Kazakhstan Residency by Investment Programme
Published at: 26/09/2019 10:14 am
The government of Kazakhstan approved the investment tax residency programme and the expansion of the AIFC's (Astana International Financial Centre) legal jurisdiction.
The new regulations of the AIFC enable to adopt acts regulating procurement procedures and labour relations.
The new tax residency programme (developed since 2018) will attract business people and their families with multi-entry visas in exchange for an investment in Kazakhstan, according to the Astana Times.
"I want to note that the launch of the investment residency programme in Kazakhstan should bring significant investment in the long term," said First Vice Minister of Finance Berik Sholpankulov to journalists.
It looks like that the Kazakh residency programme will provide tax residency for investors. According to Sholpankulov, the investor residents will be exempt from paying local income tax after their foreign-sourced incomes. Local income will be taxed under the tax regulations.
"This measure is targeting investors seeking to optimise their tax expenses, thereby increasing the investment appeal of the country".
The exact amount of necessary investment for the residence permit of Kazakhstan is still not known. According to government sources, first of all, they must amend the Tax Code.
Kazakhstan's AIFC welcomed 235 companies from 26 countries and the branches of large international banks, from the EU, China and Hong Kong, among others. The plan is to register 500 companies and financial institutions until 2020 in the AIFC.
Meanwhile, the Astana International Exchange (AIX) started in November 2018, its shareholders and strategic partners are the Shanghai Stock Exchange, Nasdaq, Silk Road Fund and the Goldman Sachs to provide investment solutions.
Last year, the government simplified several regulations and processes related to immigration. The process of obtaining the permanent residence permit decreased from 30 days to 17 days. Moreover, the registration of an invitation letter for the entry visa takes five days, instead of the previous 15 days.