Investing in a market you do not live in is mostly an administrative problem. The investing part is the same as it is anywhere. The difficulty is proving who you are to an institution several thousand miles away, and arranging in advance for the money to be able to come back out.

In short

Identity and address verification is the step that stalls people, not choosing shares.
You cannot usually open a depository account yourself. A licensed broker opens it for you.
If you send foreign currency in, document it at the time. That paperwork is what lets you repatriate later.
Ask a broker your awkward questions before applying, not after.

Start with the broker, not the stock

In almost every market, shares are held electronically at a central depository, and you cannot open an account there directly as an individual. A broker licensed by that market’s regulator opens it for you as part of opening your trading account.

So the first decision is which broker, and that decision is worth more care than the first share you buy. A broker that cannot onboard non residents is a wall you will hit after you have already assembled your documents.

The documents almost every market wants

The specifics vary, but the shape is remarkably consistent:

Government issued photo identification, usually a passport.
A national identity or tax number for the market you are investing in.
Proof of your residential address abroad, typically a utility bill or bank statement.
A bank account, often one local to that market.
A liveness or selfie check, increasingly done from a phone.

Address verification is where people abroad most often stall, because a foreign utility bill is not always accepted on its own.

Nearly every delay comes down to a document that was accepted in principle and rejected in practice.

A worked example: Nigeria

Nigeria illustrates the pattern well because it recently removed the biggest obstacle. Shares are held at the Central Securities Clearing System, opened through a broker licensed by the Securities and Exchange Commission, and you are issued a Clearing House Number that identifies you across the market even if you change brokers.

For years the blocker was the Bank Verification Number, which in practice meant being in the country. The Non Resident BVN now allows enrolment from overseas using a National Identity Number, a valid identity document, proof of an address abroad and a short liveness check. Eligibility covers Nigerian citizens abroad and Nigerians by descent who can evidence a parent’s citizenship. A one time fee applies and approval is typically a matter of days.

Other markets solve the same problem differently. Kenya and South Africa each have their own identity and depository arrangements. The lesson transfers even when the acronyms do not.

The step people discover far too late

If you are sending foreign currency into a market to invest, find out what documentation that country requires at the moment the money arrives, and make sure it is issued.

In Nigeria this is the electronic Certificate of Capital Importation, issued by your Nigerian bank and recorded with the Central Bank. It is the document that later allows you to repatriate your capital and dividends through official channels at official rates. Without it, that route is effectively closed.

Arranging it at the time costs nothing. Reconstructing it afterwards is difficult, and it is the most common regret among people sending money home. Many markets with currency controls have an equivalent requirement, so ask before the first transfer rather than before the first withdrawal.

Funding, and the cost nobody counts

Getting money in deserves as much attention as choosing what to buy. Transfer routes differ in fee, in speed, and in the exchange rate you actually receive, and the rate is where the real cost usually hides.

A route advertising no fees while applying a poor rate can cost several times more than one charging a visible fee at a fair rate. Compare the amount that lands, not the fee that is quoted.

Questions to ask before you apply

A short email will save you weeks. The useful questions are specific enough that a vague answer tells you something too.

Which forms of foreign address evidence do you accept?
Can the account be opened entirely online from my country of residence?
Where are my securities held, and in whose name?
Which funding routes do you support, and what is the total cost including conversion?
Will you arrange the documentation I need to repatriate funds later?
Are there custody or maintenance fees if I stop trading for a year?

Once the account exists, the ordinary work begins, and it is the same work as for anyone else. What actually happens when you buy a share is a reasonable next read.