Legalization law adopted in Kazakhstan

Today, the Kazakhstan Parliament has adopted the law "On amnesty of citizens of the Republic of Kazakhstan, repatriates and persons holding a residence permit in the Republic of Kazakhstan due to legalization of their property", Tengrinews correspondent reports. The law will help cut the shadow economy, attract additional funding and increase a flow of investments into the country. 

"We have calculated and evaluated everything. The expected inflow of money and property is 2.2 trillion tenge, or $12 billion,” Vice-Prime-Minister and Minister of Finance Bakhyt Sultanov said. "We need to raise the awareness about the legalization. If it is done correctly, I think we will get the amount expected." 

Those willing to legalize property will need to file an application for property legalization to the tax authorities dealing with the appropriate type of property (other than money). A special commission in the authority will have up to 30 days to review the application. A fee of 10 percent [of the cost of the property] will have to be paid to legalize the property located outside of Kazakhstan.

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