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26 December 2019

The Law on investments and investment activities adopted

On December 25, President Shavkat Mirziyoyev signed the law “On Investments and Investment Activities”, which sets out the rights and obligations of the investor, as well as state guarantees for the rights of subjects of investment activities.

In particular, investors are guaranteed the free transfer of funds in foreign currency to and from Uzbekistan without any restrictions, provided that they pay taxes and payments, including currency conversion for repatriation.

After the termination of investment activity, a foreign investor has the right to free repatriation of assets, the law emphasizes.

In the event that the subsequent legislation of Uzbekistan worsens the conditions for investment, then the law applicable to the date of investment is applied to investors within 10 years from the date of investment.

The state guarantees protection of investments in accordance with the legislation and international treaties of Uzbekistan. Investments and other assets of investors are not subject to nationalization.

In addition, investments and other assets of investors are not subject to requisition (expropriation), except in cases of natural disasters, accidents, epidemics, epizootics and in other circumstances of an emergency nature.

The law will enter into force within a month from the date of its official publication.