Investment Vehicle Selection

Advising on the optimal legal structure for foreign investment in Kazakhstan — Kazakhstani LLC (TOO), JSC, AIFC entity, branch office, or representative office. Each structure has different governance, liability, tax, and regulatory implications. Bond Stone advises on vehicle selection based on the investor’s objectives, sector, and exit strategy.

Investment Incentives & SEZs

Advising on available investment incentives — Special Economic Zones, investment priority projects, Astana Hub (IT sector), and sector-specific tax incentives. Kazakhstan has 13 SEZs offering CIT exemptions, VAT exemptions, land tax exemptions, and customs duty relief. Bond Stone advises on SEZ eligibility criteria, application procedure, and operating conditions.

Foreign Ownership Restrictions

Advising on foreign ownership restrictions in regulated sectors — subsoil use, banking, insurance, media, and telecommunications. Each sector has its own regulatory framework governing the permissible level of foreign participation. Bond Stone advises on ownership restriction analysis at the outset of every inbound investment mandate.

Profit Repatriation & Currency Control

Advising on dividend repatriation procedures, intercompany loan mechanics, and compliance with the National Bank’s currency control regulations. Foreign investors have a statutory right to repatriate profits in foreign currency under the Law on Investments — but the procedural requirements for doing so must be carefully observed.

Investment Protection & BIT

Advising on bilateral investment treaty protections available to foreign investors in Kazakhstan — Kazakhstan has 50+ BITs with investor-state arbitration access under ICSID, UNCITRAL, and ICC rules. Bond Stone advises on structuring investments to maximise treaty protection and on the interaction between Kazakhstani domestic law protections and BIT rights.

AIFC — English Law Investment Structuring

Using the AIFC as the legal framework for foreign investment in Kazakhstan — AIFC holding company above Kazakhstani operating assets, English common law SPA and shareholders agreement, AIFC Court dispute resolution. Bond Stone’s AIFC RLA status enables it to advise on both the AIFC and Kazakhstani law layers on a single mandate.

National treatment — Entrepreneurial Code Chapter 25 (national treatment guarantee)

Foreign investors are entitled to national treatment in Kazakhstan — the same rights and guarantees as Kazakhstani investors in like circumstances. Exceptions apply in sectors where foreign ownership is restricted by sector-specific legislation. The national treatment guarantee is the foundation of Kazakhstan’s investment protection framework and is reinforced by Kazakhstan’s BIT network.

Protection against expropriation — Entrepreneurial Code Chapter 25 (protection against expropriation)

Foreign investments in Kazakhstan may not be nationalised or requisitioned except in cases established by Kazakhstani legislation and only with payment of market-value compensation equivalent. The compensation must be paid promptly and in freely convertible currency. This guarantee applies to both direct expropriation and measures with equivalent effect (indirect expropriation).

Profit repatriation guarantee — Entrepreneurial Code Chapter 25 (profit repatriation guarantee)

Foreign investors have a statutory right to transfer abroad in freely convertible currency: dividends, interest, royalties, and proceeds from sale or liquidation of an investment — after payment of applicable Kazakhstani taxes. The National Bank’s currency control regulations govern the mechanics of the transfer. Bond Stone advises on the procedural requirements for compliant profit repatriation.

Stability guarantee — investment contracts

Investors qualifying as “priority investors” under the Entrepreneurial Code may enter into investment contracts with the government of Kazakhstan — providing a stability guarantee that protects against adverse legislative changes for the duration of the investment contract (up to 25 years for major investments). Bond Stone advises on qualifying for and negotiating investment contracts with Kazakhstani state authorities.

Dispute resolution — investor options

Foreign investors in Kazakhstan may resolve disputes with the state through: Kazakhstani courts; the AIFC Court (for AIFC-related matters); international arbitration under the investor’s applicable BIT (ICSID, UNCITRAL, ICC); or the Investment Ombudsman. Bond Stone advises on the most appropriate dispute resolution route based on the nature of the dispute and the investor’s treaty position.

Chinese Investor — Mining Sector Entry

Foreign Investment · Kazakhstan · Mining · China

Advising a Chinese mining company on market entry into Kazakhstan — investment vehicle selection, subsoil ownership restriction analysis, AIFC holding structure, and BIT protection assessment under the China-Kazakhstan BIT.

AIFC Fintech — Investment Structuring

AIFC Fintech — Investment Structuring

Foreign Investment · AIFC · Fintech

Advising an international fintech investor on structuring an AIFC-based investment — AIFC entity formation, AFSA licensing pathway, and English law investment documentation.

SEZ Application — Manufacturing Investor

Foreign Investment · Kazakhstan · Manufacturing · SEZ

Advising a foreign manufacturer on qualifying for and applying to a Kazakhstani SEZ — eligibility assessment, application preparation, and review of SEZ operating conditions and tax incentive schedule.

BIT Protection — Investment Contract

Foreign Investment · Kazakhstan · BIT

Advising a European investor on maximising investment protection in Kazakhstan — BIT treaty selection, investment structuring to qualify for treaty protection, and assessment of eligibility for an investment contract with the government of Kazakhstan.

Profit Repatriation — Energy Sector

Foreign Investment · Kazakhstan · Energy

Advising an energy sector investor on dividend repatriation mechanics — National Bank currency control compliance, withholding tax treaty analysis, and structuring intercompany payments between the Kazakhstani subsidiary and the foreign parent.

Norwegian Company — Market Entry

Foreign Investment · Kazakhstan · Norway

Full market entry mandate for a Norwegian company establishing Kazakhstani subsidiaries — investment vehicle selection, company formation, director appointments, banking, work permits, and ongoing compliance advisory.

Australian Investor — Subsoil Sector

Foreign Investment · Kazakhstan · Mining · Australia

Advising an Australian mining company on investment structuring for a Kazakhstani copper exploration project — subsoil use licence acquisition, ownership restriction analysis, state pre-emption right framework, and AIFC holding structure.

UAE Investor — Real Estate Investment

Foreign Investment · Kazakhstan · Real Estate · UAE

Advising a UAE investor on real estate investment in Almaty — investment vehicle selection, land use right acquisition, BIT protection assessment, profit repatriation structure, and ongoing compliance advisory.

Pharmaceutical Investor — Ownership Analysis

Foreign Investment · Kazakhstan · Pharmaceuticals

Advising a foreign pharmaceutical investor on foreign ownership restrictions and licensing requirements for pharmaceutical manufacturing and distribution in Kazakhstan — regulatory framework analysis and investment structuring advice.