Real estate in Kazakhstan
Nov 29, 2007
Foreigners can own land (but choose not to)
Foreigners are now allowed to own land intended for residential houses, since the Land Code of 2003, and to lease for 10 years. However, no foreigner has ever actually bought land, and the law appears to have been passed to appease American oil investment interests.
Generally, the position of foreign investors appears increasingly under threat, after President Nazarbayev’s recent public complaints that previous privatizations were executed too quickly and by-passed domestic investors. The general impression is that the President is eyeing some recently privatized assets for his own family.
Taxes are high in Kazakhstan
Rental Income: Nonresidents earning rental income is taxed at a flat rate of 20%.
Capital Gains: Capital gains earned by nonresidents are taxed at a flat rate of 15%.
Inheritance: There are no inheritance and estate taxes in Kazakhstan.
Residents: Residents are taxed on their worldwide income at a flat rate of 10%.