Published
05/14/2025, 15:20At first glance, RCA Living, a company developing the former Ak-Kula racetrack in Bishkek, appears to be a foreign investor from Vietnam. However, if you try to find this company in the Ministry of Justice database, specifying Vietnam as the “country of origin of capital,” the system will return 37 companies that are not affiliated with them in any way.
But if you select Gibraltar as the country, you will immediately find three companies belonging to the RCA group. All of them are registered with foreign capital from this jurisdiction.
Gibraltar is a small British territory that until recently was listed on international offshore zone lists. But in March 2024, Gibraltar was removed from the FATF's “grey list.” This made it more attractive to companies seeking to structure their businesses with lower taxes and less transparency.
Apparently, Vietnamese investors took advantage of this.
As of May 2025, only five companies with Gibraltar capital are registered in Kyrgyzstan:
one has been operating since 2022 and is engaged in software development;
three are part of the RCA group, which is currently developing the former racecourse;
another one, Solaris Finance Limited, was registered quite recently, on April 10, 2025. It is also managed by Vietnamese citizen Le Quan Vu, listed as a holding company and possibly related to RCA, although this has not yet been confirmed.
