Next property legalization campaign starts in Kazakhstan

Photo: Next property legalization campaign starts in Kazakhstan

 / Kazakhstan

Astana, Kazakhstan, Sept.1

By Daniyar Mukhtarov - Trend:

Another campaign on the property legalization starts in Kazakhstan from September, and will last until the end of 2014.

A law "On amnesty of citizens of the Republic of Kazakhstan, repatriates and persons who have a residence permit in the Republic of Kazakhstan, in connection with the legalization of property" comes into force from Sept. 1 of this year in the country, the press service of the Ministry of Finance (now - the Ministry of National Economy) of Kazakhstan reported.

Earlier it was reported that the amount of legalized property could amount to more than $10 billion.

The President of Kazakhstan Nursultan Nazarbayev ordered an amnesty of capital in April 2014 prior to the introduction of a universal declaration scheduled to begin in the country as of January 1, 2017.

It was reported that legalization will allow the attachment of additional funds in the economy of Kazakhstan, including its banking sector.

According to the approved law legalizing the procedure, citizens of the Republic will be able to put the special savings in bank accounts in Kazakhstan to be kept at least 5 years, and during that time their owner will receive compensation at market rates. In case of early withdrawal from a special savings account, banks will charge the fee of 10 percent of total amount.

Kazakh citizens legalizing cash have the right to invest in the country's economy through the purchase of objects of privatization, assets of the Samruk-Kazyna National Welfare Fund, including shares within the framework of the People's IPO, and as part of the primary government securities of the Republic, bonds of national management holding companies, development institutions, second-tier banks, as well as other securities placed on the Kazakhstan Stock Exchange.

A 10 percent fee will be charged in the case of legalization of property (other than money) located outside of Kazakhstan.

According to the law, the legalization entities are exempt from criminal and administrative liability under the relevant articles of the Criminal Code and the Code of Administrative Offences of Kazakhstan, as well as from disciplinary liability for failure or submission of incomplete or inaccurate declarations and information.

Capital legalization campaigns were held twice in Kazakhstan: in 2001 and 2006-2007.

Follow us on Twitter @TRENDNewsAgency