Kazakhstan is entering a new stage of investment policy. The country is not only trying to attract more foreign capital, but also to make investment projects more structured, predictable and easier to support through legal and tax instruments.
This is especially relevant after the adoption of the new Tax Code and the recent discussions around its implementation. In July 2026, Kazakhstan’s Government Project Office reviewed another package of amendments aimed at improving support for investment projects. Among the key proposals were the restoration of investment priority contracts and investment agreements with a full package of fiscal preferences.
For foreign investors, this is an important signal. Kazakhstan’s investment environment is becoming less about general promises and more about proper project structure. The main question is no longer only whether Kazakhstan offers incentives, but whether the investor’s project is prepared in a way that can actually qualify for them.
Why Investment Agreements Matter
For long-term projects, tax incentives are only one part of the story. Predictability is often just as important.
Investment agreements may help investors secure a clearer legal framework for large projects, especially where the project involves construction, imported equipment, infrastructure, local hiring or several years of implementation. According to Kazakhstan’s official government materials, investment agreements are available for large projects exceeding USD 60 million and may provide legislative stability for up to 25 years.
This can be particularly relevant for manufacturing, logistics, infrastructure, energy and industrial projects. These are not projects that can be launched overnight. They require land, permits, financing, contracts, customs planning and coordination with local authorities. A stable legal and tax framework can therefore become a practical business advantage, not just a formal benefit.
Incentives Are Not Automatic
Foreign investors should not assume that tax preferences apply simply because a project is large or strategically important.
In practice, incentives usually depend on whether the project meets specific legal requirements. The investor needs to check the project activity, investment amount, local entity structure, source of funds, business plan and supporting documents. If the project involves a foreign holding company, joint venture, related-party financing or cross-border payments, the tax structure should be reviewed before the investment is made.
This is where many investors underestimate the process. They first negotiate the commercial deal, and only later start checking whether the structure is suitable for incentives. A better approach is to plan the tax and legal structure from the beginning, before signing key contracts or transferring funds.
Infrastructure Costs Should Be Planned Early
One of the more practical proposals discussed in July 2026 concerns infrastructure. The Government Project Office proposed allowing investors to build the necessary infrastructure themselves, with later reimbursement of incurred costs through corporate income tax deductions.
This point may be important for projects outside major urban centers, or for industrial projects that require access roads, engineering networks, utility connections or logistics facilities.
For investors, the opportunity is clear: infrastructure costs may become part of the overall investment-support mechanism. But the risk is also clear. If these costs are not properly approved, documented and linked to the investment project, the investor may face difficulties when trying to obtain the expected tax treatment later.
Therefore, infrastructure should not be treated as a secondary technical issue. It should be part of the investment plan, tax model and negotiation strategy from the beginning.
What Investors Should Prepare
Before applying for investment support in Kazakhstan, foreign companies should prepare more than just a general business plan.
They should be ready to show who the investor is, where the money comes from, how the project will be implemented, what assets will be created, what taxes may arise and how the project will operate after launch. Corporate documents, ownership structure, financial model, investment schedule, permits, land or facility documents, contracts and tax calculations may all become relevant.
The same applies to future cash flows. Investors should review how profits will be distributed, whether dividends, interest, royalties or service fees will be paid abroad, and whether transfer pricing or withholding tax issues may arise.
In other words, investment incentives should be treated as part of the project structure, not as an afterthought.
Conclusion
Kazakhstan’s new tax and investment framework may create useful opportunities for foreign companies. But these opportunities will be most valuable for investors who prepare their projects carefully.
For companies considering Kazakhstan as a regional base, production location or infrastructure market, the key message is simple: incentives are available, but they must be structured properly.
A well-prepared project can make negotiations with local authorities smoother, reduce future tax risks and give the investor a stronger legal position from the start.
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