Kyrgyzstan Extends Asset Legalization Campaign Until Year End

A bill titled “On Amendments to the Law of the Kyrgyz Republic ‘On Voluntary Legalization and Amnesty of Assets of Individuals'” has been developed for this purpose. The proposed amendment includes a provision for the certification of special declarations, potentially involving private notaries.

The Ministry of Justice has endorsed the extension, emphasizing its alignment with the goals of the law and the broader economic objectives. The campaign allows individuals to declare and legalize their assets, with the aim of promoting transparency and compliance with legal frameworks.

As of the latest update from the Ministry of Justice, 3,716 citizens have already submitted special declarations to legalize their property. During a recent briefing, Kubanychbek Isabekov, Head of the Tax Policy Department at the Ministry of Economy and Commerce, disclosed that 73 individuals, whose assets exceeded 100 million soms, have paid a one-time contribution of 1 million soms.

Under the current law, citizens have until June 9, 2024, to take advantage of the Asset Legalization Campaign. The legislation enables the legalization of various assets, including movable and immovable property, as well as cash, acquired as of January 1, 2023. The state provides assurances regarding the safety of assets and protection from criminal prosecution to individuals participating in the campaign.