Recent changes in the issuance of ‘Golden Visas’ to foreigners, particularly foreign investors, for residency in Uzbekistan have generated considerable interest among the general public of the country, in the media, and on social networks. So, what exactly is the ‘Golden Visa’ programme, and what benefits will this project bring to the economy of Uzbekistan and to foreigners? To find answers to these questions, we studied documents on procedures related to this system.
Specifically, the decree of the President of Uzbekistan Shavkat Mirziyoyev ‘On Measures to Stimulate Production, Export and Entrepreneurial Activity, Improve the Efficiency of Trade and Industrial Policy’, adopted on 18 April this year, mentions the issuance of ‘Golden Visas’.
This issue is outlined in paragraph 26 of the decree. According to the document, in order to stimulate investment, from 1 June, citizens of foreign countries and stateless persons are issued a residence permit in Uzbekistan for a period of five years in a simplified procedure for 150,000 USD for each family member (spouse, children, and parents).
The ‘Golden Visa’ programme aims to create favourable conditions for foreign investors, provide legal guarantees, and strengthen the country’s investment climate. It also makes a significant contribution to the country’s openness, capital protection, and the development of stable international economic relations.
It should be emphasized that over the past eight years, despite the contradictions in the world, the pursuit of an open and pragmatic foreign policy has become Uzbekistan’s hallmark on the world stage. The country has become a favourable place for foreign investors. It would not be an exaggeration to say that Uzbekistan, with its growing economic potential, is in this regard the most attractive destination in Central Asia.
Of course, to gain the trust of foreign investors, it is essential to offer appropriate conditions, opportunities, and incentives. This approach is common not only in Uzbekistan but around the world.
Currently, especially against the backdrop of global challenges in the world economy, the competition for investment is intensifying worldwide. Investors choose countries with favourable conditions and a safe investment environment, because they want to see reliable legal protection for their money.
‘Investors choose countries with favourable conditions and a safe investment environment’
Seven or eight years ago, leading companies were hesitant to invest in Uzbekistan, because the rights of investors were not sufficiently ensured. However, since 2017, Uzbekistan has been implementing radical reforms to create a favourable investment climate. Guarantees of the rights of private owners, including investors, have been updated and even strengthened in the Constitution. In addition, a number of resolutions and decrees of the head of state, and corresponding documents of the Cabinet of Ministers, aimed at stimulating foreign investment have been adopted in recent years.
The result was not long in coming. Wherever you go in the country today, you will encounter new investment projects and joint ventures. They serve the prosperity of the country, the well-being of the population, the creation of new jobs, and the construction of social facilities.
The Tashkent International Investment Forum, established in Uzbekistan on the initiative of the head of state, has become a tradition and generates great interest on an international scale. In addition, the Foreign Investors Council has been created. The main tasks of the Council are to provide advisory assistance on the most important areas of investment, trade, technological, and innovative development based on successful experience and international practice, as well as to ensure an open dialogue between the government of Uzbekistan and foreign investors. The first session of the Council in 2022 laid the foundation for the effective functioning of this mechanism.
In May 2024, the second plenary meeting of the Foreign Investors Council under the President of Uzbekistan was held within the framework of the III Tashkent International Investment Forum. It expressed confidence that with the support of the members of the Council, Uzbekistan will continue to demonstrate high growth rates, improve living standards, and ensure a prosperous future for the country.
In his speech at the III Tashkent International Investment Forum, the President of Uzbekistan expressed his support for foreign investors: ‘We have taken decisive steps towards a radical improvement of the investment and business environment in the country, and the gradual elimination of all barriers. The large-scale reforms we are implementing are aimed precisely at ensuring that every investor feels free and confident.’
Over the past seven years, more than $100 billion in foreign investment has entered the country. A law on public-private partnerships has been adopted, and more than a thousand projects have been put into operation. We have launched our own production of 1,800 new types of products. Another initiative to issue ‘Golden Visas’ to foreign investors will also pave the way for accelerating the attraction of foreign investment.
‘The large-scale reforms we are implementing are aimed precisely at ensuring that every investor feels free and confident’
Foreign investors working in Uzbekistan also highly appreciate the large-scale reform programme. In their opinion, the comprehensive support of the head of state for investment activities and his determination to continue mutually beneficial cooperation deserve high recognition.
‘The active dialogue between President Shavkat Mirziyoyev and members of the government with foreign investors is of great importance. This approach has become a clear and convincing signal to stimulate the attraction of foreign direct investment for the economic growth and development of the country. The modern conditions and new initiatives in your country have shown that Uzbekistan is a country ready to receive foreign direct investment. Also, the economic reforms carried out by the head of your state, in particular, the liberalization of the foreign exchange market, the liberalization of the banking sector and monetary policy reforms, the restructuring and privatization of state-owned enterprises and much more, give confidence and strength to foreign investors. During our meeting with the President of Uzbekistan, he listened carefully to all my investment plans and gave clear and prompt instructions to provide all the necessary assistance to the relevant persons. As a result, we invested about 400 million dollars in sugar production. We also attracted an initial investment of more than 20 million US dollars for gold and copper mining,’ founder of the leading Egyptian investment holding company Orascom Naguib Sawiris says.
According to experts, similar visa programmes are widely used in international practice, including in countries of Europe, the United States, the UAE, Singapore, and others. In particular, the Golden Visa programme in Portugal sets a fee of 250–500 thousand euros, in Greece 250 thousand euros, in Cyprus 300 thousand euros, in the UAE 550 thousand dollars, in the USA 5 million dollars, in Spain 500 thousand dollars, in Singapore 7.7 million dollars, in Hungary 250 thousand dollars, and in Latvia 60 thousand dollars.
This programme has proven to be an effective means of attracting capital, technology, and business activity to the above-mentioned countries. The issuance of ‘Golden Visas’ creates a favourable and predictable environment for foreign investors, provides legal guarantees, and strengthens confidence in the investment environment. The innovation reflects the country’s strategic focus on openness, capital protection, and the development of stable international economic relations.
Some countries offer ‘Golden Visas’, and some even grant foreigners full citizenship through ‘Golden Passports’. Their goal is to attract capital and wealthy foreign investors to the country. Central Asian countries are also introducing the procedure for issuing ‘Golden Visas’. In particular, new rules for obtaining such a visa came into force in Kazakhstan in April of this year. Individuals who have invested at least $300,000 in the authorized capital of Kazakh companies or in locally issued securities can apply for a visa. Later, they can obtain a residence permit for a period of 10 years.
In short, the ‘Golden Visa’ programme is aimed at attracting foreign direct investment for the technical re-equipment of the national economy, the modernization of production, the privatization of state-owned facilities, and the creation of new jobs in the regions of the republic where there is a workforce.
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