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General procedure for making payments and transfers for foreign exchange transactions

At the moment, when making a payment and (or) transferring money for a currency transaction, a resident or non-resident submits the following documents to the bank:

1) an identity document with an IIN in cases provided for by the laws of the Republic of Kazakhstan (for an individual);

2) a document confirming the right of permanent residence in the Republic of Kazakhstan (if any) (for an individual - a foreigner or stateless person);

3) a license of the National Bank to conduct banking and other operations (if any);

4) copies of documents confirming the fulfillment or on the basis of which it is necessary to fulfill obligations under foreign exchange contracts for export or import;

5) foreign exchange agreement or its copy. A foreign exchange agreement or a copy thereof, which is subject to the requirement to obtain an account number, is submitted with a mark on the assignment of an account number ( for a foreign exchange contract to which an account number was assigned after the entry into force of the Rules of March 30, 2019 No. 40 );

6) a registration certificate or a notification certificate - for foreign exchange agreements on the movement of capital or accounts with foreign banks subject to registration, for which a registration certificate or a notification certificate was received before the entry into force of the Rules and an account number was not assigned.

Submission of a foreign exchange agreement is not required in the following cases:

  • if the transfer of money for a currency transaction is carried out between resident individuals or between non-resident individuals within the Republic of Kazakhstan and is free of charge;
  • if the payment and (or) transfer of money for a foreign exchange operation is carried out in an amount not exceeding the equivalent of ten thousand US dollars, and the sender or beneficiary of the payment and (or) transfer of money is an individual, branch and (or) representative office of a foreign legal entity or non-resident -entity;
  • if the payment and (or) transfer of money for a foreign exchange operation is carried out in an amount not exceeding the equivalent of ten thousand US dollars, and a resident legal entity (sender and (or) beneficiary of the payment and (or) transfer of money) made or confirmed a record that that such a payment and (or) money transfer is not related to the execution of a foreign exchange agreement, according to which the assignment of an account number is required;
  • if the payment and (or) transfer of money for a foreign exchange operation is carried out by an individual to his own bank account (from his own bank account) in a foreign bank.

Payment and (or) money transfer for a foreign exchange transaction carried out by a resident-third party through an authorized bank on account of the fulfillment of the obligations of a resident and (or) a non-resident is allowed subject to the submission of an agreement defining the nature of mutual obligations between the resident-third party and the person for which payment and (or) money transfer is made, if it does not follow from the foreign exchange agreement on the basis of which such payment and (or) money transfer is made. If any of the foreign exchange contracts is subject to the requirement to obtain an account number, then a copy of the foreign exchange contract with a mark on the assignment of the account number, or a copy of the registration certificate, or a copy of the notification certificate is submitted.

If the payment and (or) transfer of money for a foreign exchange transaction is carried out by a resident individual in order to fulfill the obligations of a spouse or close relative, then a document confirming that the sender of the money is a spouse or close relative of a natural person is submitted as a foreign exchange agreement. a person, on account of whose obligations the payment and (or) transfer of money is made.

Mandatory notification of a foreign bank account and payment card transfer

Foreign bank account

A resident legal entity (with the exception of a bank and a branch (representative office) of a foreign organization) notifies the National Bank of the Republic of Kazakhstan about opening an account in a foreign bank by applying for the assignment of an account number to such an account before carrying out operations using such an account.

A resident legal entity (except for a bank and a branch (representative office) of a foreign organization) submits to the National Bank of the Republic of Kazakhstan information on transactions using an account opened in a foreign bank, indicating the account number.

To assign an account number to an account in a foreign bank, a resident legal entity (except for a bank and a branch (representative office) of a foreign organization) submits an application indicating the business identification number and a copy of the document of the foreign bank with the specified account details.

In cases of changing details or closing an account in a foreign bank to which an account number was assigned, a resident legal entity (except for a bank and a branch (representative office) of a foreign organization) notifies the National Bank of the Republic of Kazakhstan about this within the prescribed time frame.

Resident individuals do not notify the National Bank of the Republic of Kazakhstan about accounts with foreign banks. Individuals' money transfers from their own accounts (to their own accounts) in foreign banks are notified by the authorized bank that carries out such money transfers.

