Tanzania's rival East African economy, Ethiopia, has announced a decade-long residency card for wealthy foreign investors, dubbed the "Golden Visa" scheme. The initiative, confirmed by the country's Immigration and Citizenship Service (ICS), aims to attract sustained high-value investment into the East African economy.
A Decade of Residency Security
Foreign nationals who invest a minimum of $10 million in the Ethiopian economy will be eligible for legal residency under the scheme, subject to standard security vetting. An alternative qualification threshold allows investment of $5 million provided it is paired with substantial local job creation. The exact employment quotas will be defined in an operational directive still being finalised alongside the Ministry of Justice.
The Golden Visa grants holders and their immediate families a full decade of residency security, a significant departure from the temporary visas and Ethiopian-origin identity cards that currently govern how foreign nationals reside in the country legally. This move positions Ethiopia as a prime destination for high-net-worth individuals seeking long-term residency.
Following the UAE Model
Ethiopia's framework draws directly from models operating in countries such as the United Arab Emirates, which have used long-term investor residency programmes to attract foreign capital and skilled talent. The legal basis for the programme is already in place, with the relevant proclamations and regulatory amendments having cleared both the Council of Ministers and the House of Peoples' Representatives.
Technical infrastructure development and physical card personalisation are currently under way, with the full launch expected before the close of the current fiscal year. The standard processing fee for the Golden Visa is KSh 1.2 million, while those requiring faster turnaround can opt for express processing at KSh 1.6 million, with a premium home-service option also being made available.
Ethiopia's Neighbour Follows Suit
Just days after the announcement, Kenya's investment authority confirmed it is developing a framework that will allow rich investors to apply for a golden visa. The move will offer foreign investors residency by investment, a similar concept to the Ethiopian Golden Visa scheme. While details of the Kenyan framework are still being finalised, it is clear that East Africa is becoming an attractive destination for high-net-worth individuals seeking long-term residency.
Source: Tuko
