Some rich Kenyans have now turned to the hunt of Caribbean citizenship as they seek an alternative passport.
According to a report by Global residence and citizenship advisory firm Henley & Partners, the deep-pocketed Kenyans are tirelessly searching for Dominican, St Kitts and Nevis passports.
The three are small island nations in the Caribbean.
Henley & partners cites that this has been spurred by the anxiety of 2022 elections and the COVID-19 pandemic.
In the last one year leading to November, the firm noted that there were more enquiries on citizenship by investment of these Caribbean island nations.
“Kenya has seen tremendous growth in enquiries of 116 percent between mid-November 2019 and the same period in 2020, while India saw growth of 61 percent, off an already high base in the same period, and Nigeria saw 30 percent growth, also off an impressive starting point,” said Juerg Steffen, the Henley & Partners CEO according to Business Daily.
India, South Africa, Bangladesh, Pakistan, and Nigeria emerged the top five countries in terms of CBI.
Henley & partners added that there is a growing need among wealth Kenyans to diversify their wealth management.
“Savvy investors have realised that diversification is as relevant to lifestyle planning as it is to wealth management. By spreading their assets across a range of markets and jurisdictions, over time they are more likely to harvest returns than if they hedge their bets on one country alone.”
CS Global Partners, another citizenship advisory firm stated that the Dominica, St Kitts and Nevis offers a luxurious life and has many opportunities which is appealing to them.
“What perhaps used to be seen as an unconventional avenue to obtain a second passport is now highly sought after,” CS Global partners CEO Micha Emmett said in a statement.
To get a passport to either of the three Caribbean Islands, it costs an estimated Ksh22 million but on the higher side, it could cost up to Ksh330 million when you factor in investment funds.
The amount paid is dependent on the country’s requirements including investment in real estate, tourism, and other businesses for a specified time, in exchange for citizenship. The amount invested is considered a donation to the government.
Dominica Republic has more investment opportunities and Visa-free access to 140 other nations including in Europe, Asia and the US. They cannot get this with the Kenyan passport which has Visa-free access to 65 countries, most of them in Africa.
