South Africa-based real estate giant, Pam Golding, is set to pitch camp in Nairobi next month to entice super-rich Kenyans with European and American residency upon purchase of offshore property.
The Pam Golding International team will be in Kenya’s capital in search of buyers of its real estate spread across various markets, including Mauritius, Portugal, Cyprus, Grenada and the US.
The property firm is selling permanent residency for those investing in the US property market, citizenship-by-investment programme for those injecting above Sh35 million in Grenada and European residency for investors and their family for buying property in Cyprus and Portugal.
The company also promises Mauritian permanent residency with the purchase of property from Sh50 million as part of its unorthodox marketing strategy.
Pam Golding, which has a presence in Kenya, also notes that those investing in the US stand to get permanent residency for "immediate family and children under 21 years, the right to live, work, study or build a business anywhere" in the US, access to the "finest educational institutions, medical facilities and social programmes — at the same cost as a United States citizen would pay.”
It also markets the package as an opportunity to become “a full United States citizen after only five years of permanent residency.”
A number of foreign property developers have been wooing Kenyan property tycoons to buy holiday villas, apartments, bungalows and penthouses in locations such as London, Abu Dhabi, Doha, India and South Africa.
Pam Golding’s approach is one among a number that real estate firms are using to tap the rich to invest in offshore property.
In 2017, for instance, Dubai-based Deyaar — one of United Arab Emirates' largest property development companies — held a fair in Nairobi to attract buyers of its Sh22 billion property.
Deeyar’s incentive for potential Kenyan buyers was in the form of “a guaranteed 14 per cent return over two years” for units at The Atria project.
In 2013, Emaar Properties, a Dubai-based firm that developed the world’s tallest building, Burj Khalifa, targeted wealthy Kenyans for sale of luxury apartments priced in the range of Sh66 million per one-bedroom unit.