Japa is very rampant these days. Everyone has a friend or a family member who left the shores of Nigeria looking for greener pastures.
In 2023, over 1.5 million Nigerians relocated abroad. And maybe you are planning to.
However, this doesn’t make relocating easy. You have a lot to plan for, especially financially. There are visa interviews, passports and ticket fees, among other things.
Planning well in advance is super important when it comes to relocating. Starting the process several months ahead gives you the time and space to make well-informed decisions and ensure a smooth transition.
That is why you should have a financial checklist. The financial checklist can direct you on all the financial obligations you must make before relocating.
Are you thinking of what you need in your relocation financial checklist? Let’s find out
Ten Financial Checklist Items to Complete Before Relocating Out of Nigeria
1. Research The Country
Whether you are relocating for school or work, find out all you can about the country. Know about their tax systems, exchange rates, their legal systems and their housing systems.
Also, research the cost of their visa process and ticket prices.
2. Have a Plan
Choose the country, the schools or the jobs you want to apply for. You should set the period you want to relocate. Having a plan will direct you on what you need to do and what to prioritize.
3. Create a Budget
Having a budget is crucial if you want to meet up with your plan. Your budget should cover your monthly expenses as well as your relocation expenses. Ensure to plan for every part of the japa process so you won’t be left stranded.
4. Save For Relocation
You can have a savings account dedicated to relocation. Thankfully with the Jollof+ savings app, you can either lock money for this with Jolloflock or set the Ajo+ plan so your savings leave your account monthly. Your family and friends might support you financially, however, having your savings can make a world of difference.
5. Open an International Account
Research local banking options in your chosen country. Choose the right one for you based on informed decisions. An international bank account has a lot of benefits. For instance, it ensures you comply with tax laws. It also provides a record of all financial records.
It is also important to inform your financial institution about your travel plans to ensure smooth transitions and access to your money.
6. Physical Documents
As your relocation period draws closer, prepare all the necessary documents you need for relocation. The ones that you need to pay for, pay for. It is important to have them both in physical and soft copies.
7. Plan for Your Belongings
Have a plan for all your things. What are the things you want to keep? What are things you want to give out? There are things you can auction to raise more money.
8. Sort Out Housing
Do you have family or a friend’s place you plan to stay in the new country? If not, make plans for where you will stay. Set aside money for a hotel where you will stay when you arrive. You can start looking for an apartment before you travel. Check properly and read reviews properly so that you won’t be scammed of your hard-earned money.
9. Retirement and Children Education
If you want to move permanently, what is your plan for things like insurance, your children's school fund and retirement? Talk to your financial advisor about how to move your insurance, retirement plans and other financial commitments to your destination country.
10. Consult an Immigration Professional
There are many good companies out there that provide quality immigration services. Consult with one of them on the rudiments of relocating. There are a lot of things to do before relocating and you might miss some of them. A good immigration professional can point out the things you missed.
To Sum Up
Having a financial checklist makes your relocation process easier. You can create your financial checklist for relocation but these ten items will guide you. Deciding to move to the country for greener pastures is not an easy one to make, at least make the process less stressful by having the right financial checklist.
