This means that Kazakhstan now receives information about foreign bank accounts, deposits and registered property held by its residents. The automatic exchange only applies to tax residents of the country.
Financial institutions that must submit customer information to tax authorities in their customer’s respective country of residence include banks and building societies, brokers, insurance companies, mutual funds, depositaries and other financial institutes.
Currently, 109 countries of the world are already exchanging financial information, and their number is constantly growing. In September 2020, Dominica, Ecuador, Liberia and Oman also started participating in the exchange.
The full list of countries already taking part in the automatic exchange of financial information can be seen on the official OECD website.
Have you ever thought of changing your tax residence status or moving to another country? Leave an enquiry to learn more about your options!