Countries Where Kenya’s Wealthy are Moving

The affluent have long embraced the notion that generating wealth necessitates strategic effort rather than mere toil.

In Kenya, the moneyed class has maintained a firm grip on prime residential and commercial properties, with a penchant for investing in government bonds. These bonds have served as a safeguard against capital erosion, rendering them a coveted choice for those seeking to safeguard their wealth. Those with deep-rooted fortunes continue to cling to their landed possessions, which have steadily appreciated since the promulgation of the new constitution in 2010.

The advent of dual citizenship has prompted many Kenyans to pursue a second passport motivated by the allure of enhanced investment opportunities, healthcare, and educational prospects abroad. Nonetheless, it is an open secret that some high-net-worth individuals (HNWI) in Kenya secrete a portion of their wealth overseas, thereby diversifying their risk and evading the long arm of the taxman. According to a recent report by Knight Frank, the rationale behind Kenyans’ quest for new passports mirrors that of affluent individuals worldwide, including a reduction in tax liabilities, heightened safety, and improved quality of life.

This report also unveils a significant exodus of HNWI and ultra-high-net-worth individuals (UHNWI) from the country, a testament to the dwindling confidence in local investments and the nation’s economic performance. Wealthy Kenyans have demonstrated a willingness to expend up to 35 million Kenyan shillings in pursuit of dual citizenship abroad, subject to the requisite criteria of the host country. The most coveted investment destinations for these moneyed individuals include Britain, St. Kitts and Nevis, Saint Lucia in the West Indies, and Switzerland.

The primary impetus for many of these investors is to diversify their investment portfolios and potentially acquire a secondary residence. Henley & Partners, a global firm specializing in citizenship and residency advisory services, attests that Kenyan investors well-versed in investment migration programs, such as Citizenship-By-Investments, have exhibited a sustained interest in these programs, notwithstanding the varied migration destinations.