Government Discusses Capital Amnesty to Support Financial Stability

Prime Minister Olzhas Bektenov stated that the government is reviewing the possibility of introducing another capital amnesty to support financial stability, Orda.kz reports.

The initiative was proposed by members of the Aq Jol faction in the Majilis, who submitted a request to the Prime Minister outlining the rationale for such a measure.

Capital amnesty, also referred to as capital legalization, allows individuals to return assets from abroad to Kazakhstan without facing criminal prosecution for potential legal violations. The state does not investigate the legality of the funds' origin; the primary condition is that the capital is reinvested into the domestic economy.

In his official response, Bektenov noted that Kazakhstan has previously implemented this process on three occasions:

From 2001 to 2014, Kazakhstan carried out three stages of capital legalization, as a result of which 6.674 trillion tenge was received by the budget, including 70 billion tenge in the first stage, 904 billion tenge in the second, and 5.7 trillion tenge in the third.

The government is not ruling out a fourth round.

The proposal to hold an amnesty for the return of capital from offshore zones and other foreign jurisdictions is one of the possible instruments for strengthening the country’s financial stability and increasing investment potential,
Bektenov added. 

The Aq Jol deputies cited the weakening of dollar-based assets and declining investor confidence in stock markets and U.S. currency as the basis for their proposal.

The Aq Jol faction believes that it is necessary to use this moment to deoffshorize our economy. In particular, to introduce a ban on transactions with offshore companies, especially in the area of state and quasi-state procurement, and to stimulate the voluntary return of capital,
they wrote. 

They proposed offering amnesty to Kazakhstani oligarchs, allowing them to return offshore assets without prosecution, on the condition that income tax is paid on the returned funds.

Bektenov responded that such a proposal requires careful consideration.

This matter requires a comprehensive and balanced approach. When implementing amnesty, it is necessary to take into account the severity of the criminal offenses committed, especially as part of an organized criminal group or related to terrorist activities, drug crime and other grave offenses. It is also necessary to take into account possible financial costs, risks of arbitration disputes, compliance with international agreements, as well as the national legislation of the countries in which the assets subject to return are located. The issue of declaring an amnesty for the return of capital from offshore zones and foreign jurisdictions requires careful and comprehensive analysis,
Bektenov said. 

Kazakhstan ratified a CIS anti-corruption agreement on April 1, 2025, enabling the identification and return of assets located abroad. 

Original Author: Anastasia Prilepskaya