The President of the Kyrgyz Republic, Sadyr Japarov, has officially opened the Tamchy Special Financial Investment Territory (SFIT) along the banks of Lake Issyk-Kul. This new international jurisdiction aims to establish a robust financial centre that adheres to global business standards.

During the inauguration, President Japarov welcomed the first wave of companies setting up operations in Tamchy, with participants from South Korea, the UAE, Hong Kong, Switzerland, and Kazakhstan. Currently, twenty firms from various countries are in the process of securing residency within the Tamchy SFIT.

The event was marked by President Japarov activating a geotag-shaped switch, symbolically placing the Tamchy SFIT on the global economic map.

Features of Tamchy SFIT

Operating under the principles of English common law, the Tamchy SFIT is equipped with its own financial regulatory body, an International Dispute Resolution Centre, and a single-window digital registrar. A unique tax regime is in place, ensuring a 0% tax rate on profits, dividends, capital gains, and VAT for 49 years, alongside provisions for 100% foreign ownership and unrestricted profit repatriation.

The territory spans approximately 6,000 hectares and includes an operational business centre, while development for hotels and residential areas is underway. The newly established Issyk-Kul International Airport is conveniently located nearby, enhancing accessibility.

Ali Ijaz Ahmad, the First Deputy Chairman of the Tamchy SFIT Management Council, highlighted that successful financial centres must understand the needs of international businesses. He emphasised that the Tamchy SFIT is designed to offer a trustworthy and flexible platform, benchmarked against global standards and strategically positioned at the crossroads of five economies within the Eurasian Economic Union (EAEU). This aims to ensure a neutral and sustainable jurisdiction for investors.

Future Prospects of Tamchy SFIT

Seo Dong Hyun, CEO of Serim, was among the first executives to commit to establishing a presence in the Tamchy SFIT. He noted his extensive experience in high technology and energy investments, stressing that legal certainty and regulatory trust are fundamental to long-term commitments.

Seo expressed admiration for the swift establishment of the SFIT, which was developed in a year—remarkably quicker than other global jurisdictions. He viewed his investment not merely as a business venture but as a legacy for future generations.

Looking ahead, the Tamchy SFIT aspires to attract around 4,000 resident companies by 2035, creating over 10,000 jobs. The anticipated economic contribution of this initiative to Kyrgyzstan is projected to reach $20 billion between 2026 and 2035, signifying a substantial boost to the nation’s economic landscape.

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