ASTANA – To attract foreign investment, Uzbekistan will introduce a simplified procedure for issuing 5-year residence permits starting June 1. Foreign nationals and stateless persons will be eligible if they invest $250,000, with an additional $150,000 required for each accompanying family member, including spouses, children, or parents, reported the country’s Justice Ministry on April 19.
Photo credit: BUTENKOV ALEKSEI/Shutterstock.
President of Uzbekistan Shavkat Mirziyoyev signed a corresponding decree on April 18 to stimulate entrepreneurship and exports, improve trade and industrial policy.
Former Foreign Minister of Uzbekistan Vladimir Norov commented on the recent initiative in an April 20 LinkedIn post. He noted that since 2019, Uzbekistan has been providing citizens of 109 countries with a residence permit upon purchase of real estate. At the time of launch, the cost of housing, depending on the location, was to be from $100,000 to $400,000 – the maximum amount was valid for Tashkent and the Tashkent region.
In 2022, the Uzbek President reduced the price of real estate in the capital, required for obtaining a residence permit, to $300,000. At the same time, foreigners were allowed to buy real estate worth $70,000 in the regions and $150,000 in the capital without requiring a residence permit.
