2026-02-21

Financial Checklist Before Moving Abroad

Moving to another country is exciting. It is also a financial minefield if you do not prepare. Banks freeze accounts, brokerages restrict access, tax obligations multiply, and insurance gaps appear — all because you changed your address across a border.

This checklist covers everything you need to handle before you move. Work through it systematically, starting at least three months before your departure date. Some items — particularly tax planning and investment restructuring — benefit from six months or more of lead time.

Banking: 3+ Months Before¶

Notify Your Banks¶

Contact every bank where you hold an account and tell them you are moving abroad. Ask specifically:

• Will you keep my account open as a non-resident? Some banks will, some will not. Better to find out now than after you have moved and cannot visit a branch.
• Will my debit and credit cards continue to work internationally? Some banks restrict card usage once your registered address changes.
• What address can I use on the account? Some banks require a domestic address. If you have a family member or friend who can receive mail, this may work.
• Are there any changes to fees or services for non-resident accounts?

For a detailed guide on maintaining accounts internationally, see How to Set Up a Multi-Country Banking Strategy.

Open a Multi-Currency Account¶

If you do not already have one, open a Wise or Revolut account. These give you local bank details in multiple currencies (USD, EUR, GBP, and more) and allow you to receive and send money internationally at competitive rates. Having this set up before you move means you have a functioning financial hub from day one.

Research Destination Banking¶

Identify which banks in your destination country will open accounts for new arrivals. Requirements vary dramatically:

• Portugal: Need a NIF (fiscal number). Can be obtained before arrival.
• Thailand: Most banks require a work permit or long-term visa. Tourist visa holders may be turned away.
• Mexico: Residency visa required for most banks. BBVA Mexico is the most foreigner-friendly.
• Georgia: Bank of Georgia opens accounts with just a passport.
• Singapore: Employment pass or significant deposit usually required.
• Germany: Registration (Anmeldung) required first, then banks will open accounts. N26 is an option for EU/EEA citizens before registration.
• Spain: NIE (foreigner identification number) required. Can be obtained at a Spanish consulate before moving.

Build a Cash Buffer¶

Have three to six months of expenses in the currency of your destination country, accessible from day one. This covers the gap between arriving and getting local banking set up. Keep this in your Wise or Revolut account in the destination currency.

Investments: 3-6 Months Before¶

Check Your Brokerage’s Non-Resident Policy¶

Many brokerages restrict or close accounts when you move abroad. Contact your brokerage and ask:

• Do you accept clients residing in [your destination country]? If not, you may need to transfer your portfolio before you move.
• Will I still be able to trade? Some brokerages allow non-residents to hold existing positions but block new purchases.
• Are there tax withholding changes? Your tax treaty rate may change when your country of residence changes.

Interactive Brokers is the most flexible option for internationally mobile investors — they operate in most jurisdictions and allow address changes without closing your account. See How to Open a Brokerage Account as a Non-Resident for more options.

Assess PFIC Risk (US Citizens)¶

If you are a US citizen moving abroad, do not buy non-US domiciled ETFs or mutual funds. These are classified as Passive Foreign Investment Companies (PFICs) by the IRS and subject to punitive taxation. Stick to US-domiciled funds (Vanguard, iShares, Schwab).

If you already hold PFICs, consult a tax professional about whether to sell before moving or make a QEF or mark-to-market election. The longer you hold PFICs without proper elections, the worse the tax consequences. See How to Invest as a US Expat (PFIC Rules Explained) for the full picture.

Review Tax-Advantaged Accounts¶

Tax-advantaged accounts (401(k), IRA, ISA, SIPP, RRSP, superannuation) are country-specific. Moving abroad affects them differently:

• US 401(k) and IRA: Remain accessible and functional regardless of where you live. Contributions may be limited if you use the Foreign Earned Income Exclusion. Distributions are generally taxable to the US and may be taxable in your new country (check the tax treaty).
• UK ISA: The tax-free wrapper survives after you leave the UK, but you cannot make new contributions as a non-resident. Existing holdings continue to grow tax-free in the UK.
• UK SIPP: Contributions stop when you are no longer a UK taxpayer, but the pension remains invested. Be cautious about transferring to a QROPS — the tax implications are significant. See HMRC’s guidance on pensions abroad.
• Canadian RRSP: Remains in Canada. Withdrawals are subject to Canadian withholding tax (typically 25% for non-residents, reduced under some treaties). See the CRA guidance on non-resident withdrawals.
• Australian Super: You can leave it in Australia or withdraw it under the Departing Australia Superannuation Payment (DASP) scheme if eligible. Early access may incur additional tax. See the ATO guidance on super for temporary residents.

Consider Your Portfolio’s Currency Exposure¶

If you are moving from the United States to the Netherlands, your spending currency shifts from USD to EUR. A portfolio heavily weighted in USD assets now has a currency mismatch with your living expenses. You do not need to sell everything and buy EUR assets, but you should be aware of the exposure and consider whether some rebalancing is appropriate.

