Presidential Decree No. UP-48, dated March 30, 2026, marks a strategic milestone aimed at fundamentally repositioning Uzbekistan on the global financial map. This Decree establishes the Tashkent International Financial Centre (TIFC), designed to operate based on international standards and best practices. The primary objectives of this initiative are to ensure additional GDP growth through financial sector development, accelerate capital market evolution, and attract long-term foreign direct investment by transforming Tashkent into a regional financial hub.
A cornerstone of the Centre is the implementation of a special legal regime within its territory. To create a familiar and trustworthy environment for international investors, the Decree mandates that English and Welsh Common Law, along with principles of equity, will apply directly within the TIFC. Furthermore, the Tashkent International Commercial Court is being established as an independent judicial body within the Centre’s structure, separate from the national court system. This court, consisting of both first-instance and appellate levels, will have jurisdiction over disputes involving TIFC participants, as well as any commercial matters where parties voluntarily select its jurisdiction.
The package of incentives provided to investors and Centre participants is notably extensive, remaining in effect until January 1, 2076. Under the Decree, TIFC bodies and participants are exempt from corporate income tax, social tax, property tax, and land tax, as well as customs duties on goods imported for use within the Centre. Specific benefits are also tailored for personnel: foreign specialists are entirely exempt from personal income tax on income earned from TIFC activities, while the tax rate for Uzbek residents is set at a preferential 7%. Additionally, the freedom to fulfill financial obligations in foreign currencies or crypto-assets and the guaranteed right to repatriate capital and profits without restrictions open significant opportunities for global financial institutions.
The governance of the Centre is structured at the highest level, with the TIFC Council chaired directly by the President of the Republic of Uzbekistan. To provide robust initial support, the Fund for Reconstruction and Development will allocate $20 million in grant funding in 2026 to establish the Centre’s infrastructure.
