Uzbekistan Introduces Five-Year Residence Permits for Foreign Investors
Uzbekistan to Introduce Simplified Procedure for Residence Permits to Attract Foreign Investment
Starting June 1, Uzbekistan will implement a new initiative to attract foreign investment by introducing a simplified procedure for issuing 5-year residence permits. Foreign nationals and stateless persons will be eligible for this opportunity if they invest $250,000 in the country, with an additional $150,000 required for each accompanying family member, including spouses, children, or parents. This information was reported by the country’s Justice Ministry on April 19.
President of Uzbekistan Shavkat Mirziyoyev signed a decree on April 18 that aims to stimulate entrepreneurship and exports, as well as improve trade and industrial policy. This new initiative is part of the government’s ongoing efforts to encourage foreign investment in the country.
Former Foreign Minister of Uzbekistan, Vladimir Norov, shared his thoughts on the recent initiative in an April 20 LinkedIn post. He highlighted that since 2019, Uzbekistan has been providing residents of 109 countries with a residence permit upon the purchase of real estate. Initially, the cost of housing required for a residence permit ranged from $100,000 to $400,000, with higher prices applicable for properties in Tashkent and the Tashkent region.
In 2022, the Uzbek President reduced the price of real estate in the capital required for a residence permit to $300,000. Additionally, foreigners were allowed to purchase real estate worth $70,000 in the regions and $150,000 in the capital without the need for a residence permit.
This new policy is expected to further boost foreign investment in Uzbekistan and contribute to the country’s economic development.
