Amend law to attract the world's super-rich to Kenya

A few years ago, Africa's richest man Aliko Dangote announced plans to set up a cement factory in Kenya.

This was received with excitement as the entry of the Dangote cement conglomerate was expected to give existing companies in the country stiff competition and push down prices of the commodity to even below Sh500 per bag. Kenyans were looking forward to buying cheap cement.

Days went on with no sign of his entry into the local market until later, during Dangote's daughter's wedding in Lagos when Kenyan journalist Jeff Koinange asked when the factory would be set up.

His response shook every Kenyan in the party to the core. "There are people in that country who put greed and personal interest before the national interest," Dangote is quoted to have said. Elsewhere, Italian billionaire Flavio Briatore fell in love with Kenya's coastal climate and set up an exclusive resort for the super-rich at Malindi.

However, the local authority allowed a dumpsite near the establishment which dampened the mood of the resort.

These examples illustrate how over time we have treated the super-rich in their efforts to bring their wealth and investment into the country. For developed countries, the script is the opposite as they have put in place legal provisions to attract wealth into their territories.

Some countries such as the UK have a provision where one can apply for citizenship on the basis of their bank balance. If you hold five million pounds for a period of more than three years that can form the basis of your citizenship application.

European Union

Cyprus too has laws that allow the rich to acquire citizenship on the basis of wealth held in the island country - even though it has been criticised by the European Union for being used as a gateway to the union.

Kenya needs to pass the necessary legislation to attract and protect the super-rich by granting privileges to attract foreign investment.

Our citizenship might not be as lucrative as for the developed countries, but our rich cultural heritage and good climate can to a great extent work in our favour. A good example is the warm Malindi climate where Italians love to spend their holidays and even put up residence.

The Lands minister can grant free leases to any of the Italian billionaires for some property at the coast for vacation homes in exchange for the transfer of part of their cash to Kenya's banking industry.

The writer is a financial analyst in Nairobi