The Uzbekistan Golden Visa program is another step towards attracting foreign investors

Recently, changes in the procedure for issuing Golden Visas to foreigners, in particular foreign investors, to reside in our country have aroused great interest among the general public of Uzbekistan, in the media and social media networks.

So, what is the Golden Visa program, and how will this project benefit the economy of Uzbekistan and foreigners? To find answers to these questions, we studied documents on procedures related to this system.

In particular, the decree of the President of Uzbekistan Shavkat Mirziyoyev “On measures to stimulate production, exports and business activities, increasing the efficiency of trade and industrial policy,” adopted on April 18 of this year, mentions the issuance of a “Golden Visa.”

This The issue is stated in paragraph 26 of the decree. According to the document, in order to stimulate investment, from June 1 of this year, citizens of foreign countries and stateless persons will be issued a residence permit in Uzbekistan for a period of 5 years in a simplified manner for 250 thousand US dollars and 150 thousand US dollars for each family member (spouse, children and parents).

The Golden Visa program is aimed at creating favorable conditions for foreign investors, providing legal guarantees and strengthening 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, pursuing an open and pragmatic foreign policy has become the hallmark of Uzbekistan on the world stage.

Our country has become a favorable place for foreign investors. It would not be a mistake to say that Uzbekistan, with its growing economic potential, is in this regard the most attractive destination in Central Asia.

Of course, in order to win the trust of foreign investors, they need to be provided with the necessary conditions, opportunities and benefits. This approach is common not only in Uzbekistan, but throughout the world.

Currently, especially against the background of global challenges in the world economy, the struggle for investment is intensifying throughout the world. The investor chooses a country with favorable conditions and a safe investment environment. Because he wants to see reliable legal protection for his money.

Seven or eight years ago, leading companies did not dare to invest in Uzbekistan. Because investor rights were not sufficiently ensured. However, since 2017, Uzbekistan has been implementing fundamental reforms to create a favorable investment climate. Guarantees of the rights of private owners, including investors, have been updated and even strengthened in our Constitution. Also, in recent years, a number of resolutions and decrees of the head of state and relevant documents of the Cabinet of Ministers have been adopted aimed at stimulating foreign investment.

The result was not long in coming. Wherever you go in our country today, you will encounter new investment projects and joint ventures. They serve the prosperity of our 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 our country on the initiative of the head of state, has become traditional and is of great interest on an international scale. In addition, a Council of Foreign Investors has been created. The main objectives of the Council are to provide advice on the most important areas of investment, trade, technological and innovative development of our country based on successful experience and international practice, as well as ensuring 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, within the framework of the III Tashkent International Investment Forum, the second plenary meeting of the Council of Foreign Investors under the President of Uzbekistan was held. It expressed confidence that, with the support of Council members, Uzbekistan will continue to demonstrate high growth rates, improve the standard of living of our people and ensure a prosperous future for our country.

In his speech at the III Tashkent International Investment Forum, the President of Uzbekistan expressed support for foreign investors: “We have taken decisive steps towards a radical improvement of the investment and business environment in the country, the gradual elimination of all barriers. The large-scale reforms we are carrying out are aimed precisely at ensuring that every investor feels free and confident.”

Over the past seven years, more than $100 billion of foreign investment has entered our country. A law on public-private partnership has been adopted and more than a thousand projects have come into operation. We launched our own production of 1,800 new types of products.

The next initiative to issue a “Golden Visa” to foreign investors will also pave the way for accelerating the attraction of foreign investment in our country.

Foreign investors operating in our country also highly appreciate the large-scale reform program in New Uzbekistan. In their opinion, the full support of the head of our state for investment activities and his determination to continue mutually beneficial cooperation deserve high recognition.

“The active dialogue of 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. Current conditions and new initiatives in your country have shown that Uzbekistan is a country ready to accept foreign direct investment. Also, the economic reforms carried out by the head of your state, in particular, liberalization of the foreign exchange market, liberalization of the banking sector and monetary reforms, 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 necessary assistance to the relevant persons. As a result, we invested about 400 million dollars in sugar production. attracted initial investment of over US$20 million for gold and copper mining,” says Naguib Sawiris, founder of leading Egyptian investment holding Orascom.

According to experts, such visa programs are widely used in international practice, including in European countries, the USA, the UAE, Singapore and other countries.

In particular, under the Golden Visa program in Portugal the fee is 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, in Latvia - 60 thousand dollars.

This program has proven itself as an effective means of attracting capital, technology and business activity in the above-mentioned countries. The issuance of Golden Visas creates a favorable 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 a Golden Passport. Their goal is to attract capital and wealthy foreign investors to the country.

Central Asian countries are also introducing a procedure for issuing Golden Visas. In particular, in April of this year, new rules for obtaining such a visa came into force in Kazakhstan. Persons who have invested at least 300 thousand US dollars in the authorized capital of Kazakh companies or in locally issued securities can apply for a visa. Later they can receive a residence permit for a period of 10 years.

In a word, the Golden Visa program is aimed at attracting foreign direct investment for the technical re-equipment of the national economy, modernization of production, privatization of state facilities, creation of new jobs in the regions of the republic where the workforce is available.

IA “Dunyo”