Hi, I am interested in getting a class K permit and want to know if I can qualify on the grounds of savings alone.
Let's say for the sake of argument I have $480,000 saved in a pension pot. I could put that into an annuity pension fund and get an assured income of $19,200 per year (assuming a 4% Annuity). That is not quite the $24,000 required to qualify for a K permit. On the other hand i could put those savings into a "draw down pension" and withdraw $24,000 per year for the next 20 years, even if my investments make zero return. Surely that should be enough to show I have sufficient funds for a 2 year retirement visa?
I am reluctant to put the savings into an annuity because the rates are currently dismally low and I won't have the option to withdraw lump sums later to buy a property or whatever. Additionally an annuity cannot be passed on in an inheritance. Annuities don't make sense to me at the moment.
Alternatively, would it be possible to bring $48,000 into Kenya "upfront" for a 2 year retirement visa?
Does anyone know a good immigration advisor that could advise on how best to apply for Class K on the grounds of savings?
Thanks!
Assured income for class K permit
Hello, When I applied for my Class K, I applied on the grounds of having a similar amount as you mention as cash at the bank. I was told that although savings can be taken into account, what they are really looking for is a regular income from a pension, investments, property rental income and so on for the period of the permit. The Kenyan government also really like it if your source of income is in $!
In my case, they made the application quite awkward and asked for a sizeable bribe.
The ethos is that savings of course could be spent quickly after you application, whereas a pension income, for example probably won't be.
If you want to live here, then I would advise you to invest your money in whichever way will bring you the required annual income for the Class K permit.
There is this immigration advisor which seems to have a reasonable reputation and can provide a certain amount of advice via e-mail:
https://fathershandltd.com/about-us-2/entry-permits/
Thanks Longonot62 for the feedback. I will contact the adviser you mentioned. I have come across him elsewhere on the internet but its nice to have a personal recommendation. If only there were more people like you! I am sure there is someone somewhere who has had experience of any given question on this forum, but few share there experience and knowledge like you do.
On a side note, I have seen lists of requirements for a classK permit that are different, depending on where you look. Some say you count income from pensions, annuities and property situated in Kenya, but the latest notes on the official online Visa application page does not mention property. Does anyone have experience of including Kenyan property income on a class K permit application? Does buying and letting out Kenyan property count as running a business? Do you need to set up a Kenyan Company or get a class G work permit to rent out Kenyan property? Is a class G work permit incompatible with a class K (non working) permit?
Just for info, I personally know a Kenyan resident (who is not a citizen) who has a class K retirement visa on the basis of interest obtained from savings held in a bank account in Kenya, even though that is not mentioned anywhere in the immigration notes as an allowable assured income for class K permits and interest rates vary from year to year. That could be useful as Kenyan interest rates are higher than in most other countries. Not sure if chai was involved.
Cheers.
I would stick to the information from the Kenyan government. The regular income is the key part, the government don't stipulate where it should be from, as long as it is legal and assured (you have to produce statements to prove this). But I was informed that income from sources outside Kenya are looked upon favourably, as they benefit the country! So, $24,000 equivalent from interest derived from a Kenyan investment, or bank account would be acceptable. As you point out, interest rates are high in Kenya. I believe that our bank is offering around 10.5% on a fixed deposit. There are also lower risk investment products here, which provide a monthly income and an interest rate of an average of something like 8.75%.
Regarding property; Its an excellent investment, but buying and selling property doesn't count as a business. However, buying to rent out may do, although for a single property, I don't believe that you must register a business. I would be cautious, though about using this as a source of income for a Class K application. For example; we have a villa on a golf resort in Naivasha. We sub let to the lodge and from which we derive an income, without being directly involved (see advert in Housing section if interested!). All the same I decided not to include this on my Class K application.
Regarding a Class G permit, its a 'work permit', for which you have to have $100,000 cash at the bank, or invested, as one of the application requirements. It allows you to operate your own business legally, whereas the Class K permit prohibits paid work, as it is issued on the assumption that your income is derived from other sources.
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