Banking, Money and Taxes in Kazakhstan

The banking sector in Kazakhstan is one of the most stable and rapidly evolving in Central Asia, with strong regulatory oversight and a fast-growing digital economy. Over 85 percent of transactions are cashless, and the country has embraced fintech, mobile banking, and contactless payments.

Foreign investors benefit from relaxed forex regulations at the Astana International Financial Centre (AIFC), while expats can access a growing number of English-friendly banking services. Managing your money in Kazakhstan is becoming more seamless, secure, and future-focused.

Money in Kazakhstan

The local currency in Kazakhstan is the Kazakhstani Tenge (KZT), issued by the National Bank of Kazakhstan (NBK). One tenge is divided into 100 tiyn, although tiyn coins are no longer widely used. The tenge fluctuates based on factors such as oil prices, global market trends, and monetary policy adjustments by the NBK. Although exchange rates can shift, the central bank actively works to maintain stability.

Banknotes and coins currently in circulation include:

• Notes: KZT 500, KZT 1,000, KZT 2,000, KZT 5,000, KZT 10,000 and KZT 20,000
• Coins: KZT 1, KZT 2, KZT 5, KZT 10, KZT 20, KZT 50 and KZT 100

Banking in Kazakhstan

Banking in Kazakhstan is well developed, with a mix of local and international banks offering a full range of services. Some of the most popular local banks include Halyk Bank, Kaspi Bank, and Jusan Bank, while multinational institutions like Citibank and Bereke Bank (formerly Sberbank Kazakhstan) also operate in the country. These banks provide services ranging from digital banking and corporate accounts to foreign currency transactions and investment services.

Banks are typically open on weekdays from 9am to 6pm, with a lunch break in between. Some branches in urban centres offer extended hours or weekend service, but rural branches may have more limited availability.

Opening a bank account

Setting up a bank account in Kazakhstan is typically straightforward, but recent regulations have introduced stricter compliance checks for foreigners. You can open an account in tenge or a foreign currency such as US Dollars, British Pounds, or euros.

To open an account, you’ll need:

• A valid passport
• A Kazakhstan Resident Tax Number (RNN)
• Proof of local address (such as a rental agreement or employer letter)
• In some cases, proof of employment or business registration
• A minimum deposit

Some banks require additional due diligence for foreigners, especially non-residents. It’s advisable to check in advance which banks have more flexible policies. Halyk Bank, Kaspi Bank, and Citibank Kazakhstan are among the most foreigner-friendly options.

If you’re working in Kazakhstan, your employer may specify which bank to use for salary deposits. If not, consider a bank with strong digital banking services, as Kazakhstan is a leader in mobile banking adoption.

ATMs and credit cards

ATMs are widely available in Kazakhstan’s major cities, including Almaty, Astana, and Shymkent, but can be harder to find in rural areas. Most ATMs accept international bank cards and dispense cash in tenge. A few ATMs also allow withdrawals in US Dollars and euros.

Credit and debit cards are widely accepted in urban areas, particularly in supermarkets, hotels, and restaurants. Visa and Mastercard are commonly used, while American Express and UnionPay have more limited acceptance. Russian MIR cards may face restrictions due to sanctions.

Kazakhstan has embraced digital and contactless payments, with services like Apple Pay, Google Pay, and Samsung Pay widely supported. Kaspi QR is the most popular mobile payment method in the country, and some businesses also accept WeChat Pay and Alipay.

While cashless transactions are increasingly common, carrying some cash is still advisable, particularly when travelling outside major cities where card acceptance can be inconsistent.

Taxes in Kazakhstan

Taxes in Kazakhstan are relatively straightforward, but if you’re working or investing in the country, consulting a tax expert can help you figure out the latest regulations and avoid compliance pitfalls.

Employment income is taxed at a flat rate of 10 percent. If you spend 183 days in Kazakhstan within a rolling 12-month period, you’ll be considered a tax resident and taxed on your worldwide income. Non-residents are taxed only on income earned within Kazakhstan.

As of 2024, employers must contribute 1.5 percent of an employee’s salary to the Unified Accumulative Pension Fund (UAPF). This contribution will gradually increase to 5 percent by 2028. Social security contributions have also expanded, with foreign workers from Eurasian Economic Union (EAEU) countries – Russia, Belarus, Armenia, and Kyrgyzstan – now required to pay into Kazakhstan’s social and medical insurance schemes.

Kazakhstan has tax treaties with over 50 countries, including the UK, USA, China, and most EU nations. These agreements help reduce double taxation by allowing you to claim tax credits for income taxes paid abroad or benefit from lower withholding tax rates on dividends, interest, and royalties.

Kazakhstan has recently introduced stricter tax compliance checks, particularly for foreign individuals and businesses. If you have assets or bank accounts outside Kazakhstan, you may be required to declare them. The deadline for annual personal income tax (PIT) returns is 31 March of the following year. Employers must file payroll tax reports quarterly, while certain taxpayers – such as foreign business owners – must submit annual income declarations.

Kazakhstan’s eGov platform now allows online tax filing, making it easier to manage tax compliance remotely.

Useful links

•  eGov: Taxation