Constitutional Law No. LRUz-1158 “On the Tashkent International Financial Center” was adopted and entered into force on July 25, 2026.
On July 13, 2026, the President of Uzbekistan signed a constitutional law establishing the Tashkent International Financial Center (adopted by the Legislative Chamber on July 1 and approved by the Senate on July 9). The center will operate under a special legal and currency regime, with its own financial regulator and an independent commercial court, and participants will be granted tax benefits through 2076. The president will set the center’s initial boundaries; once operational, the territory may only be expanded, not reduced. The center is intended to develop international financial services, attract investment, and enhance the competitiveness of Uzbekistan’s economy across capital markets, banking, insurance, Islamic and technology-driven financial services, digital assets, and e-commerce.
Participants
Eligible participants include foreign and Uzbekistani legal entities, as well as companies registered under the center’s own rules (unlike the initial draft, which limited eligibility to entities fully owned by foreign persons). The Council will set the criteria and registration procedure. Participants, employees, and investment tax residents will receive special identification numbers recognized throughout Uzbekistan. The center permits the establishment of holding and treasury companies, special purpose vehicles, funds, and trusts, along with legal, consulting, accounting, and fintech services; retail, hospitality, and educational establishments are also permitted.
Financial Services
Once licensed, participants may provide banking, credit, investment, and brokerage services and manage assets and funds. The center will host commercial, investment, and Islamic banks, insurance companies and brokers, pension and hedge funds, clearing organizations, and depositories. Issuance and trading of securities, currencies, and derivatives are permitted, as are digital asset operations, including the establishment of crypto exchanges. Certain activities will require authorization from the Financial Services Authority.
Applicable Law
A defined hierarchy of legal norms applies: the Constitution and the Constitutional Law take precedence, followed by presidential decrees and decisions of the center’s bodies. In other matters, the law of England and Wales (common law and equity) applies, with the specific acts and their version to be determined by the Council — a more controlled mechanism than the original draft, which incorporated English law into the hierarchy automatically. National legislation remains applicable to matters outside the center’s jurisdiction. Decisions of the center take precedence over conflicting national acts, except for the Constitution, the Constitutional Law, and international treaties.
Official Language
English will be the center’s official language, used for adopting and publishing acts, conducting court proceedings, and registering documents. Translations into Uzbek and other languages are permitted, but the English text prevails in case of discrepancy. Decisions of the center’s bodies are published in an electronic register before taking effect.
Tax Benefits Through 2076
Unlike the draft, which tied benefits to a closed list of services, the final law introduces the concept of a “qualified participant,” with benefits depending on genuine economic presence in the center, the source of income, and compliance with anti-money laundering requirements. Until January 1, 2076, qualified participants are exempt from corporate profit tax and social tax on income from financial services; other participants are exempt on income from ancillary services. Non-resident employees are exempt from personal income tax on their salaries. Exemptions also apply to transactions in securities listed on the center’s exchange and to customs duties on property imported for use within the center. Benefits cannot be reduced without the Council’s consent; their effectiveness will be reviewed every five years, with the first review after ten years.
Investment Tax Residency
Eligibility requirements have been eased: the required period of non-residency in Uzbekistan before application has been reduced from five to three years (and from ten to three years for former citizens). At the same time, checks on the source of funds, beneficial owners, and sanctions status have been introduced; the status cannot be granted where the primary purpose is tax avoidance.
Currency Regime
Participants’ obligations may be denominated and settled in foreign currency, and in certain cases, in digital assets. General national currency control requirements do not apply to transactions within the center’s jurisdiction unless otherwise determined by the center and the Central Bank. The Central Bank retains the right to obtain information for financial stability and anti-money laundering purposes. Free repatriation of capital and currency conversion are guaranteed.
Visas
Foreign specialists may obtain visas through an electronic system, diplomatic missions, or upon arrival at the center’s airport. The Council will determine visa categories and terms. The center’s bodies and participants may hire foreign nationals without national work permits.
Governing Bodies
The center’s bodies are the Council, the Administration, the Financial Services Authority, and the Tashkent International Commercial Court — all operating independently, free from state interference. The President of Uzbekistan will chair the Council, which appoints its members (at least five, with at least three independent experts) for five-year terms. The Council approves the center’s strategy, budget, and internal rules. The Administration, headed by an executive director, registers participants, maintains registers, and attracts investment. The Financial Services Authority serves as the independent regulator, licensing and supervising market participants and ensuring financial stability and consumer protection.
Penalties and Sanctions
Violations of the law may result in fines of up to $10 million for a participant (capped at ten times the benefit gained from a specific transaction where applicable). Other sanctions include warnings, license suspension or revocation, and expulsion from the center. Sanctions may be appealed before the commercial court.
Transition Period
The center’s governing bodies must be formed within two months of the law entering into force, with the necessary founding documents approved within the following month. The center must become operational no later than one year after publication of the relevant presidential decision. Pending the development of the center’s own regulatory framework, participants may temporarily operate under national or recognized foreign licenses.
