New Delhi, Jan. 15 -- As suitcases are packed, visa stamped, and a dream job just one flight away, many Indians miss a key checklist: the financial transition to a non-resident Indian (NRI) status.

Moving abroad is not just about changing a physical address, it's about legally and financially transitioning into a non-resident Indian (NRI) status when you are planning a relocation.

There are some financial steps that one needs to take to steer clear of unexpected taxes or penalties. The transition requires precise paperwork and liquidation of assets, among other things, to ensure a smooth transition, according to Vinit Iyer, principal officer and managing director of Prudeno Wealth Advisors.

One of the first tasks is to change residency...