This archive report was first published on 28 November 2019.
Kenya's Super Rich Seek Second Passports ¶
For Kenya's affluent elite, having a second passport has become the new luxury, offering comfort, security, and global mobility.
Experts in the field of investment migration say that more Kenyans are actively seeking an additional country to call home, just as they would buy exclusive second and third holiday homes abroad.
"More Kenyans are seeking EU or Caribbean passports," said Armand Arton, founder and CEO of Arton Capital, a company that specializes in investor programs for residence and citizenship.
According to Armand, top markets in Africa for citizenship by investment programs include South Africa, Nigeria, Kenya, Ivory Coast, Morocco, and Egypt. South Africans prefer Portugal, the US, and Malta, while Nigerians prefer Cyprus, which is the most expensive, and has the best investment program.
Armand recommends EU countries such as Malta, Portugal, and Montenegro for African businesspeople seeking a second passport.
"Some countries are actively enticing wealthy individuals to relocate with favorable tax regimes, while others are introducing overseas buyer taxation on residential purchases," said Andrew Amoils, head of research at New World Wealth.
Amoils noted that growing economic risk in emerging markets could boost demand for citizenship by investment programs, as money is channeled to safer havens.
Investment migration has grown to become a $26 billion industry, with governments competing to attract foreign direct investment through citizenship and residence by investment programs.
Henley & Partners advises wealthy individuals and governments on residence and citizenship planning. According to Marios Rafail, head of the company's Geneva office, Kenya, Nigeria, and South Africa are key countries for alternative citizenship through investment.
"But as a region, North Africa dominates the market," said Marios. "Each country has its own reasons: Nigeria and Kenya are mostly for visa-free access purposes, while South Africans seek flexibility for business in Europe. North African clients, interrelated to the Middle East, look for a safety pillar."
