BAKU, Azerbaijan, November 13. Uzbekistan has launched a special investment regime offering tax breaks, reduced land costs and long-term legal guarantees for projects worth more than $50 million in New Tashkent and the Shirin development area in Samarkand.
According to Uzbekistan's Ministry of Investment, Industry and Trade, the measures are stipulated in Presidential Decree No. UP-243, signed on November 10, 2026, which aims to establish a unified and transparent framework for attracting investment into major urban development and tourism projects.
Under the decree, the special regime will cover nine categories of investment projects, including buildings taller than 200 meters, hotels, business complexes, shopping facilities, theme parks, resorts, as well as healthcare, education, culture, sports and infrastructure projects. Incentives for hotel brands ranked among the leading international operators will apply regardless of investment size.
The decree introduces several benefits for investors, including land plots offered through auctions in construction-ready condition and accompanied by technical specifications. Alongside traditional auctions, authorities will introduce a Swiss Challenge mechanism, allowing competing investors to submit alternative proposals.
Depending on the investment amount, the initial land price may be reduced to $1. Investors will also be able to reduce advance payments to 10% and pay the remaining amount in interest-free installments over four to seven years.
Once a project is commissioned, investors will be eligible to acquire the land plot into ownership without additional payment or lease it for up to 49 years.
The incentive package also includes a 20% discount on infrastructure connection costs or interest-free installment payments. Certain projects will qualify for a 1% corporate income tax rate, while land and property taxes will be waived for 20 years.
Customs benefits will also apply to imports within established limits during the construction period. Foreign investors will receive a 10-year guarantee against adverse changes in legislation.
Additional incentives are envisaged for reinvested dividends, research and development activities, and the employment of foreign specialists.
Uzbekistan's Ministry of Investment, Industry and Trade will serve as the main coordinating body for projects implemented under the decree. It will maintain a register of approved investment agreements, assign a dedicated staff member to each investor under an investor-by-investor support system and submit quarterly progress reports.
A dedicated department of the ministry will also be established in New Tashkent. Within one month, the ministry and relevant government agencies are expected to develop procedures for attracting investors, selecting projects and concluding standard investment agreements.
The decree also provides for the development of a legal framework for real estate investment trusts (REITs). As part of this initiative, Uzbekistan plans to establish a pilot fund based on state-owned real estate assets and list its shares through an initial public offering (IPO). A draft regulatory document is expected to be submitted to the Cabinet of Ministers by December 31, 2026.
The new regime is intended to reduce administrative barriers, make investment costs and project timelines more predictable, and attract international brands and institutional investors to New Tashkent and Samarkand's Shirin area. The authorities expect the measures to support infrastructure development, job creation and the expansion of higher-value-added services.
