Last Updated on 29th December 2025
Organising an international move is always a complex undertaking, with so much to consider, including packing, shipping belongings, informing HMRC, finding schools and employment, and deciding where you’ll live in your new overseas home.
Amid the hectic nature of relocations, it’s equally important that prospective expats pay close attention to their finances, as simple mistakes like forgetting to cancel a direct debit or not having funds available in the local currency can have repercussions.
Following on from our Chase Buchanan Private Wealth Management Moving Abroad Checklist, and due to demand, we’ve created a comparable to-do list specifically focused on the financial aspects of a cross-border relocation.
Financial To-Dos Before Your Move
Whether you’re planning to move in the coming days or weeks or have a retirement overseas in your long-term plans, there are lots of things that are best addressed before you book your flight, many of which could influence the decisions you make.
Research Living Costs and Create a Relocation Budget
Even if you have your heart set on a specific city or coastline, you should try to build as clear a picture as possible of your everyday living costs, including health insurance, utilities, rent or mortgage payments, and transport.
Creating a solid contingency fund and setting aside a separate budget for flights, property deposits, and shipping belongings is a great way to ensure you’re fully prepared for the practicalities of moving to a new country.
Plan for Visa Fees and Book the Relevant Appointments
Many visa processes will require you to attend in-person interviews or processing appointments at the applicable consulate, and you should have no doubts about what the costs of all visas and permits you need will be, including extra charges for passport biometrics.
Stay Up to Date With Your Tax Position and Liabilities
You’ll likely already have researched the tax system in your intended place of residence and have an idea of what your ongoing obligations will be. Still, there might be tax efficiencies available by spending a little time on early preparation. For example, understanding double tax treaties, planning for asset restructures, and knowing when and how to transfer wealth could all be beneficial.
Monitor Currency Exchange Rates
It’s common for expats to retain some assets or accounts in the UK, but you may also need to know how much exchange rates fluctuate by and track them so that, if you have a savings pot to transfer, you do so at the optimal time.
While you’re thinking about banking, be sure to create an accurate audit of every standing order, direct debit, subscription and utility, and check notice periods for account closures to ensure you’re not tied into paying providers of services like TV streaming or mobiles beyond the point you’ll be using them.
Gather Together All Your Important Documentation
Expats generally know they’ll need to have copies of their ID, visas, permits and immigration forms, but you may also need to share payslips, tax returns and bank statements, especially if you’re applying for any type of credit or want to rent a property.
Things to Do Once You Have Relocated
When you’ve just arrived, you’ll likely still have a whirlwind of things to do, not least setting up your new home and meeting your neighbours. However, there are still several key financial tasks to tick off, especially if you need to start paying utilities and other bills.
Open a Local Bank Account
In most cases, you can’t open an account from overseas, or you can set up the account but can’t use it until you’ve attended a branch in person to provide your ID documents. This is often an important task because you won’t have access to mobile banking or digital payments until you have a live account.
Register With the Tax Office
As with banking, you’ll normally need to finalise your registration as a tax resident or overseas resident in person. In almost every country, expats need a tax code or ID card to register for work, set up a bank account as above, access government services, or register to pay utilities.
Ensure Your Income Streams Are Well Managed
You could have passive income from property, investments, or pensions, or you might be accepting an offer of employment. In the meantime, it’s wise to check everything is in good order, whether you’re providing bank details to a new employer or ensuring your pension payments are as expected, to ensure you’re not reliant on your contingency for longer than necessary.
Set Up Utilities, an Internet Connection and Phone Line
Depending on your lifestyle and connectivity requirements, you might need WiFi urgently to work, or to register for utilities so you can access services like energy and water. Although most agents and landlords can help, it’s better to take over paying these bills sooner to ensure you’re not paying over the odds.
Long-Term Planning for Financial Security as an Expat
Moving forward, once you’ve settled, it makes sense to remain conscious of your financial stability and health. We’ve recommended several considerations to ensure your plans and finances remain well-managed.
Plan for a Cross-Border Retirement
If you’re not relocating in retirement, you might decide to return home, or plan to reside in your new place of residence permanently, which could mean looking at pension transfers, eligibility for state pensions, options in terms of private pension contributions, and the taxes linked to drawing on existing pension funds across borders.
Build a Long-Term Plan for Savings and Investments
Even if you’ve already restructured assets and selected tax-efficient products for your savings, circumstances can change, and you’ll need to decide whether remaining accounts overseas should stay as-is or make new decisions based on changing tax obligations if you become a tax resident.
Update Your Will and Succession Plans
Inheritance tax rules vary widely between countries, but you’ll usually need to have a locally notarised and valid will to ensure that, in the future, you’ve protected your right to distribute your assets as you wish. Forced heirship is a stumbling block in some jurisdictions, and you may need to work with a succession planning adviser if this doesn’t coincide with your plans.
Plan for Potential Repatriation
Although you may intend to remain overseas permanently, it’s worth knowing what you might do if anything changed, such as if a loved one became unwell, or your plans didn’t work out, and you needed to move back, despite this perhaps being a distant possibility.
Having a backup plan, understanding the values of your properties in both locations, and having robust private medical insurance can all act as a safety net that you may never use, but could be invaluable if you need it.
© Chase Buchanan Private Wealth Management.
Chase Buchanan Ltd is authorised and regulated by the Cyprus Securities and Exchange Commission with CIF Licence 287/15 and offers its services in the EU on a cross-border basis as per the provisions of MiFID.
Chase Buchanan Insurance Services, Agents & Advisors is authorised and regulated by the Cyprus Insurance Companies Control Service with License No 6883 and offers services in the EU on a cross-border basis as per the provisions of the Insurance Distribution Directive (IDD).
Investing in financial instruments involves risk and may not be suitable for all investors. The value of investments may go up as well as down and past performance is not a reliable indicator of future results. You may lose part or all of your invested capital.
*Information correct as at December 2025
