Subsidiary VTB Bank JSC (Kazakhstan) reminds You that in accordance with an Article 4 of the Law of the Republic of Kazakhstan “About the amnesty of citizens of the Republic of Kazakhstan, repatriates and individuals, those having residence permit in the Republic of Kazakhstan”, December 23, 2016 is a deadline for submission of documents for the purpose of monetary means legalization.
Legalization has started in Kazakhstan on September 1, 2014 and will be finished on December 31, 2016. The main objective for carrying out by the government of a non-repeating campaign dedicated to property legalization is for the purpose of inclusion of money that was formerly drawn out from the legal economic cycle, as well as for creation of prerequisites for transition towards declaration of income and property of citizens of the Republic of Kazakhstan, repatriates and individuals, those having residence permit in the Republic of Kazakhstan.
The following is subject to legalization: money, securities, interest in authorized capital of a legal entity, immovable property that was registered on another person, immovable property that is located beyond the territory of the Republic of Kazakhstan.
In Subsidiary VTB Bank JSC (Kazakhstan) You can legalize money without payment of duties by means of their crediting to the current account and introduction of a special declaration to the public revenue agencies at the place of residence. Money that was legalized by means of crediting to the current bank account can be used by their owner at his/her own discretion, without necessity for their storage on such account.
There is a prohibition on information use that was obtained in the course of legalization against citizens for the purpose of carrying out of procedural actions, including those related to criminal prosecution or application of measures of administrative and disciplinary penalties. It has been established by Law that subjects of legalization are excused from criminal and administrative responsibility in the sense of a number of crimes and delinquencies.
Money that is being legalized is not considered as taxable income and, correspondingly, will not be subjected to income taxation.
After completion of this campaign, the one that will be finished on December 31, 2016, the whole information related to foreign accounts and immovable property around the world will be reexamined.
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