When Should You Start to Plan Financially for a Move Overseas?

Moving Abroad: Why Financial Planning Comes First

Relocating overseas is one of life’s most exciting — and complex — decisions. Whether you’re retiring to the sun, taking up an international work opportunity, or seeking a lifestyle change, moving abroad involves more than booking flights and finding a new home.

It’s also a major financial transition. Differences in tax rules, currency exposure, pension systems, and local regulations can have lasting effects on your wealth. The earlier you start planning, the smoother your move — and the stronger your long-term financial position — will be.

At Blacktower Financial Management, we’ve spent over 40 years helping clients plan their international moves. Here’s when and how to start preparing financially for your life abroad.

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When to Start Planning

The simple answer? As early as possible.

Ideally, you should begin 12–18 months before your move. This allows enough time to organise tax residency, transfer pensions, review investments, and understand how your new country’s financial landscape will affect your income and assets.

However, even if your move is sooner, it’s never too late to seek professional advice — many financial strategies can still be optimised in the months leading up to departure.

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1. Six to Twelve Months Before the Move: Laying the Foundations

Assess Your Financial Position

Start by reviewing your current financial picture:

• Income and savings
• Debts and liabilities
• Pensions and investments
• Property and business interests

This overview helps you understand what you’re working with — and what might need restructuring before you move.

Research Your Destination’s Financial System

Every country has its own tax, banking, and regulatory environment. Understanding these differences early will save you time, money, and stress.

For example:

• Portugal offers favourable tax treatment for new residents under the NHR regime (until 2025 reforms).
• Spain’s Beckham Law can reduce tax for foreign professionals.
• France and Italy have distinct wealth and inheritance tax rules that can affect long-term planning.

An adviser experienced in cross-border financial planning can help you interpret these rules in the context of your personal situation.

Plan Your Budget and Cashflow

Relocation costs can add up — flights, accommodation, property purchase, and legal fees. Create a realistic budget that includes both one-off expenses and new living costs (such as healthcare, utilities, and local taxes).

If you’re earning or holding assets in different currencies, review exchange rate risks. Using multi-currency accounts or forward contracts can help protect your spending power.

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2. Three to Six Months Before the Move: Structuring Your Wealth

Review Tax Residency and Exit Obligations

Your tax residency determines where and how you pay tax. Leaving the UK, for instance, involves navigating the Statutory Residence Test, which defines whether you’re still UK-taxable.

Key steps include:

• Reviewing any capital gains triggered by selling UK assets before departure.
• Understanding how dividends, rental income, or pensions will be taxed once you’re non-resident.
• Notifying HMRC correctly when you leave (using form P85).

Failure to plan your exit carefully can lead to double taxation or missed tax reliefs.

Review Pensions and Retirement Savings

UK pension rules can become complex once you’re resident overseas. Some schemes, such as QROPS (Qualifying Recognised Overseas Pension Schemes) or International SIPPs, can provide flexibility and tax advantages for expats.

Factors to consider:

• Whether your pension provider allows you to stay invested as a non-UK resident.
• How currency fluctuations might affect your future income.
• Local pension taxation rules in your new country.

A regulated adviser can help identify whether a transfer is suitable — or whether staying in your current plan offers better long-term value.

Revisit Investments

Different countries apply different tax treatments to dividends, interest, and capital gains. Before moving, review your existing portfolio to ensure it remains tax-efficient once you change residency.

For example, some offshore bonds and investment wrappers offer tax deferral and can simplify reporting obligations across jurisdictions.

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3. One to Three Months Before the Move: Protecting and Preparing

Review Insurance and Healthcare

Healthcare systems vary widely across borders. Investigate whether you’ll qualify for state healthcare or need a private international health insurance plan.

You may also need to adjust your:

• Life and income protection policies to reflect your new country.
• Property or liability insurance for assets you’re leaving behind or renting out.

Estate and Inheritance Planning

Moving abroad can complicate how your assets are inherited and taxed. Many countries apply forced heirship rules, which dictate who can inherit your estate.

Update your will to comply with the laws of your destination country — or create a separate international will where appropriate. Review beneficiary designations on pensions and policies to ensure consistency across jurisdictions.

Banking and Currency Management

Open local and international bank accounts before you move, ensuring easy access to funds on arrival. Some expats benefit from offshore banking, allowing them to hold multiple currencies and manage cross-border transactions efficiently.

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After You Arrive: Review and Adjust

Once you’ve settled, your financial planning journey continues. In the first 6–12 months after relocation, review:

• Whether your income sources and savings are working efficiently.
• How your tax liabilities have changed under your new residency.
• The performance and relevance of your investment portfolio.

Life abroad may bring new goals — property purchases, business ventures, or early retirement. Updating your plan regularly ensures your finances evolve with your circumstances.

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Why Early Planning Pays Off

Planning early gives you time to:

• Maximise tax efficiency before changing residency.
• Avoid double taxation and compliance pitfalls.
• Preserve and grow investments through tailored international strategies.
• Build financial security with appropriate protection and liquidity.

The more time you allow to prepare, the more flexibility you’ll have to make informed, cost-effective decisions.

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The Role of Professional Advice

Every international move is different — and so are your financial priorities. From understanding cross-border pensions to navigating local tax regimes, the right advice makes all the difference.

At Blacktower Financial Management, we specialise in guiding clients through every stage of relocation. Our advisers offer personalised, regulated financial planning across Europe and beyond — ensuring your transition is financially smooth, tax-efficient, and strategically sound.

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Final Thoughts

The best time to plan financially for a move overseas is well before you go. By starting early, you give yourself the freedom to optimise your wealth, protect your assets, and settle abroad with confidence.

Relocating is more than a change of address — it’s a new chapter in your financial life. With a clear plan, the right structure, and trusted advice, you can make that transition a success.

Blacktower Financial Management are not tax experts. You should seek advice from a qualified local tax professional before making any financial decisions.

Estate Planning, Inheritance Tax Planning, and Tax Planning are not regulated by the Financial Conduct Authority