Kazakhstan Banks Halt Issuance of Cards to Foreigners

Kaspi Bank and Home Credit Bank have temporarily stopped issuing debit cards to non-residents, according to RBC, citing information from the customer support of these financial institutions. Freedom Bank and CenterCredit Bank have introduced new rules for foreigners, which limit the validity period and number of cards issued. However, these banks continue to issue cards under the updated regulations.

Home Credit Bank, a subsidiary of the Czech-based international financial group PPF, announced that the issuance of debit cards to non-residents of Kazakhstan has been halted indefinitely. Kaspi Bank stopped issuing cards to non-residents from January 19 to February 3, after which it plans to resume card issuance with a validity period of one year. Cards issued earlier will remain active until their expiry dates.

It is unclear whether these changes signal the start of a new wave of restrictions for foreigners or are isolated measures. However, Kazakhstan is gradually tightening its immigration policies, possibly aiming to significantly reduce "card tourism." Authorities are also addressing the remote issuance of banking cards, curbing such opportunities. Since January 1, 2025, individual identification numbers (IIN) are no longer issued to foreign citizens through the country’s embassies abroad. Now, obtaining an IIN requires a personal visit to a Population Service Center within Kazakhstan. Without an IIN, it is impossible to obtain a bank card.

Between 2022 and 2024, nearly 695,000 Russians with IINs were able to obtain bank cards in Kazakhstan, according to MarketOverview. Various firms have submitted applications on behalf of foreigners via online portals to generate IINs. The Ministry of Internal Affairs has also uncovered numerous advertisements and services for obtaining IINs outside Kazakhstan, primarily for Russian citizens. Investigations are ongoing in accordance with the country's operational and investigative legislation.

In early January 2025, Kazakhstan’s Agency for Regulation and Development of the Financial Market reduced the validity period for non-resident bank cards to 12 months. The official rationale is to minimize risks associated with the use of banking services for illegal drug trade and digital asset transactions. In 2023 alone, the National Bank of Kazakhstan identified approximately 1,500 cards with transactions worth several billion tenge, used by foreigners for illicit drug sales.

Additionally, banks are now required to verify client information using official documents, open sources, and other methods to identify the true beneficiary owners. Foreigners are also limited to holding a maximum of five cards within one bank and three cards across multiple financial institutions. These new rules do not apply to businesspeople, investors, or diplomats.

Freedom Bank’s customer support confirmed that card issuance for non-residents resumed on January 19 under the new government directives. The 12-month validity period also applies to the reissuance of previously issued cards, but existing cards will continue to operate under previous conditions.

At CenterCredit Bank, the updated requirements for issuing and reissuing cards came into effect on January 20. According to the bank, these changes do not affect foreigners with Kazakh residency permits or citizenship. Cards issued to non-residents before January 20, 2025, will remain unaffected.

Kazakhstan has become a key destination for Russians seeking relocation and "card tourism" following the onset of the military operation in Ukraine and the withdrawal of Visa and Mastercard from Russia. Kazakhstan's central bank noted that 50.7% of all new cards issued in June and July 2022 were tied to surging demand from Russian citizens. Between January and November 2022, 1.66 million Russians entered Kazakhstan, while 1.64 million left. Over 8,000 non-residents received IINs during this period.

By the end of 2024, Almaty alone was home to 80,000 Russian relocants. President Kassym-Jomart Tokayev instructed the government to develop support measures for those relocating to Kazakhstan, ensuring their safety and well-being. These measures included banning visa runs from January 27, 2023. Russians can stay in Kazakhstan for 90 days, after which they must either obtain a visa or leave the country for the same duration. The new requirements have also affected other foreigners. Obtaining residency permits was later made more difficult, requiring a foreign passport and the property owner’s personal presence or notarized authorization.