Uzbekistan is a Central Asian country situated between Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan and Afghanistan. It has the second largest population in Central Asia, has rich mineral and energy resources, and is divided into 12 administrative provinces. Uzbekistan boasts beautiful landscapes with lush green valleys and lush Turkmen deserts. As one of the 15 former republics of the Soviet Union, Uzbekistan has undergone significant transformations since its independence from Russia in 1991. Uzbekistan’s thriving economy continues to reach new heights every year with an increased focus on industry, agriculture, and tourism development.
Proposed Amendments and Citizenship by Investment Requirements
In November 2022, the Ministry of Investments and Foreign Trade of Uzbekistan opened the door for public opinion on proposed amendments to its Citizenship Law. The amendments proposed would revolutionise the Uzbekistani citizenship granting process, making it simple and efficient for foreign citizens or stateless persons who invest a minimum of $1 million equivalent into investment projects in the country. Apart from investors, esteemed researchers, athletes, artists, and other influential public figures from abroad will also be eligible to apply for Uzbekistan citizenship. A Certificate of Investment issued by the Central Securities Depository or Public Services Agency must be included with any application for Uzbekistan citizenship by investment. This document will be essential for admission to Uzbek citizenship by investment.
Currently, the practice of securing Uzbek citizenship by investment only applies to expatriates who are either citizens of another country or stateless individuals, as long as they have a family member in the direct ascending line living in Uzbekistan and is also a citizen of that nation. Furthermore, applicants must be able to provide evidence of sufficient financial resources for support and commit themselves towards honouring the Constitution of Uzbekistan while being proficient enough with their language skills to communicate when needed.
History of the bill
Following the instruction of the Presidential Administration dated March 10 and in light of the impending international crisis, modifications were established with reference to the government’s roadmap for optimally utilising tourist networks.
The government of Uzbekistan hopes these amendments will help promote the country’s development, create jobs and attract more foreign investments. Moreover, with the simplification of the citizenship granting process accompanied by other incentives such as tax exemptions, Uzbekistan stands ready to receive a surge of foreign investments in the near future. The opportunities are endless in Uzbekistan, and it stands out as an excellent destination for foreign investors looking to acquire citizenships that provide access to prime markets and potentials. With investment freedoms, ease of doing business, stunning landscapes, and the cultural heritage of Uzbekistan, it is no wonder why many people will choose to invest in the country.
About Passport Legacy
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