Gaining Citizenship by Investment as an African in 2024

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Citizenship by Investment is a global movement. Yet where you’re based in the world can affect your application. RIF Trust SSA Strategic Partner Sam Akande answers questions about the unique CBI challenges African HNWIs face.

1.) Sam, you were born and raised in Cameroon and studied in Kenya and the UK. How typical are you of Sub-Saharan African (SSA) entrepreneurs?

“While my path is one among many, other Sub-Saharan African entrepreneurs took different routes. Our experiences, backgrounds, and perspectives vary widely, so we need to take a holistic approach to our situation. Embracing this diversity is fundamental to discovering innovative solutions and forging a ground-breaking business landscape in the region.”

2.) The Population Research Bureau has released some interesting statistics about SSA. They claim that “by the late 2030s, sub-Saharan Africa’s working-age population will reach 1 billion, the size of the working-age population in India today.” What effect is that going to have on the popularity of Citizenship by Investment in the region?

“The Population Research Bureau’s stats highlight a major demographic shift in Sub-Saharan Africa. This presents an inviting opportunity for the region’s entrepreneurs to explore. As the workforce expands, there is a growing need for increased mobility and access to foreign investment options.”

“Citizenship by Investment programmes can be instrumental in meeting the growing needs of SSA’s HNWIs. These programmes not only offer entrepreneurs the chance to expand into global markets but also attract foreign investment into the region. By creating a supportive environment for cross-border collaboration and investment, we can utilize this demographic rise to improve economic development and innovation across Sub-Saharan Africa.”

3.) Kenya where you studied, Sam, allows dual citizenship? What are the most popular CBI programmes amongst Kenyan HNWIs?

“Yes, Kenya is flexible in allowing its citizens to secure a second nationality without having to sever their domestic ties in their home country. Regarding the most popular Citizenships by Investment among Kenyan High-Net-Worth Individuals, there’s increasing interest in the Caribbean and Maltese CBI offerings.”

“The strategic location of Europe’s Malta and Latin America’s Caribbean appeal. As do the visa-free travel benefits offered by a Caribbean or Maltese passport. For those looking for a bargain, they’re attracted to the low investment options available in the Caribbean.”

“The current state of the Kenyan economy encourages entrepreneurs to look outwards rather than inwards. The Kenyan shilling has lost about 25% of its value vs the US dollar. Investors who had hedged against such risk by diversifying the portfolios would feel this hit less. They could also counter the present 8% inflation in Kenya by investing in more stable economies.”

4.) Cameroon where you grew up, Sam, prohibits dual citizenship? How can Cameroonian entrepreneurs work around this impediment?

“Cameroonian HNWIs are free to invest in Residency by Investment programmes. The ones they favour are the ones offered by Greece, Portugal, Malta, Canada, Spain and the US. They do not have to renounce their original citizenship.”

“European residencies allow Cameroonians to travel freely through the Schengen Area. Generally speaking, residencies allow investors to expand their business networks. They gain access to the coveted European or North American markets.”

5.) Let’s consider the wider picture in Africa, Sam. What extent does language play in which Citizenship by Investment programme an African investor opts for?

“Whilst language plays a part in the choice of Citizenship by Investment programmes, English has emerged as a widely-spoken business language across the continent. In October 2023, we held a RIF Trust event in Cameroon which is majority French speaking. I presented in French and my colleague in English, but guests were comfortable with both languages, and interacted with us easily.”

“RIF Trust employs a team that speaks multiple languages. Wherever you’re from, we have someone who will be able to communicate to you in your native language. We are committed to overcoming barriers both linguistic and travel-related.”

6.) How much is there a Caribbean-Europe divide? Have you noticed Africans seeking CBI in one over the other?

“Most African investors primarily seek access to European markets in some capacity. As most Caribbean passports afford them that access, there’s no great divide. Having said that, there are some entrepreneurs who are prepared to pay the higher price of Maltese CBI in return for one of the world’s most powerful passports.”

7.) What advice would you give to African HNWIs contemplating Citizenship by Investment?

“If you’re considering Citizenship by Investment, my advice would be to weigh up what you’re looking for, both short-term and for the future. Reach out for a helping hand by consulting a reputable investment migration advisor such as RIF Trust. We offer tailor-made solutions for your specific needs.”

How to Gain Citizenship by Investment as an African

After reading Sam’s interview, do you feel inspired to look more closely into Citizenship by Investment? If so, consulting a leading investment migration specialist such as RIF Trust should be your next port of call. So, don’t delay and contact us today.