Wealthy Kenyans are rushing to secure a safe exit from Kenya owing to the fact that they are afraid of seeing their businesses record losses in the country.
A report by Henley & Partners, a global residence and citizenship advisory firm stated that rich businessmen are spending millions on purchasing citizenship in the Caribbean Islands.
The survey adds that a majority of these Kenyans hatched escape plans from the nation out of the anxiety of the 2022 elections and the effects of the Covid-19 on the economy.
Others are also keen to have a stronger passport that allows them to move around the world with ease.
The Kenyan passport allows visa-free arrival in 69 countries while some of the Caribbean countries have passports that allow them to access up to 150 countries without a visa.
The promulgated 2010 Constitution allows Kenyans to hold dual citizenship.
According to the firm, the tycoons are taking advantage of a program dubbed Citizenship by Investment (CBI) to secure passports of countries such as Dominica and St Kitts and Nevis.
"Kenya has seen tremendous growth in enquiries of 116 percent between mid-November 2019 and the same period in 2020. India followed with 61 percent and Nigeria with 30 percent," Henley CEO Juerg Steffen wrote.
These investors are said to be diversifying their lifestyle and wealth management and spreading assets across different markets to avoid running losses in one country (Kenya) only.
They are also alleged to be purchasing second citizenship at over Ksh 330 million as a luxury where they can easily travel by their private jet, without bothering to stand in line at immigration counters to acquire visas.
The CBI program saves Kenyans time as the East African citizens are required to apply for visas before entering 140 foreign countries.
"Some countries are actively enticing wealthy individuals to relocate with favourable tax regimes, while others are introducing overseas buyer taxation on residential purchases.
"In emerging markets, the growing economic risk could boost demand for such schemes as money is channeled to a safer haven," Andrew Amoils, the head of research at New World Wealth in South Africa disclosed.
The amount one forks out depends on the demands issued by the target country, ranging from real estate, tourism and other businesses.
The money used to purchase citizenship is, however, considered just but a donation to the foreign countries.
