FINANCIAL
INVESTMENT
TAMCHY TERRITORY
13.1. Legal basis
The Special Financial Investment Territory "Tamchy" (SFIT "Tamchy") was established in 2025 by the Law of the Kyrgyz Republic "On the Special Financial Investment Territory 'Tamchy' with a special legal regime and status" dated July 10, 2025, No. 136 (hereinafter – the SFIT Law).
| Key law | Law of the Kyrgyz Republic "On the Special Financial Investment Territory 'Tamchy' with a special legal regime and status" dated July 10, 2025, No. 136 |
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| Governing bodies | Management Council, management company, registrar, financial regulator, International Dispute Resolution Center |
SFIT "Tamchy" represents a part of the territory of Issyk-Kul region of Kyrgyzstan, where a special legal regime for entrepreneurial and investment activities operates. The objectives of creating this territory are:
The territory of SFIT "Tamchy" includes four land plots with a total area of 5,964.73 hectares, located within the boundaries of the rural districts Shayibek Ata and Toru-Aygyr-Tamchy of Issyk-Kul district, Issyk-Kul region.55
Decree of the President of the Kyrgyz Republic "On defining the borders of the Special Financial Investment Territory 'Tamchy' with a special legal regime and status" dated November 7, 2025, No. 305.
economic development
of the Kyrgyz Republic;
ensuring guarantees for the protection of rights and legitimate
interests of investors (including foreign ones)
improvement of the investment
climate
creation and development of production, transport
infrastructure, tourism
and sanatorium-resort
sphere
attraction
of investments
other purposes defined in the Law on SEZ
13.2. Special legal regime
One of the key features of the SEZ "Tamchy" is the special legal regime, which provides for the creation of an independent system of regulation of certain areas of activity through acts of the SEZ "Tamchy".
Acts of the SEZ "Tamchy" are adopted by the management company and have binding force within the territory of the SEZ. They may regulate:
• the establishment, registration, conduct of activities, as well as the status of entities, conditions for conducting entrepreneurial activities by legal entities and individuals in the SEZ "Tamchy";
• the creation, management, functioning, powers and duties of governing bodies, as well as other management bodies established in the SEZ "Tamchy";
• the conduct of banking, financial, insurance, brokerage activities, including in the field of virtual assets and other types of activities, establishing requirements for persons entitled to carry out such activities;
• the application of the norms and principles of the English legal system, as well as other common law jurisdictions to the relations specified in the Law on SEZ;
• other issues related to the activities of the SEZ "Tamchy".
| BUSINESS COMPASS | Legal guide on Kyrgyzstan Certain categories of relations within the territory of the SEZ "Tamchy" are regulated by SEZ acts, unless otherwise agreed by the parties to such relations. These include, in particular: • civil-law relations;56 • labor relations; • financial relations; • labor relations; • procedures for procurement of goods, works and services by management bodies. SEZ acts must be based on the principles of the English legal system, other common law jurisdictions, as well as on the standards of leading global financial centers and free zones with a special legal regime. 61 56 Including relations related to participation in SEZ "Tamchy" entities that are organizations and/or their management. | |||
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| BUSINESS COMPASS | Legal Reference Guide on Kyrgyzstan | |||
| Certain categories of relations within the territory of the SEZ "Tamchy" are regulated by the acts of the SEZ, unless otherwise agreed by the parties to such relations. These include, in particular: • civil-law relations;56 • labor relations; • financial relations; • labor relations; • procurement procedures for goods, works, and services by management bodies. SEZ acts must be based on the principles of the English legal system, other common law jurisdictions, as well as on the standards of leading global financial centers and free zones with a special legal regime. 61 56 Including relations related to participation in SEZ "Tamchy" entities that are organizations and/or their management. |
Legislation of the Kyrgyz Republic in the territory of the SEZ "Tamchy" is applied as follows:
• with respect to financial institutions of the SEZ "Tamchy", the Laws "On the Securities Market", "On Virtual Assets", "On Banks and Banking Activities" do not apply, and with respect to the management bodies of the SEZ "Tamchy", the Law "On Bankruptcy (Insolvency)" does not apply; labor relations;
• the licensing procedure for SEZ "Tamchy" entities is regulated by the SEZ Law;
• a number of codes and laws of the Kyrgyz Republic57 apply only to the extent not regulated and not contradicting the SEZ Law and acts derived from it;
• in case of conflicts between the SEZ Law and a constitutional law or code, the SEZ Law shall take precedence.
• acts of the SEZ "Tamchy" are classified as normative legal acts.
