Kazakhstan’s President Nazarbayev urging Kazakhstanis not to invest into tax havens

Kazakhstan’s President Nursultan Nazarbayev has urged the country’s citizens to invest their earnings inside the country, rather than to keep them with banks abroad. “Grass is always greener on the other side of the fence. If you have managed to earn, invest the money inside Kazakhstan. Live and build the future of your children. Don’t hide your earnings somewhere abroad, in a tax haven”, he said when speaking at the 20th session of the Assembly of the People of Kazakhstan. “All the secret information on savings kept with offshore zones banks is being revealed … all those resorting to these banks will face nightmares”, he said. Tengrinews.kz reported earlier, citing chairman of Kazakhstan National Bank Gregory Marchenko, that Kazakhstan had invested $1.162 billion into Cyprus as of the end of 2012. The Assembly of the People of Kazakhstan is a State institution dedicated to the harmonization of interethnic relations in Kazakhstan. APK is a key instrument in the framework of the State policy towards national unity. The Assembly of the People of Kazakhstan (APK) gathers members from all ethnicities and regions.