Arab Press

بالشعب و للشعب
Thursday, Oct 02, 2025

Recent AIFC advances will make AIFC Kazakhstan’s main financial platform

Recent AIFC advances will make AIFC Kazakhstan’s main financial platform

Prime Minister of Kazakhstan Askar Mamin, during a government session on Aug. 20 discussed the work of the Astana International Financial Centre (AIFC). An opinion by columnist Doszhan Nurgaliyev was published in the Aug. 26 issue of Kazakhstanskaya Pravda. That opinion is reprinted below edited for space and style.

Delivering a report, Governor of the Astana International Financial Centre Kairat Kelimbetov said the AIFC had formed its own legislation, had adopted about 70 rules of general application and financial regulation, had prepared the necessary infrastructure and all structural units and organisations were fully functioning. The total number of registered enterprises of the AIFC regulator has increased to 235 companies from 26 countries (United States, the United Kingdom, Switzerland, China, Hong Kong and others), including large financial institutions such as the China Development Bank, China Construction Bank, and the largest investment banks, such as Wood & Co from the Czech Republic and and CICC based in Hong Kong. By the end of 2020, the total number will grow to 500 organisations.

In November 2018, the Astana International Exchange (AIX) was launched. Global leaders in the financial industry, such as the Shanghai Stock Exchange, Nasdaq, Silk Road Fund and the largest U.S. investment bank Goldman Sachs, became strategic partners and shareholders of the exchange, providing access to investment liquidity in these vast regions.

“In less than one year of AIX operations, the amount of equity capital raised accounted for over $70 million. According to the results of the first half of 2019, the total capitalisation of the AIX amounted to $ 1.9 billion,” Kelimbetov said.

The AIFC, together with the European Bank for Reconstruction and Development (EBRD), will continue the project to advance the capital market and upgrade its status in the global MSCI index to the level of developing economies. To facilitate the transition of Kazakhstan to a green economy and sustainable development, the AIFC, in cooperation with the EBRD, adopted the Concept of a Green Financial System for Kazakhstan, the AIFC Strategy for its implementation and set the rules for issuing green bonds in the AIX.

As part of digitisation, the eJustice online dispute resolution system, unique for the region, was launched at the beginning of this year, allowing parties to a dispute to file an action with the AIFC Court electronically from any part of the world.

“In general, all this allowed our centre to take 51st place in the Global Financial Centres Index and first place among similar centres in Eastern Europe and Central Asia, ahead of Istanbul, Warsaw, Budapest, Moscow and Baku,” the AIFC Governor noted.

Meanwhile, in order to further develop the country’s financial platform, especially the AIFC legal jurisdiction, the Government approved a draft amendment to the Constitutional Law on the Astana International Financial Centre. According to Kelimbetov, the main objective of the investment tax residence programme is to attract foreign private capital to the country in exchange for the investors and their families receiving a multiple-entry visa to Kazakhstan. In addition, the bill provides for the AIFC authorities to adopt acts regulating labour relations and procurement procedures. The new legislative initiatives help to create an attractive investment climate and build investor confidence.

In his turn, the First Vice Minister of Finance Berik Sholpankulov noted that nowadays the market for investment residency is globally experiencing a period of significant growth. In the framework of their own programmess, financial markets attract from $500 million to $1 billion investments in total.

Nowadays, there are more than 80 similar programmes that offer two types of residence programmes. The first type is implemented in countries, such as the United States, Canada, Spain, Latvia and Greece, providing residence permits in exchange for investment. The second type suggests acquiring an investment visa and tax residence of the country, similar to the investment tax residence programme, and is implemented in Italy, Switzerland, Cyprus, and the United Kingdom. In Kazakhstan, it is proposed to apply the second type of the programme, which is the investment tax residence programme.

“Thus, the bill provides for the concept of ‘investment resident’ and the programme of “investment tax residence,” said Sholpankulov.

Potential investors will invest their funds in financial instruments and securities traded on the AIFC exchange. 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.

“This measure is targeting investors seeking to optimise their tax expenses, thereby increasing the investment appeal of the country,” said Sholpankulov.

The second set of amendments includes clarifying standards related to the activities of the AIFC. For example, the bodies of the Astana International Financial Centre will be entitled to adopt acts regulating labour relations and procurement procedures.

In general, as stressed by Sholpankulov, the launch of the investment residence programme in Kazakhstan is aimed at significant investments in the long run.

Summing up consideration of the matter, Mamin noted that the current amendments to the constitutional law will ensure the rapid establishment and development of the AIFC as the country’s main financial platform and the use of its jurisdiction to attract and protect investments. At the same time, he instructed to continue improving the activities of the financial centre.

