AIFC judicial system is based on English common law, Premier Sagintayev
The legal and judicial system, as well as in all financial centers of the world, is based on English common law.
The Arbitration Center, the International Financial Court and an independent financial regulator represented by the Astana Financial Services Authority have been established.
"All these structures are headed by world-renowned and experienced lawyers. I sincerely thank you, dear Sir Woolf and distinguished members of the Court, Lady Judge, Ms. Dohmann, for accepting the invitation of the Republic of Kazakhstan and, in fact, for being the first team of the managers of the Astana International Financial Center as a new element of the world financial system," the Prime Minister said.
Geographic and legal advantages of the AIFC are reinforced by tax incentives, simplified currency, visa and labor regimes and transport accessibility.
"The AIFC bodies and participants, as well as their employees, are exempted from tax payments for 50 years. This includes corporate income tax for incomes from financial and ancillary services, individual income tax, and land tax and property tax," he went on.
As stated there, the AIFC participants are free to use any currency provided for in the agreement and rules of the AIFC Stock Exchange.
A visa-free entry is established for citizens of 65 countries, including all OECD countries.
A special visa regime for up to 5 years is provided for employees of the AIFC Bodies, participants of it and their families.
"Transport accessibility has been expanded. Today Astana is connected by direct flights with 9 global financial centers. In the next year to year and a half, flights from other international locations will begin to become available (Singapore, Tokyo, New York, etc.)," the Premier resumed.