LONDON, Nov. 30, 2020 /PRNewswire/ -- African wealth is on the rise, particularly in countries such as Kenya where there has been a sizeable 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 entities like the US and Europe, and have an additional option for holidays or a second place to call home.
One method of attaining a second passport is through the Citizenship by Investment (CBI) Programme. Micha Emmett, CEO of CS Global Partners, a London-headquartered legal government advisory and marketing firm, explains, "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."
There are CBI programmes across the world, but the two gaining recent popularity in Africa are the Caribbean islands of the Federation of St Kitts and Nevis and the Commonwealth of 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 highly sought after," Emmett added.
In order to do business effectively across the globe, one often needs 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 certainty is uncertainty. No-one can afford not to have a backup plan, whether it ends up being for business, leisure or family reasons.
SOURCE CS Global Partners