This archive report was first published on 22 October 2019.
On October 22, 2019, a Kenyan company ventured into immigration services with the aim of assisting Kenyans in exploring available investment opportunities abroad.
The service, dubbed Immigration Investment, takes advantage of incentives offered by various countries worldwide, including Canada, Cyprus, the USA, and Ireland, to foreign nationals who inject capital into those countries.
Some of the packages offered include top-tier visas or permits, which provide a chance of becoming citizens of those countries.
Ombo Malumbe, a partner at Ong'anya Ombo Advocates, noted that since the Kenyan Constitution allows for dual citizenship, individuals can take advantage of this opportunity to acquire citizenship in a country like Cyprus.
Malumbe emphasized that Cyprus is currently open to the European Union, which means a lot in terms of investment and market opportunities.
However, the country requires a minimum investment of €2 million (Sh229 million), which some may find financially unfriendly.
Malumbe suggested that despite the statutory requirements, many Kenyans have the necessary funds to invest abroad, citing the demonetization process where 217 million pieces of Sh1,000 notes were not in the banking system, but 209 million pieces were exchanged.
