The Astana International Financial Centre (AIFC) has expanded the range of investment instruments available under its Investment Tax Residency Programme (ITRP). Digital assets traded on platforms operated by entities licensed by the Astana Financial Services Authority (AFSA) have now been added to the existing range of eligible instruments.
This expands the range of investment options through which foreign investors may participate in the Programme and become eligible for a long-term investor visa and tax residency in Kazakhstan, subject to the conditions of the Programme. What exactly has changed, and what practical issues should investors consider?
The ITRP allows foreign nationals to invest in eligible financial instruments and become eligible for a long-term investor visa and tax residency in Kazakhstan under simplified conditions.
What Has Changed
Previously, the Programme was available through investments in shares, interests, units in funds registered with the AIFC, securities included in the official list of the Astana International Exchange (AIX), as well as the charter capital of companies registered under the applicable law of the AIFC. The minimum investment threshold for these instruments is USD 60,000.
Digital assets have now been added to the list of eligible instruments. The minimum investment threshold for this category is USD 150,000 — two and a half times the threshold applicable to the previously eligible instruments.
What Investors Should Consider
The minimum investment amount must be maintained throughout the entire period of participation in the Programme.
For digital assets, this creates a key practical risk. As the minimum investment must be maintained throughout the participation period, investors should take market volatility into account in advance and clarify how the value of the investment will be verified, as well as what steps may be required if its value falls below the prescribed threshold.
Investments may only be made through digital asset operators licensed by the AFSA. For the purposes of the Programme, digital assets must be associated with trading through platforms operated by such licensed operators.
The rules do not expressly establish whether assets already held in self-custody or on other platforms can qualify for the purposes of the Programme. This requires separate verification. Accordingly, transferring an existing portfolio may require advance planning.
Obtaining tax residency in Kazakhstan is not merely a benefit; it may also affect an investor’s tax status in their current country of residence.
Obtaining tax residency in Kazakhstan does not, in itself, automatically terminate tax residency in another jurisdiction. This depends on the domestic rules of the relevant country and any applicable double tax treaty, including potential exit rules and reporting obligations.
The implications should therefore be assessed in both jurisdictions simultaneously.
1. Check the current version of the Programme rules against the official AIFC source before making an investment decision, as the applicable conditions and thresholds may be subject to further clarification or amendment.
2. Determine in advance which AFSA-licensed operator will be used to structure the investment portfolio.
3. Establish in advance what steps will need to be taken if the portfolio value falls below the minimum threshold.
4. Assess the tax implications of changing tax residency in the investor’s current jurisdiction, including exit rules and reporting obligations.
5. Compare the ITRP with alternative grounds for residence in Kazakhstan — in particular, an investor visa outside the AIFC framework — taking into account the entry threshold, eligible asset classes and the relevant administering authority.
The choice of investment instrument for the ITRP is only one part of the equation. It is equally important to assess the investment structure in advance, the requirements for maintaining the minimum threshold, and the implications of changing tax residency.
If you are considering participation in the Programme, REVERA Kazakhstan can assist with a comprehensive assessment of the proposed structure and the related legal and tax risks.
