Investment migration is a trendy subject among countries with a growing wealth bracket and a relatively low global mobility ability, which is why we keep seeing new residency and citizenship by investment (RCBI) markets pop up all over the world.
As the number of high net worth individuals (HNWIs) of a particular country grows, so does the need for a better standard of living, something which a second citizenship certainly addresses. This growing trend is apparent in many nations, but one of the places where we are seeing a flurry of RCBI activity is Kenya.
But for Kenya to be considered a large RCBI market, it has to meet three criteria:
- The availability of wealth
- The need for investment migration
- The availability of RCBI services
A Growing Economy
The Kenyan economy is one of the fastest-growing ones in the African continent. Kenya’s GDP has had an average growth rate of 4.62% in the past decade and a half and is primed to continue to grow.
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This means that the number of HNWIs within Kenya is set to grow, a hypothesis which is mirrored by Knight Frank, who predict that the number of HNWIs in Kenya will grow a staggering 46% in the upcoming five years.
While the Kenyan Shilling, the official currency of the nation, has dropped about 30% in the last decade, the economy and GDP continue to grow. The currency fluctuation is partially affected by political instability and the relationship with foreign nations, but it remains a minor dent in the overall scheme of things.
Kenya’s GDP has had an average growth rate of 4.62% in the past decade and a half and is primed to continue to grow.
Kenya’s economy is largely focused on agriculture, which contributes to a third of the country’s GDP, but other sectors, primarily construction and IT, are growing fast at rates of approximately 8% and 13%, respectively.
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This economic diversity has opened the path for more Kenyans to take advantage of commercial opportunities and grow their wealth, creating a large client pool for RCBI.
The Need For A Second Passport
Kenya’s living standard is not what one would hope, as the country’s political stature is rocked by insurgent extremist groups, which also threaten the security of the nation, and its currency and economy are held back because of this political turbulence.
The population in Kenya also have to deal with lacklustre infrastructure, education, and healthcare. Over half a million Kenyans have chosen to look for a better life abroad, while those remaining are looking for solutions that RCBI can easily provide.
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Another issue Kenyans have to deal with is the limited global mobility of their passports.
St. Kitts & Nevis, on the other hand, has a passport that provides visa-free travel to 157 destinations globally. The St. Kittian passport also provides visa-free travel to highly desirable locations like the United Kingdom and the EU, which require the Kenyan passport holder to apply for a visa.
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Getting a Schengen visa can be a task for Kenyans; Greece’s embassy in Nairobi rejected approximately 20% of all Schengen visa applications in 2020, while its Swedish counterpart rejected about 25% in the same year.
Getting a UK visa, although simpler, also has alarming rejection rates for Kenyans, as almost 15% of Kenyan applicants get rejected.
Obtaining a second passport can alleviate these issues, and more Kenyans are becoming aware of the solution and how they can transform their lives for the better with the use of a strong passport.
Access to RCBI Services
In terms of the last issue to becoming a large market, we at Savory & Partners help Kenya tick that box.
We have been offering Kenyan HNWIs our services for years now, and we have become extremely familiar with the Kenyan perspective, the obstacles that they face on a daily basis, and what solutions perfectly address their problems.
We work closely with our Kenyan clients to understand their needs and provide them with a tailor-made solution. Our presence in the Kenyan market has helped countless Kenyan HNWIs obtain second passports for themselves and their family members, allowing them to realize their full potential.
A very important thing to note is that Kenyans are eligible for all citizenship by investment programs worldwide, meaning they are lush for choice when it comes to getting a second passport.
However, one option may prove much more beneficial than the other depending on the person's circumstances and needs, and that is where we at Savory & Partners make the difference.
We analyze your situation and produce the optimal solution for you and your family, matching your needs and budget. If you would like to find the RCBI solution that is best suited for you, all you have to do is contact us today and book a free, comprehensive consultation with one of our second citizenship specialists.
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