For more on this, see How Currency Exchange Rates Affect Your Investment Returns and How to Rebalance a Global Portfolio.

Taxes: 3-6 Months Before¶

Understand Departure Tax Rules¶

Some countries tax you on the way out:

• Canada: Imposes a “departure tax” — deemed disposition of most assets at fair market value on your date of departure. You are taxed on any unrealized capital gains as if you sold everything. This can result in a significant tax bill. See the CRA guidance on leaving Canada.
• Australia: Similar deemed disposal rules apply when you cease to be an Australian resident. CGT event I1 applies to most assets. See ATO guidance on ceasing to be a resident.
• United States: No departure tax for citizens (you are taxed on worldwide income regardless of where you live). For green card holders who formally abandon their status, the expatriation tax under IRC Section 877A may apply if you meet the “covered expatriate” thresholds. See IRS Publication 519.
• South Africa: Exit tax applies on deemed disposal of worldwide assets when ceasing to be a tax resident. See SARS guidance on ceasing residency.

Establish Tax Residency in Your New Country¶

Moving is not enough — you need to affirmatively establish tax residency in your destination country. This typically involves:

• Registering with the local tax authority
• Obtaining a tax identification number (NIF, TIN, Steueridentifikationsnummer, etc.)
• Filing a tax return for the year of arrival (often a split-year return)

If you do not establish residency properly, you risk being claimed as a tax resident by your old country while not being recognized by your new one. This creates a worst-case scenario where two countries tax your worldwide income.

Review Applicable Tax Treaties¶

Check whether your old and new countries have a double taxation agreement. This determines:

• How your income is taxed during the transition year
• Which country taxes your investment income
• Whether capital gains on assets held before the move are taxable in one or both countries
• Pension and retirement account treatment

For a comprehensive overview, see How to Avoid Double Taxation on International Investments.

Plan Your Final Tax Filing¶

Your departure year will likely require a final tax return in your old country, covering income from January 1 to your departure date. Gather all necessary documents before you leave — it is harder to request tax documents from abroad. Consider hiring a tax professional in your old country to handle this filing.

Insurance: 1-3 Months Before¶

Health Insurance¶

Your domestic health insurance almost certainly does not cover you abroad. You need to arrange one of the following:

• International health insurance (Cigna Global, Allianz International, SafetyWing for nomads) — covers you in your destination country and during travel.
• Local health insurance in your destination country — may be required for visa purposes. Some countries (Spain, Germany) require proof of health insurance as part of the residency process.
• National health system — if your destination country has public healthcare, you may become eligible after establishing residency. There is often a waiting period.

Property and Liability Insurance¶

If you own property in your home country and plan to rent it out, your standard homeowner’s policy does not cover a rental situation. You need landlord insurance. If you are selling the property, confirm your insurance remains active until the sale completes.

If you are keeping a vehicle, confirm coverage for storage or limited use while you are abroad.

Estate Planning: 1-3 Months Before¶

Update Your Will¶

A will drafted in one country may not be valid or enforceable in another. If you own assets in multiple jurisdictions, you may need separate wills — one for each country where you hold significant assets. At minimum, review your existing will with a lawyer who understands cross-border estate issues.

Review Beneficiary Designations¶

Check the beneficiary designations on all retirement accounts, life insurance policies, and investment accounts. These typically override your will. Make sure they are current and reflect your intentions.

Power of Attorney¶

Consider establishing a power of attorney in both your home country and your destination country. If you are incapacitated abroad, you need someone who can act on your behalf in each jurisdiction where you hold assets.

Ongoing Tracking and Compliance¶

Set Up Financial Tracking¶

Before you move, set up a system to track all your accounts, investments, and obligations across countries. After the move, you will have assets and accounts in at least two jurisdictions, possibly more. Losing sight of the big picture is how expats end up with unreported accounts, missed tax filings, and inaccurate net worth figures.

For guidance on tracking your finances across borders, see How to Calculate Your Net Worth Across Countries and How to Track Investments in Multiple Currencies.

FBAR and FATCA Obligations (US Citizens)¶

If you are a US citizen, you must continue filing US tax returns from abroad. Foreign bank accounts above $10,000 in aggregate trigger FBAR filing requirements. Foreign financial assets above $50,000 ($200,000 if living abroad) trigger FATCA Form 8938.

Keep Documents Accessible¶

Store digital copies of all important financial documents — passports, tax returns, bank statements, insurance policies, property deeds, wills — in a secure, accessible location. You will need them for account opening, visa applications, and tax filings in your new country.

Start Tracking Before You Move¶

FlashFi tracks investments, cash, savings, and debt across any currency, giving you a unified view of your finances as they spread across countries. Set it up before you move so you have a baseline, and keep tracking as your international financial life grows.

Start tracking your global finances — the best time to get organized is before you leave.

By David Brougham