Managing Your Finances As an Expat

So, you’ve done it. You’ve secured a second citizenship or residency and moved to a new country.

Whether it was for better lifestyle opportunities, family, or a fresh start, it’s a big step — and one that comes with plenty of excitement, not to mention a few financial questions.

One of the most common concerns expats have is: What should I do with my money now? From setting up a local bank account to making smart investments, managing your finances in a new country isn’t always straightforward.

This guide will help you make informed decisions and avoid common mistakes.

First things first: Understand Your New Financial Home

Before you dive into investing, you need to understand your tax responsibilities.

Every country has different rules when it comes to who is considered a “tax resident” — and this affects how your income, gains, and assets are taxed.

Know your tax residency status

Just because you live in a new country doesn’t always mean you’re a tax resident there. Some places base this on the number of days you stay, while others consider your permanent home or family connections.

Watch for double taxation

Depending on where you’ve moved from, you might still owe taxes in your original country. Thankfully, many countries have double tax agreements (DTAs) to avoid this. It’s worth checking if your new country has one in place.

Get your local banking sorted

Opening a local bank account is usually one of the first steps after relocating. It makes life easier for everything — from paying bills to getting paid and starting to invest locally.

Some countries may require additional documents or have specific rules for expats opening accounts. If possible, choose a bank with international services or expat-friendly branches that understand your situation.

Explore Investment Options in Your New Country

Once you’re financially settled, it’s time to look at how you can make your money work for you.

Start with local investment opportunities

Your new country may offer tax-free savings accounts, investment bonds, or property options that are available to residents or citizens. These often come with benefits, such as tax breaks or lower interest rates.

Look into real estate

Property remains a popular investment for many expats. But don’t rush in — research the local market, laws on foreign ownership, and any extra taxes before buying.

Consider currency risk

If you still hold assets in your home country, remember that exchange rates can impact your returns. Diversifying across currencies and regions can help protect your wealth.

Don’t forget about tax planning

Tax rules can be confusing at the best of times, and when you’re dealing with two (or more) countries, things can get complicated quickly.

Understand reporting rules

Some countries, such as the US, require citizens to report foreign income and assets, even if they reside abroad. Ensure you’re up to date on what needs to be declared and where.

Plan for the long-term

Certain investment accounts might not be tax-efficient in your new home. For example, UK ISAs are great for UK residents but may be treated differently elsewhere. It’s essential to reassess your investment strategy in light of your relocation.

Think about Retirement and Pensions

Where you plan to retire affects how and where you should invest.

Check if your pension is portable

If you’ve built up a pension in your original country, you might be able to transfer it to a plan in your new country — but not always. Some transfers come with tax charges or restrictions.

Save in your new country

Local pension plans may offer tax benefits or employer contributions. Even if you’re planning to retire elsewhere, it can make sense to take advantage of local schemes in the short term.

Review your estate planning

One thing many expats overlook is how moving to a new country affects wills, inheritance, and estate planning.

Update your will

Laws about inheritance can be very different abroad — in some countries, you can’t leave everything to whoever you want. Ensure your will is valid in your new home and complies with local laws.

Revisit your beneficiaries

Check and update the beneficiaries on your bank accounts, pensions, and insurance policies to ensure they are accurate and up to date. It’s an easy thing to forget but important to get right.

Work with Professionals Who Understand Expat Life

With international finances, the stakes are higher. It’s easy to make mistakes — but also easy to avoid them if you have the right help.

Hire a cross-border financial adviser

Look for someone who understands both your old and new country’s systems. They can help with tax planning, investing, and retirement savings that make sense for your situation.

Legal advice matters, too

Especially when it comes to property purchases, visas, and wills, it pays to work with a lawyer familiar with expat law.

Final Thoughts

Relocating with a second citizenship or residency opens the door to exciting new opportunities. But it also changes how you need to think about your finances.

From understanding your tax position to planning your investments wisely, taking the time to get informed—and seeking help from the right professionals—can make all the difference.

Your money should work for you, no matter where in the world you call home.

Holborn Pass is part of the Holborn Assets Group, a leading wealth management and financial solutions company. This puts us in a unique position to support clients beyond securing residency or citizenship across all aspects of their financial lives.

Speak to Holborn to learn how we can help you better manage your finances as an expat in a new country.