Uzbekistan to give 10-year residence permit to foreigners for $3 million investment

TASHKENT (TCA) — Uzbekistan has amended some government regulations to allow foreign citizens who invest US $3 million in the country’s economy to get a 10-year residence permit, Xinhua news agency reported with reference to the Uzbek Justice Ministry.

Previously, the residence permit for foreign investors was issued for five years, the ministry said.

Foreign investors and their family members will also be provided with a number of benefits. Studying at university, they will have the right to receive scholarships and postgraduate education on the same conditions as citizens of Uzbekistan, according to the new regulations.

Last month Uzbekistan introduced a three-year investor visa for foreigners and stateless people if they invest a minimum of 183,000 U.S. dollars in the country’s economy.

The new measure is part of the Uzbek government’s efforts to attract foreign investment and make the country attractive for tourists.

Uzbekistan has been carrying out economic reforms over the last two years to attract foreign investment. President Shavkat Mirziyoyev has tasked the government with increasing the volume of foreign direct investment up to 4.2 billion US dollars in 2019.

Sergey Kwan