Kenyans Abroad Oppose the Proposed Diaspora Investment Bill
Kenyans in the diaspora have come out to express their displeasure over the Kenya Citizenship and Immigration (Amendment) Bill, 2020.
The bill sponsored by Murang’a Senator Irungu Kang’ata seeks to encourage Kenyans abroad to invest back home by offering them special incentives, including wealth protection.
It requires the Cabinet Secretary in charge of the Foreign Affairs Ministry to create a voluntary savings scheme for Kenyans in the diaspora.
“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.
“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 further requires Foreign Affairs CS, in collaboration with Treasury CS, 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 discourage Kenyans abroad from investing back home.
But Kenyans in the US under the Diaspora Life Think-Tank faulted the bill, saying it does not reflect their priorities.
David Ochwangi, chairman of the Association of Kenyan Diaspora Organizations (Akdo), told Nation that the drafters of the bill did not consult the diaspora.
“We are not aware of any consultation conducted by the sponsor(s) of the proposed Bill with the diaspora to establish if it is needed in the first place,” said Ochwangi.
He added: “Kenyans in the diaspora are savers already by way of remittances, investments, and other savings that we make.”
He indicated that Kenyans abroad already send home over Sh300 billion annually, adding that a “savings” law is the least of their concerns.
“A ‘savings’ law is the least of our concerns; we have other pressing priorities that we have persistently petitioned the government to address,” he added.
In a statement, the diaspora lobby raised questions on the timing of the bill, saying it could be a plot to track diaspora savings for tax purposes.
“It sounds like the proverbial fox guarding the henhouse after luring the hens and trapping them inside the coop,” they said.
They listed a full restoration of birth-right citizenship, voting, and protection of diaspora interests both in Kenya and abroad as some of their priorities.
“Many in the diaspora are left to fend for themselves both in Kenya and abroad and suffer untold misery and losses because they have zero access to or protection by the Kenya government. Establishment of safe investments, capital flows, and repatriation frameworks, including timely issuance of titles to all investments and enhanced protection for the diaspora, are the issues we consider urgent,” they said.
“Everyone agrees that the diaspora community is a critical and essential part of the country’s social, political, and economic fabric. It is time the government moved beyond collecting tax on remittances and establishes a full-fledged Cabinet-level ministry and or department to liaise with the diaspora so that practical and useful solutions that will propel the country’s growth can be enacted and implemented in an orderly and organized manner for the benefit of all parties,” they added.
Comments (16)
Only a mad person can follow jambazi Uhuru,Kang’ata & Co thugs on investing his/her money.Already robber Muigai who the other day boasted he is IN CHARGE OF Kenya including CORRUPTION,lOOTING,INSECURITY,MADNESS etc has confirmed that he presides over the looting of shs 2b.daily.I am demanding my loot divindeds from these GiKuyu representatives-Kang’ata and waKamau.Then the two thugs must arrest “dr””bishop”Kariuki Ngari of Gakuyo and Githaka of FEP who conned diasporans in US shs 2b and shs 500m respectively.
I support this plan. Basically, it highlights what the gova has never even thought about. The only thing they tell us is that they appreciate us, but deny us even opportunities to vote in the general elections since they are aware they don't try to meet us even half-way. Bure kabisa gova.
Thank you Kangata!
We are not part of this deal. We were not consulted and I smell a rat. Sounds like a ploy.
Could not agree more! These are traps by a broke government.
First fix the issues at the Embassy in Washington DC before you tell us how we are going to invest in kenya. And by the way last time I checked most of Diasporan have found their own ways to invest in Kenya so this is not a priority. Those people at the Embassy never answer phone calls, never return messages, corona have become their to go excuse of serving fewer people if not any at all. And by the wat I would also like to vote come 2022 because I personally want to send all of you home. Talk of misplaced priorities Nkt.
They can't protect Kenya money in the country or help them start and protect biz start ups. Many new biz people close shop due to over regulation. These are just BBI campaign gimmicks after losing wheelbarrow nation.
What we need is a few changes in the banking system, like accounts becoming dormant after 3 months, when they know very well that we cannot meet this. We need protection from Safaricom like this "SIM Replacement" that happens after feeding the MPESA account, resulting in immediate loss of your account. And Safaricom solution is for one to travel to NBO. BTW this "sim replacement" bug came up with the Kenyan CEO, was not there before.
Obviously,if the gov.has something up its sleeve like tracking assets,and taxing them,will anger,the dispora not to mention that,it is not an incentive.
Anyway,I do not take kindly to the suggestion that diaspora investments will be"protected".What does that really mean.And is it an admission that it is not being protected now? All investments by Kenyans regardless of where they are should enjoy equal protection.
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!
Is this the same kangata who looks damn and unintelligent proposing things he does not understand? Who would deposit any money with foreign affairs ministry while they cannot provide efficient and sufficient services to diaspora Kenyans. Fix the small issues with lazy embassy employees then come around to tell how to invest our money. Kangata is the last man standing to offer advice to the diaspora.
Does Senator kangata know the value of the dollar? Useless!! Fix huggers in your Muraga ward before you start thinking about diaspora investments. Kubafu wewe!
The majority whip kangata who does not know his job is now talking about money? These are the kind of fake leader that make you want to cry when you think about our beautiful country. Kenya is in a huge trouble! Please!
Hii kondoro kangata is now offering diaspora Kenyans where to deposit their money? Wow, the Devil is a true liar for real!
Worry about development bills for you constitutes and leave bills you don’t understand alone irungu kangata! How are you gonna manage other people’s money while you can’t money your own damn money? Please don’t make me LOL at your foolishness!
Kangata, we smell a con from miles away! Boy, you really know how to build a kitty for cons. How about you fix what is broken in Kenya for ordinary Kenyans before you start reaching to the diaspora pickets?
So you see millions/billions of shillings coming from the diaspora to Kenya every month and now you want to put you dirty hands into that department? Excuse me kangata!
Kangata can set up a way diaspora can avoid the huge burden of sending the money to Kenya! We are getting taxed heavily on every dollar we send to Kenya. We need to stop sending money there to force a change! Shillings 300 billion is a lot of money, a bug voice for us to demand better rates when sending money. I’m getting tired paying Shs 3-5 per every dollar I send to Kenya. This crap got to stop!