Kazakhstan is set to launch a tax residency programme that offers multi-entry visas to foreign investors and their families when they invest in the country.
Potential investors will invest their funds in financial instruments and securities traded on the AIFC exchange, government bonds or real estate within the boundaries of the AIFC. It will also possible to gain a visa bysetting up a company or buying shares of a local company.
The visa programme is currently being discussed in Parliament and should be avaibable for investors in early 2020 or the Q2.
"We want to be an entry gateway for individuals who want to operate in Kazakhstan or in the region by getting flexible entry/exit permit, and want access to other fringe benefits like access to education and healthcare,"
At the same time, it is proposed to exempt investment tax residents from paying individual income tax on income received from sources located outside of Kazakhstan. Income generated within our country will be taxed in accordance with the tax code.
"Right now the details are still being discussed but it will be around $60,000 for a specific time to have access to the visa. Investors will also have to pay a small fee and spend at least 90 days in Kazakhstan to be eligible for the tax residency programme," he added.
Outside investors are paying attention."There has not been as much opportunity to trade in this region since the Silk Road was active centuries ago," Alan Wolff, World Trade Organization deputy director-general, told the FT.
"Given our geographical and cultural proximity, we expect interest from Russian and Chinese investors, people from neighbouring countries who would like to get access to the regional Central Asian market and want to do business there."
The Kazakh government has pushed for a new roadmap outlining legislative and executive measures to attract foreign investment.
"Economic development is directly related to attracting investment. It is necessary to look for new niches, create mechanisms for attracting investments and provide all support measures. The main task is to double the volume of investment in the economy," Kazakh Prime Minister Askar Mamin, has said.