Transfer by payment card

If the payment and (or) transfer of money for a foreign exchange operation of a resident or non-resident using a payment card of the operation is carried out for an amount equal to fifty thousand US dollars in equivalent or more, then the resident or non-resident submits information at the request of an authorized bank.

When making a payment and (or) transfer of money in an amount equal to fifty thousand US dollars in the equivalent and above, a resident submits information about a currency transaction in the prescribed form, including indicating:

1) the country of registration of the sender of money and the beneficiary under the payment document, if these data do not coincide with those specified in the payment document;

2) a sign of an intracorporate money transfer;

3) the code of the currency operation for which the payment and (or) money transfer is carried out;

4) information about the sender and (or) the recipient of money under the foreign exchange agreement, in case of discrepancy with the sender of money and the beneficiary of the payment document;

5) the country of registration of the sender of money and the recipient of money under the foreign exchange agreement, in case of discrepancy with the sender of money and the beneficiary of the payment document;

6) details of the foreign exchange agreement and the account number of the foreign exchange agreement (if any).

For the purpose of indicating the currency operation code and other information provided for by this paragraph, at the request of the authorized bank, the resident legal entity submits constituent documents.

When making a payment and (or) transfer of money in an amount equal to fifty thousand US dollars in equivalent and above, a non-resident submits to the authorized bank the following information about a currency transaction in the prescribed form:

1) the country of registration of the sender of money and the beneficiary under the payment document, if these data do not coincide with those specified in the payment document;

2) the code of the currency operation for which the payment and (or) money transfer is made;

3) a sign of an intracorporate money transfer.

If the payment and (or) money transfer is made using a corporate payment card by a resident legal entity or resident branch (representative office) of a foreign non-financial organization for an amount equal to fifty thousand US dollars in the equivalent and above, then such a resident within thirty working days from on the day of such payment and (or) money transfer, submits to the authorized bank a foreign exchange agreement or a copy thereof.

Mandatory registration of foreign exchange agreements on capital flow and export / import

Capital flow operations

In accordance with the Law on Currency Regulation, capital flow transactions are transactions related to the transfer of ownership and other rights to currency values, carried out between residents of the Republic of Kazakhstan and non-residents of the Republic of Kazakhstan, providing for:

  • financial loans;
  • participation in capital;
  • transactions with securities, participation interests and derivative financial instruments;
  • acquisition of ownership of real estate, with the exception of movable things, equated or referred to real estate by the laws of the Republic of Kazakhstan;
  • acquisition of completely exclusive rights to intellectual property objects;
  • transfer of money and other property in fulfillment of the obligations of a participant in joint activities, as well as in trust, trust;
  • transfer of money and financial instruments to professional participants in the securities market, carrying out foreign exchange operations on behalf of clients, to accounts for accounting and storage of money belonging to clients;
  • gratuitous transfer of money and other currency values;

A resident (with the exception of an authorized bank and a branch (representative office) of a foreign organization) who is a party to a foreign exchange agreement on the movement of capital applies to the National Bank of the Republic of Kazakhstan for the assignment of an account number to a foreign exchange agreement on capital movement prior to the commencement of fulfillment of obligations under such a foreign exchange agreement by any of its parties.

If the fulfillment by a resident of obligations under a foreign exchange agreement on the movement of capital is preceded by the transfer of property (receipt of money) from a non-resident in favor of a resident, then the application for the assignment of an account number to a foreign exchange agreement on the movement of capital is carried out before the transfer of property (receipt of money) at the disposal of the resident and (or) crediting money received to the resident's bank accounts with authorized banks.

Under the foreign exchange agreements on the movement of capital subject to record registration, payments and (or) money transfers through bank accounts in authorized banks are carried out only if there is an account number.

Export and import

In accordance with the Resolution of the Board of the National Bank of the Republic of Kazakhstan dated March 30, 2019 No. 42 "On approval of the Rules for the implementation of export-import currency control in the Republic of Kazakhstan", a foreign exchange agreement on export or import is subject to record registration if the amount of such an agreement exceeds 50,000 (fifty thousand) United States dollars   in equivalent.

