Financial Planning Tips for NRIs — Quick Checklist

Seven items, ranked by actual urgency — not a generic list.

Direct answer, ranked by urgency:

1. Convert resident accounts to NRO — a FEMA requirement, not optional, do this immediately upon NRI status
2. Term insurance, if you have dependents — cost of delay compounds every year
3. NRE/NRO/FCNR account setup — foundation for everything else
4. W-8BEN and DTAA documentation — file before earning income, not after; renew W-8BEN every 3 years
5. Health insurance for parents in India — genuinely separate from your own coverage abroad
6. Schedule FA / foreign asset disclosure — if you're a US tax resident holding Indian assets, or vice versa
7. Lump sum allocation and retirement planning — once the above are handled, not before

Why This Specific Order

Items 1-4 are foundational and time-sensitive — delaying them creates compounding cost or genuine compliance risk. Items 5-7 matter but aren't as time-critical, and doing them before the foundation is in place often means redoing work later.

Full Detail on Each Item

Every item above has its own dedicated deep-dive: see our 5 financial mistakes NRIs actually make for the cost of getting these wrong, and first US paycheck checklist if you're just starting out.