The International Financial Center “Astana” (hereinafter – the Financial center) will be established this year and a special law regulating activity of the participants of the Financial Center will be adopted under the Decree of the President of the Republic of Kazakhstan for the purposes of modernization of national economy. The participants of the Financial Center (hereinafter – the Participants) will be granted with the tax incentives and preferences, inter alia:
- 10 years exemption from corporate income tax in relation of incomes gained on the territory of Financial Center, and individual income tax at the source of payment in relation of incomes in form of dividends and incomes of employees of the Participants;
- attraction of foreign labor power without work permit;
- employees of the Participants, non-residents of Kazakhstan, will be able to reimburse VAT, when they purchase goods in the territory of the Financial Center;
- a visa-free regime up to 30 days for citizens of countries-members of the Organization for Economic Cooperation and Development (OECD), the United Arab Emirates, Malaysia and the Republic of Singapore;
- a special visa regime up to 5 years for the personnel of the Financial Center, employees of the Participants and members of their families.
Also, there will be favourable conditions in the Financial Centre that enable the Participants to establish good relations based on the principles and norms of English law, with English language in daily work.
It should be noted, that the Financial Center will comprise Financial Court and International Arbitration Center, and foreign judges and arbitrators will be invited and granted with the right to consider the cases, inter alia investment disputes under English law.
As of today, the Financial Center should follow the strategic directions that defined as: development of local capital markets; development of market and asset management; private banking; and Islamic finance. The Financial Centre will be provided with the facilities for issuance of Sovereign Islamic Securities.
The scheduled start date of the Financial Center is 1 January 2016. From 1 January 2018 the Financial Center will be located on the territory of the International specialized exhibition EXPO – 2017 in Astana.