Uzbekistan’s lower house of parliament passed two landmark constitutional laws on June 2, establishing the Tashkent International Financial Centre (TIFC) and the Enterprise Uzbekistan digital technology hub. Both bills now await Senate approval.
The legislation marks a new chapter in Uzbekistan’s economic reform drive. For the first time, the country is creating two separate special economic zones governed by English and Welsh law — a model inspired by the Dubai International Financial Centre (DIFC) and the Astana International Financial Centre (AIFC). The move signals Uzbekistan’s ambitions to become a regional hub for finance and technology.
Why constitutional amendments matter
These are not ordinary statutes. Both laws carry constitutional status, requiring changes to Uzbekistan’s fundamental law. An addition to Article 15 of the Constitution will now formally permit the establishment of special legal regimes in designated territories, while preserving the country’s unified legal framework. Amendments to Articles 131 and 134 will allow the creation of specialised courts and separately governed judicial procedures within these zones.
What this means in practice: Uzbekistan is creating a “legal island” within its borders — a jurisdiction familiar to international investors who work under common law systems.
The Tashkent International Financial Centre is designed around three institutional pillars: the TIFC Authority (administration), the Tashkent Financial Services Regulator (licensing and supervision), and the Tashkent International Commercial Court (independent dispute resolution). This architecture mirrors the DIFC model almost exactly.
Participants will operate under English and Welsh law — including case law and legal precedents — making the centre immediately familiar to global asset managers, insurance firms, and capital market participants. Additional incentives include multi-currency transactions, the right to hire foreign specialists, and five-year special visas. Tax and customs exemptions are also built into the framework.
- 5 years
- Special visa duration
- English law
- TIFC legal basis
- 0%
- Tax on key activities
Enterprise Uzbekistan: tax-free until 2100
The Digital Technology International Centre — branded as Enterprise Uzbekistan — contains arguably the most striking provision in either bill: a tax exemption on certain activities that runs until 2100. This is unprecedented not just in Uzbekistan but across the broader Central Asian and CIS region.
Beyond the headline incentive, the centre promises streamlined business registration, internationally-standardised commercial regulations, simplified import procedures for equipment and technology, and guarantees on intellectual property and investment protection. The law also mandates data security and integrity standards for cloud-based operations within the zone.
What changes — and what doesn’t yet
The two laws represent genuine ambition. The legal architecture — English common law, independent courts, single-window registration — addresses the core concerns that have historically deterred large financial institutions and tech companies from regional hubs. The tax-to-2100 provision, while headline-grabbing, is likely less important to serious investors than the credibility of the judicial system.
Key uncertainties remain. Both laws are still pending Senate approval. Implementation mechanisms, particularly the staffing and independence of the Tashkent International Commercial Court, have not been detailed. The true test will come when the first significant commercial disputes arise and investors see whether the new legal framework delivers on its promises.
