Kenya has embarked on drafting changes to the immigration laws that will make it easier for rich foreign investors to acquire Kenyan Citizenship.
Kenya Investment Authority (KenInvest) has revealed that it is drafting legal amendments to the immigration laws that will see deep-pocketed investors acquire second citizenship in Kenya without having to fulfill the current stringent requirements.
The agency has highlighted giving second citizenship to rich investors whose businesses have massive impacts on job creation and export earnings as a way to grow Foreign Direct Investment (FDI).
"Listening to key policymakers, there is really no opposition to it. What is required now is that there has to be a proper paper that will go to the Ministry of Interior so that it can now sponsor it, together with the treasury, to go to the Cabinet," KenInvest Managing Director Moses Ikiara stated.
The Current immigration laws require a foreign investor to live in the country continuously for seven years so as to qualify for citizenship by registration.
Parliament is, however, allowed by the Constitution of Kenya to enact legislation establishing conditions on which citizenship may be granted to individuals who are citizens of other countries.
KenInvest says its partnering with the Kenya Law Reform Commission in writing the legal amendments which it says will be a non-monetary incentive to investors.
Dr. Ikiara identified the Nairobi International Financial Centre to spearhead efforts in establishing Nairobi as a regional financial hub. The entity was founded by the national Tresury.
"At our level, because we feel we can't wait for other agencies to push, we are now pushing ahead (with draft legal changes) because we are agreeing with some of the key agencies," Dr Ikiara stated.
FDIs are viewed as a long-term stable source of foreign exchange compared to diaspora remittances, tourist receipts and portfolio investments.
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