ASTANA — Kazakh citizens are increasingly placing their money in Middle Eastern financial hubs, with Türkiye and the United Arab Emirates (UAE) emerging as the top destinations, according to new data from the State Revenue Committee, Kazinform reported on April 8.
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As of the end of 2024, citizens of Kazakhstan declared 7,082 bank accounts in foreign banks, based on asset and liability declarations and income and property declarations.
Among Middle Eastern countries, Türkiye had the highest number of declared accounts, at 890, closely followed by the UAE with 874.
Other countries in the region where Kazakh citizens reported holding accounts include Israel, with 53 accounts and Qatar, with 45. Smaller numbers were recorded in Saudi Arabia, Iran, Oman, Jordan and Kuwait, while only a handful of accounts were declared in Lebanon and Egypt. One account each was reported in Iraq and Bahrain.
Nearly 10,000 properties declared abroad
The data also points to a broader pattern of overseas asset ownership. As of Dec. 31, 2024, Kazakh citizens declared 9,968 real estate properties abroad, along with 1,937 vehicles and 468 shares in foreign real estate construction projects.
Türkiye again leads in real estate holdings, with 794 properties declared, followed by the United Arab Emirates with 169. Other properties are spread across countries such as Lebanon, Egypt, Qatar and Iran.
A similar trend is seen in vehicle ownership, where the UAE ranks first with 115 vehicles, followed by Türkiye and Qatar, with fewer registered in Israel.
In construction-related investments, the UAE remains the primary destination, accounting for 122 declared shares, followed by Türkiye, Qatar and Oman.
