An American Private Equity firm based in Kenya has revealed that lots of wealthy Kenyans have registered their interests to take advantage of the EB-5 (employment based-fifth preference) visa which is a part of the US immigrant investor visa programme in a bid to acquire American citizenship.
To qualify, locals will have to part with as much as Sh51 million ($500,000) in order to qualify for the investor visa. Those interested in the visa would pay Sh2 million in legal fees and an extra Sh4.6 million ($45,000) in investment management fees to the Private Equity firm - Atlantic American Partners, who in turn manages the investment on behalf of the applicant.
The visa class was created in 1990 by former U.S. President George H.W. Bush - who passed on last week, in a bid to stimulate the country's economy through job creation and capital investment financed by foreign investors.
The managing director of Atlantic American Partners, Daniel Ryan in an interview granted to Business Daily yesterday admitted that the firm already has confirmed interests from about 100 Kenyans while a lot more are still going through the certification and accreditation process.
"This kind of visa is gaining popularity especially from those people who want to educate their children in the US where public schools are of high quality and free of charge, since it allows people to move with their spouse and all unmarried children under the age of 21.
"About 100 Kenyan have shown interest, and we have lined up to 50 meetings in the next three weeks. We will also do two meetings at a couple of private members clubs in the city."
The money collected from the investors are usually invested in areas in the United States where there is above average unemployment in order to develop the areas and create more jobs for the residents there.
Talk about helping America develop her economy, and you won't be wrong!
What are your thoughts on this?
Header Image Credit: Immigration Attorney & VISA Law Office