Kenya is considering offering permanent residency to foreign investors to strengthen Nairobi’s position as East Africa’s investment hub.
The Kenya Investment Authority (Invest Kenya) is working on proposals for a residency-by-investment programme that would grant long-term residency to investors who commit substantial capital and create jobs, reviving a plan first floated in 2019 but never implemented.
Kenya joins a growing list of countries competing for globally mobile investors with immigration incentives besides tax breaks.
The proposal could prove attractive to venture capital firms and startup founders, who need senior investment staff and entrepreneurs to spend years building businesses in the markets where they invest. Unlike traditional foreign direct investment (FDI), venture capital relies heavily on local presence, with partners expected to sit on boards, recruit executives and work closely with portfolio companies.
“We are exploring residency by investment,” Invest Kenya chief executive John Mwendwa told Business Daily in an interview on Thursday. “Directionally, that’s the way investors would like it.”
