Property and capital legalization campaign kicked off in Kazakhstan

Sept 01. Kazpravda

Property and capital legalization campaign kicked off in KazakhstanIt will last until December 31, 2015. Experts of the Economic Research Institute suggest that during the campaign the property worth KZT 2.2 trillion or about $ 12 billion will be legalized.

September 1, 2014 property and capital legalization campaign started in Kazakhstan. It will last until December 31, 2015. The deadline for submission of documents for property legalization is from 1 September 2014 to 30 November 2015.

Property legalization is the procedure of recognizing the rights to property, derived from a legitimate economic turnover in order to conceal income and (or) not registered in accordance with the laws of the Republic of Kazakhstan or registered for an inappropriate person.

Thus, the main objective of the action is to attract additional funds into the economy in the form of legalized capital. Persons eligible to participate in this campaign are the residents of Kazakhstan, repatriates and those who have a residence permit in Kazakhstan. Relevant law establishes the concept of property, subject to and not subject to legalization.

Note that the action started allows to legalize property located outside the territory of Kazakhstan.

More information about the mechanisms and instruments of legalization is available at http://www.minfin.gov.kz.

http://www.kazpravda.kz/en/news/view/25404

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