African wealth is on the rise particularly in countries such as Kenya where there has been a large increase in the number of high net-worth individuals over the past decade.
As such, many are investing in second passports both as a way to do business more effectively with powerhouse countries in USA and Europe, but also in order to have an additional option for holidays or a second place to call home.
So what exactly is Citizenship by Investment? Micha Emmett, CEO of CS Global Partners, a London-headquartered legal government advisory and marketing firm, explains, “Citizenship by Investment (CBI) has long been considered an option amongst wealthy Africans. Lengthy and often hard to obtain visas mean that travel has generally been a challenge for most African passport holders. By obtaining dual citizenship you are able to diversify your options and gain easier access to the rest of the world.”
Where are Kenyans wanting to call home? There are CBI programmes across the world but the two gaining recent popularity in Africa are the Caribbean islands of St.Kitts & Nevis and Dominica.
The Caribbean offers a luxurious lifestyle combined with accessibility which appeals to many Kenyan entrepreneurs, business owners and those wanting a better life for their family.
What perhaps used to be seen as an unconventional avenue to obtain a second passport is now something that is highly sought after.
In order to do business effectively across the globe you need to be able to travel.
Inaccessibility due to the pandemic has presented obstacles to many but it does not have to be a limiting factor.
Those who have obtained dual citizenship will continue to have the upper hand over those who do not. Citizens of Dominica, for example, are permitted visa-free travel to 140 countries including numerous parts of the Americas, Europe and Asia.
Fast becoming a status symbol amongst wealthy Kenyans, CBI programmes are more accessible to the middle class than perhaps some think.
A struggling economy, high crime statistics and political instability in parts of the region make having a plan B an attractive option.
The world has changed and the only certain thing is that things are uncertain. No-one can afford not to have a back up plan, whether it ends up being for business, leisure or family reasons.