not optional if you want to avoid UK income tax on your new country's income.

2. Identify your UK tax year departure date. The UK tax year runs 6 April to 5 April. Your departure date and the "split-year treatment" rules determine when UK tax liability ends. Get this right.

3. Review your UK domicile status. Residency and domicile are different. UK domicile affects UK inheritance tax on worldwide assets and may survive decades of foreign residence. If you are a UK domiciliary, IHT planning is not resolved by relocating.

4. Notify HMRC of your departure. Submit a P85 form (or equivalent self-assessment notification) to HMRC. Update your self-assessment position. If you have a self-assessment obligation, file before you leave or arrange to continue filing from abroad.

5. Understand your continued UK filing obligations. UK rental income, UK pension income, UK dividends and other UK-source income may remain taxable in the UK even after you leave. You may need to continue filing UK self-assessment returns. Set up a UK-based accountant if you do not already have one.

UK Property and Banking

6. Decide what to do with your UK home. Options: sell (crystallises any CGT position), let it (creates an ongoing UK tax obligation as a non-resident landlord), or retain it without letting (watch the SRT — retaining a "home" in the UK is a significant tie). Letting requires registering under the Non-Resident Landlord (NRL) scheme with HMRC.

7. Set up HMRC's Non-Resident Landlord approval if letting. Without NRL approval, your UK letting agent will deduct basic rate income tax from your rental payments.

8. Keep at least one UK bank account open. UK banks routinely close accounts of non-residents — but you will need a UK account for ongoing UK obligations (property costs, tax payments, pension income). A private bank or a digital bank with non-resident-friendly terms (e.g. HSBC Premier, Starling) is preferable.

9. Notify your UK banks and financial institutions of your change of address. HMRC's CRS/FATCA reporting requirements mean institutions must know your tax residency status. Failure to update can cause account freezes or adverse reporting.

10. Review your UK mortgage if applicable. Some UK mortgage terms require owner-occupation; renting out a mortgaged property may require "consent to let" from your lender.

Pensions and Investments

11. Review all UK pension arrangements — state and private. State Pension: check your NI contribution record at the HMRC portal (personal.tax.gov.uk). Gaps can be filled with voluntary Class 3 contributions — often one of the best financial decisions an expat can make.

12. Review your personal and workplace pension access and contributions. UK pension contributions are generally not tax-deductible for overseas-resident individuals. Can your employer continue to contribute? What does your new country's tax treaty say about pension withdrawals?

13. Review ISAs. You cannot contribute to an ISA after becoming non-UK resident, but you can keep existing ISAs open and sheltered from UK tax. Consider whether to crystallise gains within the ISA before leaving.

14. Review any share options or deferred compensation. These are often "employment-related securities" — their tax treatment on exercise or vesting can be complex when you change residence mid-vest. Take advice before you leave.

15. Notify your investment platform of your non-resident status. Many UK platforms restrict services to non-residents (regulatory issues). Understand which platforms will continue to serve you and plan accordingly.

Insurance

16. Obtain international private medical insurance (IPMI) before departure. Do not arrive in your new country without health insurance cover in place from day one. Pre-existing conditions can be excluded if you apply after departure.

17. Review life insurance and critical illness cover. UK term policies may continue if premiums are paid; some insurers restrict claims if you are living in a non-UK location. Review policy wording.

18. Review home contents insurance (UK property if retained). Vacancy clauses may apply if the property is empty; letting the property may require specialist landlord insurance.

19. Cancel or port travel insurance. UK annual travel insurance typically becomes invalid once you are no longer UK-resident. Arrange dedicated expat travel insurance instead.

20. Review income protection policies. Most UK income protection policies cover you only for UK employment. Overseas employed? You may need a new policy.

Estate Planning

21. Review your will. UK wills remain valid after emigration but may not be appropriate. Intestacy rules in your new country may conflict with UK rules. Many countries — particularly those following civil law (France, Spain, Germany, UAE) — impose forced heirship provisions that could override UK will provisions.

22. Consider a cross-border will strategy. Separate wills for UK and overseas assets (in the relevant jurisdiction's language and legal form) are generally preferable to a single UK will trying to do everything.

23. Review lasting power of attorney (LPA). A UK LPA is generally not recognised overseas. Consider whether equivalent documents are needed in your destination country.

24. Update pension nomination forms (beneficiary designations). Pensions fall outside your estate in UK law — nomination forms determine who inherits. Ensure nominations are current.

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PART TWO: ON ARRIVAL IN YOUR NEW COUNTRY

Tax and Legal Registration

25. Understand your new country's tax residency trigger. Each country has different rules: some trigger at 183 days, others from the date you register or take up residence. Know the rule from day one.

26. Obtain a tax identification number in your new country. Most countries require a local tax number for banking, property purchases and employer registration. Apply early; processing can take weeks.

27. Register with the local tax authority if required. Some countries (e.g. Spain, France) require an annual tax return even for low-income years. Find out your obligations from the outset.