Newsletter

Related Articles

Arab Press
0:00
0:00
Close
Altman Says GPT-5 Already Outpaces Him, Warns AI Could Automate 40% of Work
Trump Organization Teams with Saudi Developer on $1 Billion Trump Plaza in Jeddah
Archaeologists Recover Statues and Temples from 2,000-Year-Old Sunken City off Alexandria
Colombian President Petro Vows to Mobilize Volunteers for Gaza and Joins List of Fighters
Nvidia and Abu Dhabi’s TII Launch First AI-&-Robotics Lab in the Middle East
UK, Canada, and Australia Officially Recognise Palestine in Historic Shift
Dubai Property Boom Shows Strain as Flippers Get Buyer’s Remorse
JWST Data Brings TRAPPIST-1e Closer to Earth-Like Habitability
UAE-US Stargate Project Poised to Make Abu Dhabi a Global AI Powerhouse
Saudi Arabia cracks down on music ‘lounges’ after conservative backlash
Saudi Arabia Signs ‘Strategic Mutual Defence’ Pact with Pakistan, Marking First Arab State to Gain Indirect Access to Nuclear Strike Capabilities in the Region
Turkish car manufacturer Togg Enters German Market with 5-Star Electric Sedan and SUV to Challenge European EV Brands
World’s Longest Direct Flight China Eastern to Launch 29-Hour Shanghai–Buenos Aires Direct Flight via Auckland in December
New OpenAI Study Finds Majority of ChatGPT Use Is Personal, Not Professional
Kuwait opens bidding for construction of three cities to ease housing crunch.
Indian Student Engineers Propose “Project REBIRTH” to Protect Aircraft from Crashes Using AI, Airbags and Smart Materials
Could AI Nursing Robots Help Healthcare Staffing Shortages?
Turkish authorities seize leading broadcaster amid fraud and tax investigation
Apple Introduces Ultra-Thin iPhone Air, Enhanced 17 Series and New Health-Focused Wearables
Big Oil Slashes Jobs and Investments Amid Prolonged Low Crude Prices
Social Media Access Curtailed in Turkey After CHP Calls for Rallies Following Police Blockade of Istanbul Headquarters
Gold Could Reach Nearly $5,000 if Fed Independence Is Undermined, Goldman Sachs Warns
Uruguay, Colombia and Paraguay Secure Places at 2026 World Cup
Trump Administration Advances Plans to Rebrand Pentagon as Department of War Instead of the Fake Term Department of Defense
Tether Expands into Gold Sector with Profit-Driven Diversification
Trump’s New War – and the ‘Drug Tyrant’ Fearing Invasion: ‘1,200 Missiles Aimed at Us’
At the Parade in China: Laser Weapons, 'Eagle Strike,' and a Missile Capable of 'Striking Anywhere in the World'
Information Warfare in the Age of AI: How Language Models Become Targets and Tools
Israeli Airstrike in Yemen Kills Houthi Prime Minister
After the Shock of Defeat, Iranians Yearn for Change
YouTube Altered Content by Artificial Intelligence – Without Permission
Iran Faces Escalating Water Crisis as Protests Spread
More Than Half a Million Evacuated as Typhoon Kajiki Heads for Vietnam
HSBC Switzerland Ends Relationships with Over 1,000 Clients from Saudi Arabia, Lebanon, Qatar, and Egypt
Sharia Law Made Legally Binding in Austria Despite Warnings Over 'Incompatible' Values
Dogfights in the Skies: Airbus on Track to Overtake Boeing and Claim Aviation Supremacy
Tim Cook Promises an AI Revolution at Apple: "One of the Most Significant Technologies of Our Generation"
Are AI Data Centres the Infrastructure of the Future or the Next Crisis?
Miles Worth Billions: How Airlines Generate Huge Profits
Zelenskyy Returns to White House Flanked by European Allies as Trump Pressures Land-Swap Deal with Putin
Beijing is moving into gold and other assets, diversifying away from the dollar
Trump Backs Putin’s Land-for-Peace Proposal Amid Kyiv’s Rejection
Zelenskyy to Visit Washington after Trump–Putin Summit Yields No Agreement
Iranian Protection Offers Chinese Vehicle Shipments a Cost Advantage over Japanese and Korean Makers
United States Sells Luxury Yacht Amadea, Valued at Approximately $325 Million, in First Sale of a Seized Russian Yacht Since the Invasion of Ukraine
Saudi Arabia accelerates renewables to curb domestic oil use
Cristiano Ronaldo and Georgina Rodríguez announce engagement
Asia-Pacific dominates world’s busiest flight routes, with South Korea’s Jeju–Seoul corridor leading global rankings
Private Welsh island with 19th-century fort listed for sale at over £3 million
Sam Altman challenges Elon Musk with plans for Neuralink rival
×