I n Kazakhstan, it is expected to open a savings account in dollars for newborn children, and introduce a system that provides for the transfer of funds to it until the child turns 18 years old. In this case, the approximate amount of money in each child's savings can be 3500 USD dollars.
The Ministry of Finance of Kazakhstan presented the details of the National Children's Fund project, which is planned to be launched in the country from 2024.
According to Deputy Minister of Finance Dauren Temirbekov, the National Bank calculates 50% of the investment income taking into account the average profitability of the National Fund in previous years. It is proposed to determine the rate of investment return at the level of the average annual value for the previous 18 years until the reporting period. In this case, the approximate amount of money in each child's savings can be 3500 US dollars.
The bank account is opened automatically at the birth of the child using the database of the Ministry of Justice and is replenished annually from the funds received from the extraction of natural resources. Replenishment of the account is carried out annually on January 1, until the child turns 18 years old.
These funds can be used for housing and education after the age of 18. It is planned to exempt such accounts from tax.
"After turning 18, the funds become the property of the child and he decides independently how to use them. Can be used for education or housing purchase. At the same time, it is not planned to impose restrictions on the use of funds to pay tuition fees at a foreign educational institution. In turn, the use of the collected funds for the purchase of housing is allowed only in Kazakhstan. These funds do not include restrictions on the resale of purchased housing," added Dauren Temirbekov.
The project also envisages the following:
i f a child under the age of 18 leaves the country and changes citizenship, then the right to demand payments is lost. Funds are redistributed among the remaining children;
if a child under the age of 18 leaves the country without changing his citizenship, the right to demand payments remains;
Funds in the account of a child who has reached the age of 18 are kept for 5-10 years;
if the funds are not required within 5-10 years, the funds in the account are transferred to the pension account;
it will be possible to inherit and transfer the collected funds in accordance with civil legislation;
if the child is incapacitated, his parents or guardians are given the right to use the funds in accordance with the procedure established by law.
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