Kenya is considering a new proposal to offer fast track citizenships to foreign investors, in a bid to attract Foreign Direct Investment (FDI) into the country.
Under the new framework planned by Kenya Invest Agency, investors will be given an instant green card (permanent residency) after being vetted and later will be automatically eligible for Kenyan citizenship or passport after 2-3 years.
Moses Ikiara, KenInvest managing director, said the agency held “positive discussions” with Interior Secretary Fred Matiang’i with a view to developing a framework to ensure the vetting is watertight and free from abuse, reported Kenyan Media
Foreign investors making a significant investment must create jobs and must create an economic impact in the country. Such investors will be automatically eligible to become Kenyan citizen, under fast track option. Under normal circumstances, Kenya requires 7 years of living to naturalize for citizenship.
Kenya passport although not the strongest in the world, has visa free access to 70 countries. These countries include Singapore, Malaysia, Indonesia, Philippines and 5 CBI Caribbean countries.
Why invest in Kenya?
- Kenya’s diverse wildlife and panoramic geography draw large numbers of European and North American visitors, and tourism is an important contributor to Kenya’s economy.
- Kenya is the largest and most advanced economy in East and Central Africa with a GDP of $190b in 2019. The country has a population of 49m people
- English as official language as former british colony.
- As the leading economy in East Africa, Kenya’s strategic location and its well developed business infrastructure make it a natural choice for investors and many international firms have made it their regional hub. This grants investors access to the larger East African Community and regional markets with access to over 385 million consumers.
- Kenya fully liberalized its economy offering free flow of trade and private investment
- Kenya has rich oil reserves and largest exporter of tea.
- Large number of Expatriates living and working in Kenya.
Kenya is not the only african country exploring citizenships for investments. Mauritius in 2018, proposed a citizenship scheme to foreign investors who invested $500,000 in sovereign bonds.
