Pakistan

I have not yet personally opened an account or contacted brokers directly. Based on PSX foreign-investor documentation, SBP FE Manual Chapter 20, JS Bank SCRA materials, and 2026 digital-onboarding updates. Status upgrades pending direct broker outreach and account opening.

Short answer

For a foreign non-Pakistani non-resident individual, RDA (Roshan Digital Account) and REI do not apply — those require NICOP/POC identity documents issued to non-resident Pakistanis, not foreign passports. The correct route is Foreign Portfolio Investment (FPI) via a Special Convertible Rupee Account (SCRA) opened at an SBP-authorised bank. PSX confirms the SCRA is mandatory for foreign investors. A Pakistan visit is not strictly required, but expect notarized, apostilled, or consulate-attested documents — the process is more document-intensive than RDA’s digital-first flow. Plan for several weeks of preparation.

Best practical route

1. Open an SCRA at an SBP-authorised bank (see table below) — this is the repatriable PKR account that moves foreign capital in and out of PSX securities.
2. Open a PSX broker account — the broker handles execution and links your trading record to the SCRA.
3. Set up a CDC sub-account / custody — securities are held through Central Depository Company (CDC) structure, normally via the broker or custodian.
4. Obtain a UIN from NCCPL — National Clearing Company of Pakistan investor ID, required for clearing and trading.
5. Fund the SCRA by foreign remittance; proceeds and dividends flow back through the SCRA and can generally be remitted abroad without prior SBP approval, subject to documentation and bank checks.

The SCRA + broker + CDC + UIN structure means Pakistan is a four-relationship onboarding. Plan for 4–8 weeks from first bank contact to first trade, assuming no document rejections.

Broker options

SCRA banks (PSX-listed providers)

Best starting points: JS Bank if you want the clearest documentation map; Standard Chartered or Citibank if you already have an international relationship with those banks.

PSX brokers

Recommended outreach script: “Do you onboard non-Pakistani non-resident individuals via SCRA, and can the process be completed remotely (no Pakistan visit required)? If yes, what documents are required and what is the typical timeline from first contact to first trade?”

What you can actually buy

PSX-listed equities (~500 companies; liquidity concentrated in KSE-100 names including Engro Corp, Habib Bank, Lucky Cement, Oil & Gas Development Company, Mari Petroleum), Pakistani government bonds (PIBs, T-Bills via primary dealers), TFCs (term finance certificates / corporate bonds), and some Islamic instruments (Sukuk, Modaraba certificates).

Listed abroad — without the SCRA setup

If the four-institution SCRA process is too much, there are a few ways to get Pakistan exposure through a normal broker:

Foreign-listed company with significant Pakistan operations

• VEON (Nasdaq: VEON) — owns Jazz, Pakistan’s largest mobile operator; Pakistan is one of VEON’s two biggest markets. The cleanest single proxy. (Telenor, the other big foreign telecom here, exited Pakistan in 2024–25, selling Telenor Pakistan to PTCL/e&.)

Pakistani companies listed abroad (GDRs)

Several KSE-100 names carry Global Depositary Receipts on the London Stock Exchange — Habib Bank (HBL), United Bank (UBL), MCB Bank, and Oil & Gas Development Company (OGDC). They let you hold the actual Pakistani blue-chips without an SCRA, but the GDR lines are often thinly traded — check liquidity and the spread before relying on them.

No Pakistan ETF. The Global X MSCI Pakistan ETF (PAK) — once the easy one-ticker route — was liquidated in February 2024, so there’s no single-country Pakistan fund currently.

Tax, documentation & residency friction

Documents to assemble before approaching any bank or broker:

• Passport — notarized copy; some banks require consularization
• Proof of address (utility bill, bank statement)
• Source-of-income / profession evidence
• Bank account opening forms + SCRA standing instructions
• CDC sub-account form + broker account form
• FATCA/CRS forms — W-8BEN for non-US individuals; W-9 if US person (US-person status creates additional complications for SCRA)
• Possible consularized power-of-attorney
• Possible fax/email indemnity for remote instruction handling

Front-load the document work. Once apostilled/consularized originals are in hand, account opening proceeds in weeks rather than months.

Verdict

Pakistan’s FPI framework is structurally sound — the SCRA mechanism is well-documented, SBP FE Manual Chapter 20 is clear, and proceeds repatriation is explicitly permitted. The friction is administrative, not structural: notarization, apostille, four-institution coordination. More complex than Vietnam or Argentina (one-stop brokerage models), but cleaner than markets with unstated local-account requirements.

The KSE-100 historically trades at meaningful discounts to regional peers and offers genuine exposure to names (energy, cement, banking) not available elsewhere. Worth the paperwork for investors with a specific Pakistan thesis; probably not worth it for broad FM/EM diversification without one.

The 2026 SBP digital-onboarding updates may reduce friction materially — recheck documentation requirements quarterly.

Sources & dates

Verified personally: not yet — no account opened, no broker contacted directly as of 23 May 2026.

Public sources checked:

• PSX foreign investors / SCRA documentation: https://www.psx.com.pk/psx/resources-and-tools/investors/foreign-investors-non-pakistanis
• State Bank of Pakistan FE Manual Chapter 20: https://www.sbp.org.pk/fe_manual/pdf/2021/Chapter-20.pdf
• JS Bank SCRA page: https://www.jsbl.com/personal/accounts/current-accounts/special-convertible/
• SBP digital onboarding update (2026): https://www.sbp.org.pk/bprd/2026/CL9-Annexure.pdf