Special Visa and Tax Incentives: Key Takeaways from the Kazakhstan–Cyprus Business Forum

President of Cyprus Nikos Christodoulides and Prime Minister of Kazakhstan Olzhas Bektenov discussed strengthening economic cooperation between the two countries, as well as initiatives aimed at enhancing transport and investment links between Asia and Europe. These topics were among the central themes of the Kazakhstan–Cyprus Business Forum held in Astana as part of the Cypriot president’s official visit.

The event brought together government officials and business leaders from both countries, including Freedom Holding Corp. CEO Timur Turlov. During the visit, Christodoulides also held talks with Kazakhstan’s President Kassym-Jomart Tokayev.

Cyprus as a Gateway to the European Market for Kazakh Businesses

In recent years, Kazakhstan and Cyprus have significantly expanded their bilateral cooperation. The two countries have been developing direct air connections, joint investment projects, transport routes, and partnerships in digital technologies.

During the forum, the Kazakh side presented investment opportunities and government support measures available to foreign investors. These include the special “Golden Visa” program, end-to-end support for investment projects, the financial instruments of the Astana International Financial Centre (AIFC), tax incentives and investment benefits, as well as access to the country’s digital infrastructure. More than 30 companies with Cypriot capital are currently registered within the AIFC.

The President of Cyprus described Kazakhstan as one of his country’s most important partners in Central Asia and a significant partner of the European Union.

“Cyprus views Kazakhstan as a strategically important partner, a country of growing regional and international significance that is playing an increasingly important role in strengthening ties between Europe and Asia and in developing new trade and investment corridors across Eurasia,” the Cypriot leader said.

According to Christodoulides, the Trans-Caspian International Transport Route is gaining particular importance, while Kazakhstan is becoming one of the key elements of the emerging logistics architecture linking Europe and Asia.

Digitalization was highlighted as another promising area for cooperation. Significant opportunities for joint projects exist in fintech, GovTech, artificial intelligence, and other technology-driven solutions. Participants also emphasized the potential of the agricultural sector: Kazakhstan is one of the world’s largest grain producers, while Cyprus possesses expertise in creating high-value-added products.

“The Cypriot economy continues to demonstrate resilience and steady growth despite today’s challenges. By working together, we can transform this potential into tangible results, creating new opportunities, stronger economic ties, and long-term prosperity for our peoples and economies,” Christodoulides stated.

He added that Cyprus can serve as a convenient platform for Kazakh companies seeking access to European Union markets.

Freedom’s Expansion Across Europe: From Cyprus to 10 EU Countries

The forum was moderated by Freedom Holding Corp. founder Timur Turlov. He noted that Cyprus has remained one of Kazakhstan’s key partners in financial and investment services for many years.

Freedom began operating in Cyprus in 2013. The country became the first EU member state where the holding launched its investment products. Today, the company is the largest broker in the Cypriot market, and its European network already spans ten EU countries. The number of clients served by Freedom’s European division has now surpassed the company’s client base in Kazakhstan.

Previously, Freedom Finance Europe Ltd. CEO Evgeny Tyapkin noted that Cyprus maintains one of the strictest regulatory environments in Europe.

In addition to brokerage services, the holding plans to expand its banking operations in Europe and is awaiting a banking license in France. Freedom intends to invest approximately €500 million over the next five years in developing its ecosystem in the country.

Alongside Cyprus, which serves as the company’s European headquarters, Freedom’s brokerage business is present in Lithuania, Poland, Germany, the Netherlands, France, Spain, Italy, Greece, and Bulgaria. By the end of 2025, the European division’s net commission income had reached $368.9 million, compared with $190.4 million two years earlier. Profit after tax increased from $120.7 million to $252.7 million over the same period. The number of European clients exceeded 440,000, while client assets under custody reached $11 billion.

Over the coming years, the holding also plans to expand into Portugal, the Czech Republic, Hungary, and Romania, further developing its financial services in those markets.

At the same time, the company continues its expansion into Georgia and Turkey. In Georgia, Freedom has already obtained approval from Kazakhstan’s regulator to conduct banking operations and is awaiting the completion of approvals from local authorities.

In Turkey, where Freedom Yatırım Menkul Değerler A.Ş. is already operating, Timur Turlov is pursuing the acquisition of Turkish Bank A.Ş. The transaction is currently undergoing regulatory review.

Turlov previously noted on social media that the Turkish market, with a population of approximately 90 million people, presents significant opportunities for launching the Freedom SuperApp. The platform integrates banking, brokerage, insurance, government, and lifestyle services and has already become one of the most popular financial applications in Kazakhstan. Today, its user base exceeds 5 million people. Freedom plans to invest around $300 million in developing its ecosystem in Turkey.