28. Engage a local tax adviser. A good local tax adviser — ideally bilingual and familiar with UK tax matters — is one of the best investments you can make in your first year. Do not rely solely on a UK adviser for local tax.

29. Review your double taxation treaty position. Identify which DTA (if any) applies between the UK and your new country. Understand which income is taxed where. Note that not all income types are covered in all DTAs.

Banking

30. Open a local bank account as quickly as possible. Many transactions — property rental, utilities, local services — require a local bank account. The longer you wait, the more friction you encounter.

31. Set up international transfers with appropriate documentation. Establish a relationship with a currency transfer service or your international bank for regular GBP→local currency transfers. Compare rates; high street banks typically offer poor exchange rates.

32. Consider a multi-currency account. Wise (formerly TransferWise), HSBC Global Money or similar multi-currency accounts can simplify managing money across jurisdictions.

Housing and Utilities

33. Ensure your rental agreement or property purchase is properly documented. Many expats sign rental contracts in unfamiliar languages without translation. Always use a lawyer or certified translator.

34. Register your address with local authorities. Many countries have mandatory registration (padron in Spain, anmelding in Denmark, etc.). This is separate from tax registration and affects access to local services.

35. Arrange local contents and property insurance. Your UK policy almost certainly does not extend to overseas property.

Healthcare

36. Register with local public health system if eligible. Many countries allow access to public healthcare after registration as a resident. Even if you use private healthcare primarily, public registration may entitle you to free emergency treatment.

37. Register with a local doctor / clinic. Establish relationships before you need them. Find English-speaking doctors in your area through expat forums or your employer's HR.

38. Ensure IPMI is in force and properly activated. Notify your insurer of your registered address. Confirm the claims process for your new location.

Children and Education (if applicable)

39. Research and apply to international schools early. Popular international schools in expat hubs have waiting lists of 1–2 years. Begin research and applications 12–18 months ahead of starting date.

40. Review child benefit entitlement. UK Child Benefit stops when you become non-resident. Your new country may have equivalent benefits.

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PART THREE: ONGOING — DO EVERY YEAR

41. Review your UK SRT position. Count your UK days. Keep a contemporaneous diary. The SRT is unforgiving of honest mistakes made retrospectively.

42. File UK self-assessment return if required. Even as a non-resident you may have UK filing obligations. Deadline: 31 January (online) for the prior UK tax year.

43. Review UK NI contributions. If you are not contributing to UK NI (overseas employment, self-employment, etc.), consider voluntary Class 2 or 3 contributions to protect State Pension entitlement. The cost is modest; the benefit is significant.

44. Review your investment portfolio for tax efficiency in your current jurisdiction. Your optimal investment structure in the UK (ISAs, SIPPs) may not be optimal in your new country. Some offshore structures (international bonds, for example) are more efficient for non-UK residents.

45. Review life insurance and protection adequacy. Income changes, currency moves, and family circumstances change. Review sum assured, currency of cover, and term length annually.

46. Review your will and estate plan. Laws change. Your circumstances change. Review will provisions, asset lists, LPAs and beneficiary nominations annually.

47. Review your property positions. If you hold UK rental property: rental income tax review, compliance with HMRC NRL scheme, mortgage review. If you hold overseas property: rental income compliance in local jurisdiction, insurance renewal, maintenance.

48. Check your pension position and projections. For those in drawdown or approaching retirement: review withdrawal strategy considering your current tax residence status and the DTA. For those still accumulating: consider whether contributions are still efficient.

49. Conduct a currency risk review. If your income is in local currency but your long-term obligations are in GBP (UK property, UK pension, retirement plans), assess your FX exposure and whether hedging is appropriate.

50. Schedule an annual financial planning review with your adviser. Expat financial planning is more complex than domestic planning and changes faster. A structured annual review with a qualified international financial adviser — covering tax, investments, insurance, estate planning and pensions together — is the single most valuable action on this list.

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How Global Investments Can Help

Global Investments provides comprehensive wealth management support for internationally mobile HNW individuals at every stage of their expat journey. Our services relevant to this checklist include:

• Pre-departure UK tax and SRT planning — working with specialist tax advisers to ensure clean residency breaks
• International investment portfolio management — tax-efficient offshore platforms appropriate for non-UK residents
• Property investment — across major property markets around the world, wherever our clients choose to invest
• International private medical insurance — introductions to specialist IPMI providers
• Cross-border estate planning — working with international succession planning specialists
• Currency and FX services — efficient international money transfers and currency risk management

We work with clients at all stages: those still planning the move, those who have recently relocated, and those who have been expatriate for years and want a structured review of their arrangements.

Contact us for a no-obligation conversation about your expat financial planning.

This checklist is for general information only as of June 2026. Tax, legal and financial rules change frequently and vary by jurisdiction and individual circumstance. Nothing here constitutes professional advice. Seek qualified advice from professionals with appropriate expertise in both your home country and destination country.