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Creating a checklist for moving abroad helps you prepare for the significant change ahead. Reserving flights, finding accommodation, sorting your insurance and bank accounts, etc., can make moving abroad easy. You must also carry all the necessary documents for a smooth transition.
Although exciting, moving to another country for work or education requires thorough planning. You must consider the cost of living, make prior accommodation arrangements, learn about the local culture, etc. This way, you can adapt to your new life with minimal stress. As an Indian expat relocating to a foreign country, you must go through the following 'moving abroad checklist' to prepare for what lies ahead.
The cost of flights can differ across seasons. However, the thumb rule is to book your tickets at least three months in advance to secure a flight at a cheaper rate.
A vital expense associated with moving to another country is accommodation costs. You must research the various localities in your chosen city, the living costs, amenities available, etc. Based on these factors, you should find accommodation so that you have a house to stay in as soon as you relocate.
Your new home country will have different taxation laws. Make sure you learn about the various tax laws to plan your finances accordingly. Even if you assume Non-Resident Indian (NRI), you could be liable to pay certain taxes in India based on your annual Indian earnings.
Your moving abroad checklist should include getting an international driving permit (IDP) to lease or purchase cars to drive in the new land. You can obtain the IDP only if you have a valid driver's license. You can get your IDP from your Indian state's official transport authorities. Also, ensure you convert your Indian regional language licence into an English translation.
An essential aspect of moving to another country is shipping your belongings. While your flight may restrict the number of bags you can carry, you can ship things from India to your destination. However, these costs may be high, so you should get quotes from the shipping company and be prepared for the associated expenses.
In many countries, health insurance is mandatory. Ensure you establish all insurance requirements such as renter's, home, motor insurance, etc. Also, remember to purchase travel insurance to protect your baggage, passport, etc., for your one-way trip.
It helps to familiarise yourself with the new city you intend to move to and learn about their public transportation systems, best neighbourhoods for your weekly grocery runs, etc. If you are moving to a country where English is not the primary language, ensure you learn some phrases and sentences. You can take language lessons once you move overseas.
You must gather all the essential documents, including:
Your finances are the most critical component of your checklist for moving overseas. You will have several expenses immediately after moving abroad. You must open a new bank account in the new country. It also helps to open NRI account in your home country to conduct financial transactions seamlessly and move money between your Indian and overseas accounts.
Moving to another country is never easy, so preparing a detailed moving abroad checklist helps. One thing you can check off from your list immediately is managing your finances. You can open an NRE and NRO Savings account with DBS Treasures to manage your foreign and Indian income securely. Enjoy total repatriation and tax benefits with your NRE Savings account with DBS Treasures.
Open an NRI account remotely from the comfort of your home. Get started here.
*Disclaimer: This article is published purely from an information perspective and it should not be deduced that the offering is available from DBS Bank India Limited or in partnership with any of its channel partners.
The purpose of this blog is not to provide advice but to provide information. Sound professional advice should be taken before making any investment decisions. The bank will not be responsible for any tax loss/other loss suffered by a person acting on the above.
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