Moving abroad is exciting — new opportunities, new lifestyle, maybe even better weather. But before you start packing, it’s vital to make sure your finances are ready for take-off.

At Arthur Browns Wealth Management, we regularly help clients who are relocating to Europe or further afield. Many don’t realise that certain UK financial products, like ISAs and even pensions, can become restricted or tax-inefficient once they leave the UK.

Here’s what you should check before you move — and how to stay financially secure wherever life takes you.

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1. Review Your UK Pensions and Investments

If you have a UK pension, it’s important to know what happens to it once you’re no longer a UK resident.

Some UK pension providers will continue to manage your account, but they might refuse to give you new advice or let you draw an income once you live abroad. This is due to regulatory and Brexit-related restrictions.

Before you go, you should:

• Confirm whether your provider can still communicate with you once you’re overseas.

• Check whether your adviser can still act for you once you’ve moved (many cannot unless they’re dual-regulated).

• Review your investment strategy — it may need adjusting if your goals or tax status are changing.

If you’re unsure, speak to a firm that specialises in cross-border pension advice — ideally one regulated in both the UK and your destination country.

For background on what happens to UK pensions abroad, see the UK Government’s guidance on pensions and tax when living overseas.

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2. Tell HMRC About Your Move

It’s not just your address that changes — your tax residency does too.

Before you leave, you should inform HMRC by filling out form P85, which tells them you’re moving overseas and helps ensure you don’t overpay UK tax. You can find details and download the form here:

https://www.gov.uk/tax-right-retire-abroad-return-to-uk

Also remember:

• You might still pay UK tax on UK-based income (like rental property or dividends).

• Once you’re non-resident, your new country’s tax rules will usually take over.

• Every country has its own double taxation agreements (DTAs) — designed to make sure you’re not taxed twice on the same income.

If you’re heading to Portugal, Spain, or France, the rules can differ significantly — so always combine financial advice with local tax advice.

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3. Check Which Accounts You Can Keep

Some UK financial institutions will no longer service clients once they move abroad — particularly since Brexit.

You should check:

• Whether your UK bank accounts will stay open

• If your ISA or investment platform allows non-UK residents

• Whether you need a multi-currency account for income and expenses abroad

You might need to open an account in your new country, or use an international bank with branches in both jurisdictions.

The MoneyHelper guide for people moving abroad has a useful list of what to review before you go.

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4. Consider Health Insurance and Protection Policies

If you currently have life insurance or critical illness cover in the UK, check the small print.

Some policies only provide cover if you’re a UK resident. Others may still protect you abroad, but premiums or conditions could change. The same applies to private medical insurance — a must if you’re moving to a non-EU country.

Before cancelling or replacing policies, speak to an adviser who understands both UK and offshore cover options.

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5. Manage Currency and Exchange Risks

If you’ll be earning or spending in a different currency, even small exchange-rate movements can affect your monthly budget or pension income.

You might want to:

• Use a multi-currency account or FX service to transfer money efficiently.

• Consider investing part of your savings in the currency you’ll be using long term.

• Be aware of potential currency exposure within your pension or investment portfolio.

For a detailed guide on how currency can impact your financial planning abroad, see The Telegraph’s article on expat exchange-rate risks.

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6. Find a Regulated Adviser Who Can Support You Abroad

This step is often overlooked — but it’s the most important.

If your UK financial adviser isn’t regulated in your new country, they may not be able to advise you legally once you’ve moved.

Look for firms that are:

• Authorised and regulated by the UK’s FCA, and

• Licensed locally under MiFID or equivalent local regulation (e.g., CMVM in Portugal, CNMV in Spain).

Avoid “offshore introducers” who promise big returns or “tax-free solutions.” Properly regulated advice protects you under the Financial Ombudsman Service and Financial Services Compensation Scheme.

If you’re relocating soon, you can contact Arthur Browns Wealth Management for a review of your pensions and investments before you move.

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The Bottom Line

Preparing your finances before you move abroad can save years of stress later.

By reviewing your pensions, informing HMRC, understanding your new tax position, and securing advice from a properly regulated firm, you’ll ensure your money works for you — no matter where you live.

At Arthur Browns Wealth Management, we specialise in helping clients transition smoothly from the UK to life abroad.

Whether you’re moving to Portugal, Spain, France, or beyond, we can help you protect and grow your wealth across borders.

Contact us