New Bill Seeks to Encourage Kenyans in Diaspora to Invest Back Home
A new bill seeking to encourage Kenyans in the diaspora to invest back home has been tabled in the Senate.
The Kenya Citizenship and Immigration (Amendment) Bill, 2020, is sponsored by Murang’a Senator Irungu Kang’ata, who is also the Senate Majority Whip.
If passed into law, Kenyans living and working abroad will get special incentives, including wealth protection, to encourage them to invest in Kenya.
The bill, which seeks to amend the Kenya Citizenship and Immigration Act, requires the Cabinet Secretary in Charge of the Foreign Affairs Ministry to create a voluntary savings scheme for Kenyans in the diaspora.
The proposed law will pave the way for Kenyans abroad to form associations and voluntarily contribute to a saving scheme.
“The Cabinet Secretary may liaise with financial institutions in Kenya to negotiate favorable terms on the investments of any contributions that may be made,” the bill states.
It further requires Foreign Affairs CS, in consultation with Kenya’s missions abroad, to oversee the establishment of a voluntary savings scheme for Kenyans abroad.
“The Cabinet Secretary, may in consultations with the Cabinet Secretary for Treasury and the governor of Central Bank, develop policies and programs offering incentives to Kenyans living abroad to invest in Kenya,” the bill adds.
The bill also requires Foreign Affairs CS, their Treasury counterpart, and CBK governor to establish a database giving information on projects in Kenya that Kenyans in the diaspora can invest in.
The three are further required to institute measures for the prevention of fraudulent practices that prevent Kenyans abroad from investing back home.
Comments (16)
Before talking investment blahs, begin by first streamlining embassies abroad to ‘really serve’ Kenyas living there. For example renewing a passport is a logistical and expensive nightmare in Washington DC! Then it takes a year to get your new passport (if lucky)! Appointments a very limited. They serve about 4 people a day. If you need to renew your passport and fill application today, your earliest date for biometrics at DC is End of July 2021. Check it out yourselves, this is madness! What are the consulars in New York and LA doing? Why force one to fly cross country from LA to Dc just for a 10 minute appointment? Why not empower LA consulate to do it? If new york consulate could be taking biometrics as well, this unnecessary backlogs would be a thing of the past! So lets put first things first. Work on corruption control in that country before talking matters diaspora investments. Wezi tele huko!!
They have to eliminate their shags mentality first. You are right. First clean up the corruption and ujinga back home then worry about us. Just wondering. Have you exhausted all the free money taps in Kenya and you now want our hard earned money?
Just a warning to diasporans, don't have anything to do with any such group fronted by the government.
Don't say you were not warned.
You first sentence is a huge understatement @mwangi! Kangata is a thug from shags! Just imagine giving your hard earned money to that crazy mad idiot in the middle of muraga county to mange it for you; wow, just imagine what that fool would do with your money - dollars for that matter!!
👍First things first....n watch out....this might be where you get taken to the 'driers'
That is a step in the right direction.There is no place like home.People in diaspora are desperate to invest securely at home.There is a need to help them invest in land, stocks, bond and securities market, real estate and cooperatives.
I agree with you, Yes, BUT when that investment environment is right. Otherwise it is that desperation that has led many to getting conned over the years!!
Woi!! Urithi has ruined lives for many individuals in Diaspora by fraudulently selling then non existence properties such as Panaroma and King'ong'o and openly denying deposits were not made via Equity Account NO: 0340299987977 whereas beneficially is or was for Urithi Housing Coop Society LTD. Shame on them. Athini a kongoya.
How can they discuss other people’s hard earned money without consulting them first?How can Kang’ata & Co. target to con the diasporans yet they can never account for the shs 10 trillion loans?Can magistrate Kang’ata first tell me how they shared the 2016 shs 200b EUROBOND,shs 61b Kimarer dam and 2021 shs 78b.COVID looted in Uhuru led scandals?RISASI TU HITI ICI.
How do you do that when some con men are freely roaming around while they owe Kenyans their dream homes and land bought through sweat and tears. I am not investing in Kenya. No way. We have tried suing someone who never shows up in caught. Now how am I encouraged to ever invest in Kenya
The cartels are smiling. SET UP A JUDICIAL SYSTEM THAT CAN PROSECUTE AND CONVICT. Kenya is a very beautiful country. But the Judicial system can not PROSECUTE A RAT. BURE KABISA.
I’m not buying what they are selling. Why introduce this bill now? This is just a way of the gov to track your money and tax you.
Ha ha ha ha haaaaaaaaa. Kenyans have been salivating on these diaspora billions. Somebody has a very good idea or vision. Zangu la hasha. Tafute kwingineko mpate za BBI na kampeini. Zangi ng'o!!!!!!!!!!!!!!!!!
my beautiful government is showing me how to invest my own money! what a beautiful idea! thank u 2 the genius who came up with this super sweet idea!
We are subjected to taxation without representation.How about nominated Diaspora MPs and Senators and in counties too as executives?
Save money at Embassies abroad by hiring Kenyans already living there. There are highly qualified Kenyans in the US who can run the DC embassy and consulates. Same in Canada, UK, etc.
Lastly, diasporans appointed to serve in the government are being asked to give up citizenship of other countries. What's the rationale for that? It takes a lot of time and effort to acquire a US, Canadian or UK, etc, passport. Few will want to give it up so as to get a government job in Kenya. Smart up.
Someone please tell kangata to head on to hell! Do you let a thief go herding your sheep? This man got go-nuts!
Kangata will be using that account to pay his salary since the country is totally broke and can’t even pay medical personnel their dam salaries! Kangata’s bill is dead on arrival. Give me a break you dummy. Try some other fools Senator irungu!