Checklist Financial Planning Guide for UK Nationals Moving to the EU

1. Tax Residency & Double Taxation

• Understand residency rules: Most EU countries consider you a tax resident after 183 days.

• Double Tax Treaties: These prevent double taxation but do not eliminate tax entirely. You may still owe taxes in both jurisdictions.

• Exit, year complications: Leaving mid, tax year can create reporting challenges. Plan your exit timing carefully.

2. UK Pensions & Investments

• Brexit impact: Many UK providers cannot service EU residents unless the adviser is dual regulated. Find an adviser regulated in the UK and the EU.

• ISAs lose tax, free status: France, Spain, Italy, and Greece do not recognise ISAs as tax, free.

• Pensions: Consider an international SIPP whether or not you plan to return to the UK.

• Check drawdown rules: Pension withdrawals may be taxed differently in your destination country.

3. Banking & Currency Management

• Multicurrency accounts: Essential for managing GBP income and euro expenses. Usually better conversion fees.

• Large FX transactions: Use specialist FX services to reduce costs.

• Local bank accounts: Often require residency documents, plan ahead.

4. Local Tax Systems & Wealth Taxes

• France: Wealth tax (IFI) on property, high social charges.

• Spain: Wealth tax in many regions, Modelo 720 reporting for foreign assets.

• Italy: Taxes on foreign assets (IVAFE/IVIE), regional variations.

• Greece: Worldwide income taxation, strict foreign account reporting.

5. Property Ownership & Capital Gains

• UK Private Residence Relief: Lost if property is no longer your main home.

• Double taxation risk: Even with treaties, property gains can be taxed twice.

• Local property taxes: Often higher and more complex than UK council tax.

6. Healthcare & Insurance

• Gap coverage: Private insurance may be needed until residency status grants access.

• Retirees: Higher costs without employer contributions.

• EHIC/GHIC cards: Limited coverage, do not rely on them for long-term care.

7. Administrative & Regulatory Barriers

• Brexit paperwork: More complex compliance with tax, banking, and investments.

• Dual filing: Expect to file in both UK and EU during transition years.