Nomads & Expats Taxation
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Criteria for a currency resident and currency control in Kazakhstan

The main document defining the requirements of currency control is the Law of the Republic of Kazakhstan dated July 2, 2018 No. 167-VI "On currency regulation and currency control" (hereinafter - the Law). This Law also uses the term "resident", but this term for the purposes of tax and for the purposes of currency legislation have different meanings.

Currency residents of Kazakhstan are (clause 3 of article 1 of the Law):
a) individuals who are citizens of the Republic of Kazakhstan, with the exception of citizens who have the right to permanent residence in a foreign state;
b) foreign citizens or stateless persons permanently residing in Kazakhstan on the basis of a permanent residence permit;
c) legal entities established in accordance with the legislation of Kazakhstan (with the exception of international organizations), as well as their branches and representative offices.

Persons not included in the list of currency residents are recognized as currency non-residents (clause 4, article 1 of the Law).

It is important to note that the concepts of a resident and a non-resident for the purposes of the currency legislation of Kazakhstan are not related to the concept of a tax resident of Kazakhstan. For example, a person may not be a tax resident, but be a currency resident, and vice versa.

General requirements for currency control in Kazakhstan

  • Requirements in the field of currency control are established by the Law, as well as Decrees of the President and documents of the National Bank of the Republic of Kazakhstan (NB RK).
  • As a general rule, foreign exchange transactions in Kazakhstan are carried out freely.
  • We list the main provisions that an individual - a currency resident or non-resident of the Republic of Kazakhstan needs to know:
  • Foreign currency residents of the Republic of Kazakhstan are allowed to open bank accounts abroad both in tenge and in foreign currency (clause 1, article 8 of the Law);
  • Currency non-residents are allowed to open bank accounts in the Republic of Kazakhstan both in tenge and in foreign currency, as well as make cross-border transfers on them (clauses 2, 3 of article 8 of the Law);
  • Currency residents of the Republic of Kazakhstan are allowed to make currency transactions in cash (both in tenge and in foreign currency) with currency non-residents;
  • Currency residents of the Republic of Kazakhstan are allowed to make currency transactions between themselves on accounts abroad;
  • Currency residents of the Republic of Kazakhstan are allowed to receive money from non-residents to their foreign accounts;
  • There is a limit on the export of foreign currency in cash in the amount of $10,000 or the equivalent (Decree of the President of the Republic of Kazakhstan dated March 14, 2022 No. 830;
  • There is a limit on the transfer of funds without opening a bank account (not related to business activities) in the amount of $10,000 or the equivalent (clause 7 of the Rules for the implementation of foreign exchange transactions in the Republic of Kazakhstan, approved by the Resolution of the Board of the NB RK dated March 30, 2019 No. 40).

Reporting for the purposes of currency control

Individuals - currency residents are not required to notify about accounts in foreign banks, as well as report on the movement of funds on them (paragraph 2 of article 16 of the Law).
Significant (from $ 50,000 or equivalent) money transfers of individuals from their own accounts (to their own accounts) in foreign banks are notified by an authorized bank that carries out such money transfers (clause 8-1 of the Rules for the implementation of foreign exchange transactions in the Republic of Kazakhstan, approved by the Decree of the Board of the National Bank of the Republic of Kazakhstan dated March 30, 2019 No. 40).