At least two banks in Kazakhstan — Kaspi Bank and Home Credit Bank — have suspended the issuance of debit cards for Russians without a residence permit in the country. This was reported by Radio Liberty with reference to RBC.

What happened

Kaspi Bank stopped issuing cards to non-residents of the country until at least February 3. After that, they promised to resume issuing cards. According to the new rules, they will be issued for a year.

Home Credit Bank has suspended issuing cards for an indefinite period.

Why is that?

The banks' decision is related to the fact that earlier the Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan prohibited opening cards for foreigners without a residence permit for a period of more than a year. It is stated that the measure was taken to "minimize the risks of using banking services in the field of illegal drug trafficking and digital assets."

No residence permit – no card

Due to bank restrictions, Russians will not be able to come to Kazakhstan just for cards: they will have to become tax residents of the country and pay taxes there (they become residents automatically upon receiving a residence permit).

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Cover : Illustrative photo from myfin.by