The Most Important Financial Steps To Take Before Moving Abroad.

 Are you planning on moving to a different country for better career opportunities? It is evidently a right decision, but you must take some necessary financial steps before you can go ahead and make it a planned decision. 


When you are well-versed with your finances before moving ahead in life, everything will be quite sorted. Therefore, this article is all about sharing some of the important financial steps to take before moving abroad.


Review your Financial Bank Accounts


The first and the most important thing that you must do is review the bank accounts. It is the primary step that you must take if you want to move abroad. Once you are done with it, all the existing accounts will be converted to NRI Savings account, namely NRO/NRE accounts as per your requirement.


In case you have more than one account, you will have to convert each one of them into NRO account separately, which might be a hassle. Therefore, it is better if you consolidate the accounts. 


Investment Liquidation Is Required


It is better to liquidate your investments if you are moving abroad permanently or for a long tenure. Liquidating them is better as tracking it well from the overseas country might be difficult. You must consult with some well-known banks such as SBM Bank, HDFC Bank, IDFC Bank and other banks to get a better insight on the tax policies in respective abroad countries.


Before you move or liquidate any of your investments before shifting abroad, get in touch with the financial institutions offering such services to gain knowledge on tax and other essential considerations. It will help you decide whether liquidating your investments is a good idea or not. 


Get Your Demat Account Re-designated


It completely depends upon your choice whether you want to continue using the account or shut it while moving abroad. However, if you are willing to continue investing in the Indian Stock Market, then you might need to re-designate the Demat account to NRE or NRO account; and connect it to a financial broker who provides international investment services. 


You can play the market in India as well as abroad. Using the NRE account, your abroad earnings can be sent to Indian accounts.


Close Your Insurance Plans That Doesn’t Comply With You Moving Abroad


Check on the insurance plans that you currently have, and it is better to end them if they are not meant to cover you while you are abroad. If you have a term insurance plan that covers the dependents who reside only in India, then it is better to retain it and start a new one in the respective abroad country. 


The employer offering you a job in abroad country will take care of your health insurance needs. So, you can end the existing one in India. It is an essential financial decision that you need to take before moving out. 



These are a few of the financial steps to take before moving abroad. These financial steps are quite essential to let you manage your investments & finances in India and abroad simultaneously. 

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