Rich Kenyans will have to dig deeper into their already full pockets for Sh90 million in approved investment ventures that will create jobs in United States’ upcountry townships in order to be considered for permanent residency visas.
The investment threshold for EB-5 visas was Sh50 million but after a change in policy by the Trump administration, the threshold investment was increased to Sh90 million as from November 1
US-based companies have moved to set up shop in Kenya with an eye on Kenya’s high net worth individuals with a view of enticing them to invest in projects abroad in exchange for a green card for them and their families.
Speaking in Nairobi when he opened a corresponding office that enables EB5 visa applications, Kenyan-American attorney Laban Opande said the office to be based at Nairobi’s Meritad Law will handle applications from local dollar millionaires yearning to live, work and study in the US while enjoying privileges of being a citizen.
“Anyone with Sh90 million to invest in Allen mixed use development (real estate project in Houston, Texas) qualifies for consideration to get an EB-5 Visa that allows them to immigrate to US together with their children aged below 21 years. They can study, work and access medical care in America,” he said.
“Applicants must be people of high integrity and good book-keepers whose source of wealth can be tracked. They must be good taxpayers who are not looking at this opportunity as a conduit to clean their ill-begotten wealth or are causing chaos back home so as to enrich themselves.”
Other firms targeting Kenya’s rich include My American Privilege LLC and Houston EB5 that focuses on real estate ventures.
According to a recent wealth report, only 125 Kenyans belong to an elite group of super-wealthy persons with a net worth of more than Sh3 billion. Only 24 percent of them have a second passport or dual nationality.
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