If the amount of the contract is not indicated in the foreign exchange agreement on export or import as of the date of its conclusion, then such an agreement is considered as an agreement subject to record registration.

An exporter or importer applies for an account number prior to the commencement of the fulfillment of obligations under a foreign exchange agreement for the export or import of any of its parties. If the first fulfillment of obligations under a foreign exchange agreement for export or import begins its non-resident participant, and such performance is associated with the transfer of property (receipt of money) in favor of the resident exporter or importer, then such a resident applies for registration before receiving the property (money) in your order.

If a non-resident participant is the first to start fulfilling in the territory of a foreign state obligations under a foreign exchange agreement for the import of works (services), one of the parties to which is a resident legal entity holding a certificate of an operator of civil aircraft, then the resident applies for registration of the foreign exchange agreement within 90 (ninety) calendar days after the fulfillment of obligations by a non-resident, but not later than the date of commencement of the fulfillment of obligations by a resident.

An exporter or importer who has accepted the right of claim against a non-resident or has accepted a debt to a non-resident as a result of assignment of a claim or transfer of debt shall apply for registration no later than 30 (thirty) calendar days from the date of acceptance of such a right of claim or debt, but before the commencement of fulfillment of obligations under the assigned claim (transferred debt) of any of its parties.

Accounting registration is carried out:

1) in an authorized bank (its branch), which serves the bank account of the exporter or importer, - if all payments and (or) money transfers are made using the account of the exporter or importer in the authorized bank (its branch);

2) in an authorized bank (its branch), which serves the bank account of the exporter or importer - if payments and (or) money transfers are made using accounts opened both in the authorized bank (its branch) and in a foreign bank;

3) in the territorial branch of the National Bank at the place of permanent residence or location of the exporter or importer - if all payments and (or) money transfers are made using the exporter's or importer's account in a foreign bank specified in subparagraph 1) of paragraph 3 of Article 9 The Law on Foreign Exchange Regulation and Foreign Exchange Control.

Carrying out foreign exchange transactions

For the purpose of monitoring foreign exchange transactions, the National Bank of the Republic of Kazakhstan:

1) carries out accounting registration of foreign exchange contracts, on the basis of and (or) pursuant to which operations of capital movement are carried out (hereinafter referred to as foreign exchange contracts for the movement of capital) and receives information about foreign exchange transactions carried out on them and related requirements to non-residents and obligations to non-residents;

2) receives notifications about conducted foreign exchange transactions, including information about payments made and (or) money transfers for foreign exchange transactions;

3) receives notifications about accounts in foreign banks opened by residents (except for banks and branches (representative offices) of foreign organizations), and carries out accounting registration of such accounts;

4) receives information on a regular basis from branches (representative offices) of foreign non-financial organizations operating in the Republic of Kazakhstan.

The account number of the National Bank is assigned by the National Bank:

1) foreign exchange contracts, on the basis and (or) pursuant of which foreign exchange transactions are carried out;

2) accounts of residents (except for banks and branches (representative offices) of foreign organizations) in foreign banks;

3) foreign exchange agreements on the movement of capital, accounts of residents (except for banks and branches (representative offices) of foreign organizations) in foreign banks;

4) foreign exchange contracts for export or import, settlements under which are carried out through such accounts. Authorized banks assign account numbers to foreign exchange contracts for export or import, settlements for which are carried out through accounts with authorized banks.

The procedure for carrying out currency transactions between residents and non-residents is governed by the Rules for carrying out currency transactions in the Republic of Kazakhstan dated March 30, 2019 No. 40 .

Currency regulation authorities

The main body of currency regulation in the Republic of Kazakhstan is the National Bank. Currency control agents are authorized banks and authorized organizations.

The National Bank, as the main body of foreign exchange regulation, approves the rules governing foreign exchange control, monitoring and the mechanism of foreign exchange transactions.

