As of September 20, 2025, Kyrgyzstan has introduced significant changes to its tax legislation that make investments in global capital markets more attractive to both domestic and international investors. According to amendments to the Kyrgyz Tax Code, income from securities traded on leading global exchanges — such as the New York Stock Exchange (NYSE), NASDAQ, London Stock Exchange (LSE), and Tokyo Stock Exchange — is now exempt from personal income tax. This measure is aimed at stimulating investment activity and integrating Kyrgyzstan into international financial flows.
The changes were enacted by Kyrgyz Law No. 37 of February 12, 2025, “On Amendments to Certain Legislative Acts of the Kyrgyz Republic in the Field of Taxation.”
The changes were enacted by Kyrgyz Law No. 37 of February 12, 2025, “On Amendments to Certain Legislative Acts of the Kyrgyz Republic in the Field of Taxation.”
Who is eligible and under what conditions?
To benefit from the exemption, securities must meet strict criteria:
- Listing on the Kyrgyz Exchange (KSE)
The shares or instruments must be included in the KSE listing at the top tier (first level) or the second tier.
- Foreign exchanges
Alternatively, the securities must be traded on approved overseas exchanges included in a special list adopted by the Cabinet of Ministers of the Kyrgyz Republic. That list already includes major global exchanges such as NYSE, NASDAQ, LSE, and the Tokyo Stock Exchange — opening the door to tax-free investments in stocks like Apple, Tesla, HSBC, or Toyota.
Broader reform context
Law No. 37 is part of a broader tax reform agenda. Earlier in 2025, Kyrgyzstan also abolished dividend taxation for residents and citizens. These changes aim to enhance the country’s appeal to investors and integrate the local capital market into the global economy.
What’s next for investors?
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