Including the Land Code, Civil Code, Civil Procedure Code, Code on Non-Tax Revenues, Labor Code, Tax Code, Laws "On Normative Legal Acts", "On Banks and Banking Activities", "On Public Procurement", "On Licensing and Permitting System", "On the Securities Market", "On Virtual Assets", "On External Migration", "On External Labor Migration", "On Bankruptcy (Insolvency)".
13.3. SEZ "Tamchy" Entities
To conduct activities within the territory of the SEZ "Tamchy" and to utilize its advantages, individuals and legal entities must obtain the status of an SEZ "Tamchy" entity.
Entities of the SEZ may be individuals and legal entities, including foreign persons, registered in the prescribed manner within the territory of the SEZ "Tamchy" and, if necessary, having obtained the relevant licenses.
The legislation also provides for a prohibition on interference by state bodies and local self-government bodies of the Kyrgyz Republic in the activities of the SEZ "Tamchy" and its entities within the powers granted by the SEZ Law.
A detailed list of permitted types of activities within the territory of the SEZ "Tamchy" is provided in Article 16 of the SEZ Law.
13.4. Permitted Types of Activities
A wide range of commercial activities are permitted within the Tamchy SEZ, including:58 The SEZ Law also allows the establishment of banks, crypto banks, stock, currency and cryptocurrency exchanges, brokers, and other financial institutions within the Tamchy SEZ.
An independent financial regulator is established to regulate financial activities within the SEZ, responsible for licensing and supervision, including activities related to virtual assets.
financial, banking, and investment activities
asset management and investment funds
activities in the field of virtual assets
insurance and reinsurance
activities in financial markets
project and corporate financing
Islamic banking and financing;
operations with precious metals
other types of commercial activities not prohibited by law58
13.6. Visa and Migration Regime
A special visa and migration regime is provided for foreign employees of Tamchy SEZ entities, management personnel, and their family members.
Key features include:
• issuance of special visas valid for up to five years with the possibility of extension;
• simplified entry and exit procedures;
• employment of foreign labor without the need to obtain work permits.
The Issyk-Kul International Airport provides for the operation of a dual-gate system, allowing entry directly into the Tamchy SEZ territory without exiting to the rest of the Kyrgyz Republic. Additionally, the legislation provides for visa-free stay within the SEZ for up to 96 hours.59
Chapter 64 of the Tax Code of the Kyrgyz Republic dated January 18, 2022, No. 3.
13.5. Tax, Customs, and Currency Regime
Key features of the SFIT "Tamchy" include:
• a special tax regime providing exemption from all types of taxes for a period of 49 years from the date of entry into force of the SFIT Law;59
• free circulation of foreign currency and virtual assets; • application of the customs procedure of a free customs zone throughout the territory of SFIT "Tamchy"; • the possibility of settlements in any currency by agreement of the parties.
| BUSINESS COMPASS | Legal Guide to Kyrgyzstan 13.7. International Dispute Resolution Center For the resolution of civil and commercial disputes within the territory of SFIT "Tamchy", an International Dispute Resolution Center (IDRC) is established, which is not part of the judicial system of the Kyrgyz Republic. The IDRC includes: Arbitration Committee, including a center for alternative dispute resolution. The exclusive jurisdiction of the IDRC covers civil and commercial disputes between SFIT entities, management bodies, and other participants in activities within the SFIT territory. By agreement of the parties, other civil and commercial disputes not directly related to activities within the SFIT territory may also be referred to the IDRC. The activities of the IDRC are based on the principles of the English legal system and the standards of leading international commercial courts and dispute resolution centers. 65 | |||
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| BUSINESS COMPASS | Legal Guide to Kyrgyzstan | |||
| 13.7. International Dispute Resolution Center For the resolution of civil and commercial disputes within the territory of SFIT "Tamchy", an International Dispute Resolution Center (IDRC) is established, which is not part of the judicial system of the Kyrgyz Republic. The IDRC includes: Arbitration Committee, including a center for alternative dispute resolution. The exclusive jurisdiction of the IDRC covers civil and commercial disputes between SFIT entities, management bodies, and other participants in activities within the SFIT territory. By agreement of the parties, other civil and commercial disputes not directly related to activities within the SFIT territory may also be referred to the IDRC. The activities of the IDRC are based on the principles of the English legal system and the standards of leading international commercial courts and dispute resolution centers. 65 |
See also
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These materials were prepared by the National Investment Agency together with Baker Tilly, are informational only and do not constitute legal advice. Data is current as of June 2026. Verify against applicable laws and consult the NIA before making decisions.