I have not opened an account with any of the local brokers below (I hold an unused Freedom Finance Kazakhstan account — see warning). Broker details are based on broker websites and my own research.
Short answer
Foreign individuals can access Kazakhstan-listed equities. The routes split on one question: do you need a Kazakhstan IIN (Individual Identification Number)? Bank-affiliated brokers like BCC require one; AIFC-licensed brokers do not. For most readers the cleanest answer skips local brokerage entirely — Halyk Bank and Kaspi.kz, the two names most foreigners actually want, are listed in London and New York and reachable through any normal international broker. A local account is only worth the friction if you want KASE-listed lines unavailable offshore. Avoid Freedom24 / Freedom Finance KZ — a career banker’s public Trustpilot review documented funds trapped inside Kazakhstan behind unending AML withdrawal demands.
Best practical route
- Want a local account + willing to get an IIN: BCC Invest — large English-language bank brokerage, absorbed Sberbank’s Kazakhstan operations, most reassuring local custodian.
- Want a local account, no IIN: Teniz Capital (AIFC-licensed, retail access via the Tabys app) or SkyBridge Invest (foreign-friendly, wealth-management style, likely pricier, no trading app).
- Just want Halyk or Kaspi exposure: skip a Kazakh account entirely and buy the UK/US listings through your existing international broker.
Broker options
| Broker | IIN required? | Foreign access | Notes |
|---|---|---|---|
| BCC Invest | Yes | Yes, with IIN | Third-largest commercial bank; absorbed Sberbank KZ. Retail brokerage, English-language interface. |
| Teniz Capital | No (AIFC-licensed) | Yes | Specialist investment bank with brokerage arm; co-owns the Tabys retail app. Website in Russian/Kazakh only. |
| SkyBridge Invest | No (apparently) | Yes | Asset manager; takes foreign retail clients seemingly without an IIN. No trading app — wealth-management oriented. |
| Halyk Finance | — | Yes, in-person visit required | Brokerage arm of Halyk Savings Bank; Halyk Trader Pro platform. |
| Halyk Global Markets | — | Possibly remote | Renamed from Kazcommerts Securities after Halyk acquired Kazkommerts Bank. Website (halykgm.kz) was not responding at time of research — verify before relying on it. |
| Freedom24 / Freedom Finance KZ | No (AIFC-licensed) | ⚠️ Avoid | Documented withdrawal obstruction — funds trapped in Kazakhstan behind impossible AML demands. See warning. |
Warnings
Freedom24 / Freedom Finance KZ — a career banker documented his withdrawal being smothered by impossible AML demands until the money was effectively lost inside Kazakhstan. Full detail at /warnings/freedom-finance-kazakhstan.
What you can actually buy
- Offshore — no local account needed: Halyk Bank (HSBK on LSE), Kazatomprom (KAP on LSE — the world’s largest uranium producer), and Kaspi.kz (KSPI on Nasdaq).
- Local KASE / AIX lines: require one of the local brokers above — this is the only reason to onboard locally.
- AIX via the UAE, possibly: Abu Dhabi’s International Securities (IHC’s brokerage arm) lists AIX among its Tabadul-linked markets alongside ADX, Bahrain and Muscat, and its account-opening FAQ explicitly anticipates non-UAE residents. Unconfirmed whether AIX is open to ordinary foreign retail accounts there — but it would be a rare AIX route with no Kazakh IIN or local onboarding. Details on the UAE page.
Tax, documentation & residency friction
An IIN (Individual Identification Number) is Kazakhstan’s national identity/tax number and the gating requirement for bank-affiliated brokers. Three ways to obtain one:
- In Kazakhstan — free, in person.
- At a Kazakh consulate — abroad.
- Via Kazakhstan’s e-residency programme — USD 499 per year.
This is a real but not insurmountable hurdle — easier than the equivalent barriers for Nigeria (BVN) or South Africa. AIFC-licensed brokers (Teniz, SkyBridge) sidestep it entirely.
Offshore-listed alternatives
| Ticker | Exchange | Name | Note |
|---|---|---|---|
| HSBK | LSE | Halyk Bank (GDR) | Kazakhstan’s largest bank |
| KAP | LSE | Kazatomprom (GDR) | World’s largest uranium producer; 75% state-owned (Samruk-Kazyna); ~8% dividend yield |
| KSPI | Nasdaq | Kaspi.kz | Kazakh fintech / payments super-app; US-listed ADS |
| STCM | LSE (AIM) | Steppe Cement | Kazakhstan cement producer (Karaganda plants) — a rare pure-play Kazakh industrial on London’s AIM |
| KUO | Singapore (SGX) | International Cement Group | Singapore-listed, but Kazakhstan is its core market — Sharcem, Alacem and the new Korcem plant make it the country’s largest dry-process cement producer (also Tajikistan) |
Verdict
If your interest is Halyk or Kaspi, both trade in London and New York — a local account is unnecessary friction. A local broker only earns its keep for KASE-listed lines unavailable offshore. In that case, choose between an IIN-based bank route (BCC) and an AIFC route (Teniz / SkyBridge). Either way, steer clear of Freedom24 / Freedom Finance — funds can be trapped in Kazakhstan behind an unending AML withdrawal process.
Sources & dates
Public sources checked:
- Direct broker research, 11 May 2026
- Freedom24 / Kazakhstan: career banker’s public Trustpilot review (see warning)
- BCC Invest: https://www.bcc-invest.kz/openaccount
- Teniz Capital: https://tenizcap.kz/en/offerings/access-to-stocks-and-bonds · Tabys app: https://www.tabysapp.kz/
- SkyBridge Invest: https://sbinvest.kz/en/
- Halyk Finance: https://halykfinance.kz/brokerskoe-obsluzhivanie/?lang=en
- Halyk Global Markets: https://halykgm.kz/ (not responding at time of research)
- Freedom Finance Kazakhstan warning: /warnings/freedom-finance-kazakhstan