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Kazakh President Nursultan Nazarbayev signed the constitutional law “On the Astana International Financial Centre”. The law supports the establishment of the new financial centre, which aims to turn Astana into a regional financial hub by creating favourable and attractive conditions for investment and finance.
On 31st December the National Bank of the Republic of Kazakhstan capitalized for this project KZT 1.7 bln. (4.8 mln US dollars) with transfer of tenure rights of the stock of share to Ministry of Finance of the Republic of Kazakhstan.
The Astana International Financial Centre will be settled on the site of EXPO Astana 2017, with clearly defined boundaries. It will have its own administration – a council for the centre’s management headed by President Nazarbayev. It will be in the form of a joint stock company, which will regulate the centre’s activity, as well as a committee on regulating financial services and bills.
The centre will enjoy a special legal regime. Members of the Astana International Financial Centre (AIFC) will be exempt from corporate income tax, property and land taxes until 1st January 2066. The AIFC will follow English law and principles and the standards of the world’s leading financial centres.
English will be the official language.