AIFC introduces Family Offices Framework

The Astana Financial Services Authority (AFSA) has enacted the AIFC Family Offices framework effective from 1 July 2024.

The Framework introduces specific regulations tailored for operations of Single Family Office (SFO) in the AIFC, which are able to open the SFO Funds. Such vehicles will allow managing family wealth in line with international practices. Recognising the unique nature of SFOs and their limited investor base, the framework includes streamlined regulatory provisions for SFO Fund Managers.

The AIFC Family Offices Framework represents a significant step towards strengthening the AIFC’s position as a leading international financial centre in Eurasia. This framework offers a robust regulatory and tax environment that caters specifically to the needs of SFOs, making the AIFC an attractive location for establishing and managing family wealth.

Reference:

The Astana Financial Services Authority (AFSA) is the independent regulator of the Astana International Financial Centre (AIFC), which is established in accordance with the Constitutional Law of the Republic of Kazakhstan “On the Astana International Financial Centre” for the purposes of regulating financial services and related activities in the AIFC. AFSA administers the AIFC Regulations and Rules and is responsible for the authorisation, registration, recognition and supervision of financial firms and market institutions in the AIFC.

Over 2,700 firms from 78 countries are registered in the AIFC. These firms provide banking, insurance, investment, professional and other services. The range of financial services offered at the AIFC is comparable to the list of services available in long-established financial centers of the world, such as London, Hong Kong, Singapore, Dubai and others. www.afsa.kz

The Astana International Financial Centre (AIFC) is an independent jurisdiction with a favourable legal and regulatory environment and a developed infrastructure for starting and doing business, attracting investment, creating jobs and developing Kazakhstan’s economy. https://aifc.kz/