· Amid the economic and political anxieties unleashed by the Pandemic and the upcoming elections, rich Kenyans are eyeing citizenship of Caribbean island nations of Dominica and St. Kitts and Nevis.
· A luxurious lifestyle combined with the accessibility of these nations have attracted many rich Kenyans to these islands
Amid the economic and political anxieties unleashed by the Pandemic and the upcoming elections, rich Kenyans are eyeing citizenship of Caribbean island nations of Dominica and St. Kitts and Nevis. CS Global Partners, a citizenship advisory firm, is of the view that Kenya’s wealthy elite have been quietly taking advantage of the citizenship by investment(CBI) programmes, with a majority showing interest in the small Caribbean island nations of Dominica and St Kitts and Nevis. A luxurious lifestyle combined with the accessibility of these nations have attracted many rich Kenyans to these islands. Kenya started allowing dual citizenship in 2010.
Global residence and citizenship advisory firm Henley & Partners has reported that in the 12 months to November 2020 inquiries from Kenya about citizenship by investment (CBI) grew by 116 per cent. The top five countries in terms of CBI enquiries came from India, South Africa, Bangladesh, Pakistan, and Nigeria. Juerg Steffen, the Henley & Partners CEO explained that Savvy investors have realised that diversification is as relevant to lifestyle planning as it is to wealth management. The strategy is to spread their assets across a range of markets and jurisdictions, overtime to harvest returns than bet on one country alone.
The cost of citizenship depends on the country’s requirements including investment in real estate, tourism, and other businesses for a specified time. The amount invested is considered as a donation to the government in exchange for citizenship. These elite Kenyans are prepared to spend up to Sh330 million to get the second passports. A family of two adults and two children (minors) can spend about Sh22 million to apply for citizenship in Saint Kitts or Nevis. Approximately Sh16.8 million is paid to the government, with the rest paid to the adviser, due diligence and passport fees. Additionally, the second passport, especially from the Caribbean countries like the Dominica Republic, offers visa-free access to over 140 nations, including the US, Europe, and Asia, which the Kenyan passport cannot.
