Senators Approve a Bill Seeking to Encourage Kenyans in Diaspora to Invest Back Home
The Senate has passed a bill seeking to encourage Kenyans in the diaspora to invest back home.
The Kenya Citizenship and Immigration (Amendment) Bill, 2021, was approved by Senators during a special sitting on Tuesday evening.
The bill, which is sponsored by Murang’a Senator Irungu Kang’ata, will be forwarded to the National Assembly for concurrence.
The proposed law seeks to give Kenyans living and working abroad 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.
If passed, the 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 in part.
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.
“The Bill proposes to enhance the participation of Kenyans living abroad in the socio-economic development agenda as well as governance processes,” Senator Kang’ata says in the bill’s memorandum of objects and reasons.
Comments (11)
Mabro na ma sis wa majuu. Msi invest. If they stole Covid money, money meant for saving lives, kwa nini msifikirie zenyu they will dwindle? Kenya imejaa wezi from left right south north. Please don’t….at least I warned you
Don't trust your brother BECAUSE might spend all with a prostitute.
YOU CANNOT KILL YOUR BROTHER IF FOUND YOUR TALLEST BUILDING PICTURES IN PHOTOS DOESN'T EXIST.
ASK YOUR BROTHER AND WILL TELL BILLAGE DUDES GUY IS CRAZY AND UGLY.
SEND TO YOUR MOTHER SHE WILL SPLIT IT ALL SEVEN CHILDREN SHE BROUGHT ON EARTH WITHOUT THINKING WHAT THEY WILL EAT.
Rotten for once we agreed! Maajabu 😊😄
I concur. Unfortunately the stealing bug has infested Kenya especially lawyers.
If anyone knows an honest lawyer in Kenya please let me know.
I have a land case I can push his/her way.
You might need to know the judge who decides the case. Corruption is everywhere
I have a good one, her name is Nzula, reach out to me and I will forward you her details.
Elite miitu/gangsters planing on my money.Swali-Why does a poor country like Kenya whose only resources are CORRUPTION & LOANS TO LOOT AFTER PAYING SALARIES have 49 parliaments and 700+ ministries?Only fools like hungry billionaire Kenyans take loans to pay salaries to bloated and idle staff led by 67 senators.
"establish a database giving information on projects in Kenya that Kenyans in the diaspora can invest in." This I agree with.
Anything else including creating associations with other Kenyans(both in Kenya and in Diaspora)...do so at your own risk.
The only way the government can help the diaspora to invest in Kenya is by cancelling the double taxing. The tax paid in Kenya goes to thieves pockets. we pay taxes where we live and work which is justified but why does Kenya want to double tax income not made in Kenya. re-leave us from double taxing if you want us to invest in kenya . Your projects let them be privately managed . No one trust government projects as long as they are managed by appointees of Uhuru
I have a feeling that the new constitution that created the so called senators in such a tiny nation, with duplication of roles and so called legislators making free money and engage in corruption. A typical MCA making 300k which no private sector job would pay.
I went to immigration in kenya to renew my passport and the customer service there left me wondering....everybody is rude and arrogant and all they want is hongo ...for me to get my birth right document why do i have to bribe someone??
I think customer service should be taught in kenya because that was the most arrogant office i ever met. Nobody cares for your time or just have respect and dignity for humanity.It totally cost nothing.
So again, why would i want to invest in a country...my mother land that has no respect for me.