Starting from May 1, foreign nationals will be allowed to invest in Uzbekistan by buying new real estate objects under construction (with the exception of land plots) without residence permit in the country. The list of objects will be approved by the government. This is stated in the president’s April 8 Next reforms to facilitate stable economic growth by improving the business environment and developing the private sector Decree.
The cost of real estate objects for investment should be (in accordance with contracts entered into during construction) in Tashkent, Samarkand cities and Tashkent province not less than the equivalent of 150 thousand US dollars, and those commissioned - 180 thousand. For other provinces, the value is 70 thousand and 80 thousand dollars, respectively.
The acquisition of real estate under this scheme shall not serve as grounds for obtaining permanent registration and residence permit in Uzbekistan.
The decree also reduced the cost of real estate in Tashkent and the Tashkent province, through the acquisition of which one can obtain a residence permit in Uzbekistan, from 400 thousand to 300 thousand dollars (for other provinces, the value ranges from 100 thousand to 200 thousand dollars). Citizens of 111 countries have the right to obtain a residence permit through this scheme.
From May 1, foreigners will pay personal income tax in Uzbekistan at a rate of 12% (previously it was 20%). Exceptions are dividends, interest and freight income.
