Banking, Money and Taxes in Kenya
Banking in Kenya is easy and efficient, but many local institutions usually do not allow for the conveniences expats may be used to, such as credit cards, loans, and overdraft allowances.
Many large banks in Europe or the US have departments in Nairobi, or have a partnership with a local bank. This can make transferring money between a home country and Kenya easier. The largest banks are Barclays Bank and Standard Chartered, which are British-owned, and Kenya Commercial Bank.
Expats will probably want to keep their bank account in a home country open for normal international purchases or just for emergencies. Expats can get credit cards from a Kenyan bank, but these are primarily used for business accounts and are more limited than in Europe or the US.
Debit cards are not widely used, and expats rely on cheques when they don't have cash on-hand. However, there are ATMs in the big cities to withdraw money from, and several banks have online banking.
Opening an account at any of Kenya's banks is straightforward. An expat usually needs to be present at the bank and should bring original identification with them, such as a passport. They should also bring proof of residency, such as their working visa or housing lease. One passport photo should be given along with a proof of Kenyan address. This can be a utility bill or a similar statement that shows the expat's name and address.
If relocating from another country, taxes should be something expats discuss with their employer. Expats should do their best to avoid being taxed twice, once in their home country and once in Kenya.
Income tax returns need to be filed by expats working in Kenya by the 30th of June each year. Recent developments have meant that expats can now submit these returns online.
Kenya has double taxation treaties with some countries, which prevent some expats from being taxed on one income in both Kenya and in their home country. Filing taxes is a complicated procedure even without filing them in dual tax systems; thus, expats should consult an expat tax advisor for help.
Many large banks in Europe or the US have departments in Nairobi, or have a partnership with a local bank. This can make transferring money between a home country and Kenya easier. The largest banks are Barclays Bank and Standard Chartered, which are British-owned, and Kenya Commercial Bank.
Expats will probably want to keep their bank account in a home country open for normal international purchases or just for emergencies. Expats can get credit cards from a Kenyan bank, but these are primarily used for business accounts and are more limited than in Europe or the US.
Debit cards are not widely used, and expats rely on cheques when they don't have cash on-hand. However, there are ATMs in the big cities to withdraw money from, and several banks have online banking.
Opening an account at any of Kenya's banks is straightforward. An expat usually needs to be present at the bank and should bring original identification with them, such as a passport. They should also bring proof of residency, such as their working visa or housing lease. One passport photo should be given along with a proof of Kenyan address. This can be a utility bill or a similar statement that shows the expat's name and address.
Taxes in Kenya
If relocating from another country, taxes should be something expats discuss with their employer. Expats should do their best to avoid being taxed twice, once in their home country and once in Kenya.
Income tax returns need to be filed by expats working in Kenya by the 30th of June each year. Recent developments have meant that expats can now submit these returns online.
Kenya has double taxation treaties with some countries, which prevent some expats from being taxed on one income in both Kenya and in their home country. Filing taxes is a complicated procedure even without filing them in dual tax systems; thus, expats should consult an expat tax advisor for help.
