A startup in Uzbekistan receives investment from a foreign venture capital fund. The funds enter the country. Several years later, the investor wants to sell its stake and repatriate its capital. These two processes are not governed by the same currency rules in Uzbekistan: the inflow of foreign capital and the outflow of capital by residents are subject to different regulations.
In 2026, a separate relaxation was introduced for investments involving the United States. At the same time, new capital-movement rules that came into force in September set specific limits for investments in other countries.
On November 11, 2025, the President issued Decree No. PF-210 “On Establishing the Uzbekistan–United States Business and Investment Council.”
Paragraph 8 of the decree provides that, starting January 1, 2026, residents may transfer funds to form the charter capital of foreign enterprises in the United States or acquire an interest in their capital, as well as provide working capital to their branches in the United States, without restrictions within the amount of foreign currency available in residents’ bank accounts.
Following the decree, the Central Bank adopted Resolution No. 33/1 on December 11, 2025. The resolution entered into force on January 1, 2026, and introduced a separate provision concerning the United States into the existing regulation on capital-movement operations. It allows funds to be transferred from residents’ accounts at Uzbek banks to form the charter capital of a company in the United States or acquire an interest in it, as well as to provide working capital to a branch in the United States. Therefore, the regime for the United States differs from that applicable to other countries.
There are limits on investments in other countries
The Central Bank’s Resolution No. 15/1 dated June 2, 2026, registered with the Ministry of Justice under No. 2536-3, updated the existing rules governing capital-movement operations. The new provisions entered into force on September 17, 2026.
Under the updated rules, Uzbek enterprises with no state ownership in their charter capital may allocate up to $200,000 per calendar year to form the charter capital of foreign enterprises or acquire an equity interest in them.
For enterprises with state ownership, the annual limit is $100,000.
For individuals, the annual limit for investments in foreign enterprises is $10,000.
Separate limits also apply when enterprises provide working capital to their own branches and representative offices abroad: $100,000 per year for enterprises without state ownership and $50,000 for enterprises with state ownership.
Capital-movement operations exceeding these limits, as well as operations not specifically covered by the regulation, may be carried out based on a decision of the President or the Cabinet of Ministers. At the same time, operations related to the return of assets attracted from abroad to non-residents are exempt from these requirements.
The Central Bank’s December 2025 resolution established a separate regime specifically for capital investments in companies in the United States, outside the general limits. The updated regulation adopted in September 2026 retained this provision concerning the United States.
Therefore, it would be inaccurate to describe the current system as a general “ban on investing abroad.” The current framework distinguishes between three situations:
United States: residents may invest in companies in the United States and provide working capital to their U.S. branches under a separate regime without a fixed monetary limit, provided the funds are available in their bank accounts.
Other countries: private enterprises may invest up to $200,000 per year; amounts above this threshold require a decision of the President or the Cabinet of Ministers.
Goods and services: these are not considered capital-movement operations but fall under current international transactions. Uzbek legislation classifies payments for foreign trade and services as current international transactions.
Therefore, a payment by an Uzbek company to a foreign partner for goods or services is not treated in the same way as an equity investment in a foreign company.
The Resolution No. 15/1, which entered into force on September 17, 2026, also updated the accounting procedures for capital-movement operations.
Banks record such transactions through the Central Bank’s FERUz — “Foreign Exchange Operations Accounting” information system. A capital-movement transaction is considered registered once the bank enters it into the system.
To carry out a capital-movement transaction, a resident must provide the bank with the relevant contract, agreement, transaction document, or other supporting documents. In certain cases, documents in foreign languages may also require translation, apostille, or notarization.
Under the new rules, residents that make investments abroad are also subject to reporting requirements. They must provide their servicing bank with information on their foreign investment activities on a quarterly basis.
What happens when a foreign investor takes money out of Uzbekistan?
This situation differs from a resident investing capital abroad. Uzbekistan’s foreign-exchange rules provide that the purchase and sale of foreign currency for the repatriation of direct investments made by non-residents and income derived from those investments may be carried out without restrictions. These rules were updated by Central Bank Resolution No. 10/9 dated March 30, 2026, and the relevant provision remains in force under Regulation No. 3281.
The two processes should therefore not be confused. When a resident of Uzbekistan transfers capital to a foreign company, the capital-movement rules described above apply. When a foreign investor repatriates its investment in Uzbekistan and income derived from it, the rules governing non-resident investments and their repatriation apply.
The form in which an investor receives money from an Uzbek company also matters. A dividend, the return of capital previously invested in a company, and the sale of an equity stake are not the same type of transaction. Their tax consequences also differ.
When dividends are paid to a non-resident, Uzbekistan’s domestic rules provide for a 10% withholding tax rate. If Uzbekistan has a bilateral tax treaty with the country in which the investor is resident, the rate specified in the relevant tax treaty may apply.
Therefore, the financial model of a venture transaction cannot be based solely on the amount of the initial investment. The structure of the investment, the stake received by the investor, whether dividends are paid, whether the stake is sold, and how the proceeds are repatriated at exit must also be taken into account.
As of September 2026, there is no single rule governing all capital outflows from Uzbekistan. Investments in the United States are subject to a separate, unrestricted regime from January 1, 2026. Investments in other countries are governed by the general capital-movement framework: investments of up to $200,000 per year by private enterprises, $100,000 by enterprises with state ownership, and $10,000 by individuals can be made within the limits established by the regulation. Higher amounts require a decision of the President or the Cabinet of Ministers. Payments for goods and services, meanwhile, are treated separately under the regime governing current international transactions.