Concepts

Residents of the Republic of Kazakhstan in the field of currency regulation and currency control are:

  • citizens of the Republic of Kazakhstan, with the exception of citizens of the Republic of Kazakhstan permanently residing in a foreign state on the basis of the right granted in accordance with the legislation of this foreign state;
  • foreigners and stateless persons permanently residing in the Republic of Kazakhstan on the basis of a permanent residence permit in the Republic of Kazakhstan;
  • legal entities (with the exception of international organizations), created in accordance with the legislation of the Republic of Kazakhstan, with a location in the Republic of Kazakhstan, as well as their branches (representative offices);
  • international organizations located in the Republic of Kazakhstan, if an international agreement on their establishment has determined the status of a resident for them;
  • foreign establishments of the Republic of Kazakhstan;
  • From December 16, 2020, branches of foreign financial organizations that, in accordance with the laws of the Republic of Kazakhstan, are entitled to carry out banking and (or) insurance activities in the territory of the Republic of Kazakhstan, are recognized as residents;
  • branches (representative offices) of foreign non-financial organizations, which are permanent establishments of such foreign non-financial organizations in the Republic of Kazakhstan in accordance with The Code Of the Republic of Kazakhstan "On taxes and other obligatory payments to the budget", with the exception of branches (representative offices) of foreign non-financial organizations recognized as non-residents of the Republic of Kazakhstan in accordance with the Law on Currency Regulation.

Non-residents of the Republic of Kazakhstan in the field of currency regulation and currency control are:

  • non-resident individuals not listed above;
  • legal entities and organizations that do not form a legal entity, created in accordance with the legislation of foreign states, with a location outside the Republic of Kazakhstan, as well as their branches (representative offices) in the Republic of Kazakhstan, carrying out activities that do not lead to the formation of a permanent establishment of a non-resident in accordance with With tax legislation;
  • branches (representative offices) of foreign non-financial organizations for which the non-resident status under the currency legislation of the Republic of Kazakhstan is established by the terms of agreements concluded on behalf of the Republic of Kazakhstan with foreign organizations and entered into force before putting into effect of this Law;
  • international organizations, unless otherwise specified by an international treaty on their establishment.

The list of branches (representative offices) of foreign non - financial organizations for which the non-resident status under the currency legislation of the Republic of Kazakhstan is established by the terms of agreements concluded on behalf of the Republic of Kazakhstan with foreign organizations, approved by the Resolution of the Government of the Republic of Kazakhstan dated April 11, 2019 No. 179 https://adilet.zan.kz/eng/docs/P1900000179. The list consists of the names of 25 branches of foreign non-financial organizations with an indication of their BIN.

Currency transactions between residents and non-residents are carried out in national and (or) foreign currency without restrictions in accordance with the currency legislation of the Republic of Kazakhstan.

Non-residents have the right to freely receive and transfer money for any currency transactions with their branches (representative offices) located in the Republic of Kazakhstan in accordance with the currency legislation of the Republic of Kazakhstan.

Non-residents have the right to freely receive and transfer dividends, remuneration and other income received from deposits (deposits), securities, debt and other foreign exchange transactions with residents, in accordance with the foreign exchange legislation of the Republic of Kazakhstan.

The conditions and procedure for conducting foreign exchange transactions related to the provision of financial and professional services on the territory of the Astana International Financial Center are determined by the acts of the Astana International Financial Center in agreement with the National Bank of the Republic of Kazakhstan.

Currency regulation in the Republic of Kazakhstan

According to article 127 of the Civil Code of Kazakhstan, the currency in the Republic of Kazakhstan is tenge. Tenge is a legal tender that must be accepted at face value throughout the territory of the Republic of Kazakhstan.

Cases, procedure and conditions for settlements in foreign currency on the territory of the Republic of Kazakhstan are determined by the currency legislation of the Republic of Kazakhstan.

The currency legislation of the Republic of Kazakhstan is based on The Constitution Of the Republic of Kazakhstan and consists of the Law of the Republic of Kazakhstan "On foreign exchange regulation and foreign exchange control" dated July 2, 2018 No. 167-VI (Law on foreign exchange regulation), other laws of the Republic of Kazakhstan, decrees of the President of the Republic of Kazakhstan, as well as regulatory legal acts of foreign exchange regulation bodies and currency control authorities.

In accordance with Article 282 of the Civil Code of the Republic of Kazakhstan (General Part), monetary obligations in the territory of the Republic of Kazakhstan must be expressed in tenge, except for the cases established by the legislative acts of the Republic of Kazakhstan.

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