TIFC: Uzbekistan Establishes the Tashkent International Financial Centre

Uzbekistan Establishes the Tashkent International Financial Centre: A New Legal Regime for Investors, Financial Markets and Cross-Border Transactions.

On 30 March 2026, the President of the Republic of Uzbekistan signed a decree establishing the Tashkent International Financial Centre — TIFC. The decree entered into force on 31 March 2026 and provides for the creation of a special legal, tax and judicial infrastructure for international financial, investment and commercial activities in Uzbekistan.

The establishment of the TIFC represents one of the most significant institutional steps in the development of Uzbekistan’s financial market. Its model is broadly aligned with international financial centres such as the DIFC in Dubai, ADGM in Abu Dhabi and AIFC in Astana. The core objective is to create a separate legal environment based on the common law of England and Wales, supported by its own regulatory framework, court system and long-term tax incentives.

Key Features of the TIFC

he TIFC will be located in the Tashkent City business district. It will be overseen by a Council chaired by the President of the Republic of Uzbekistan.

The main features of the new regime include:

• a special legal regime based on the common law of England and Wales;
• tax and customs incentives until 1 January 2076;
• establishment of the Tashkent International Commercial Court;
• unrestricted repatriation of capital and income;
  settlements in foreign currency and cryptoassets within the TIFC regime;
• preferential tax treatment for foreign and local professionals;
• simplified employment rules for foreign workers.

Special Legal Regime and Common Law

One of the most important features of the TIFC is the introduction of a separate legal regime, which is expected to be established by a constitutional law. Within this regime, the TIFC governing bodies will be able to adopt regulations covering civil, corporate, commercial, financial, banking, tax, employment and personal data matters.

The direct application of the common law of England and Wales may reduce legal uncertainty for international investors, particularly in relation to corporate structuring, contract law, financing, investment protection and dispute resolution.

In practical terms, the TIFC creates a “jurisdiction within a jurisdiction”, where certain categories of legal relations will be governed by the Centre’s special rules rather than the general national legal framework.

Tashkent International Commercial Court

The TIFC will include the Tashkent International Commercial Court, consisting of a court of first instance and an appellate court.

Its jurisdiction is expected to cover, among others:

• disputes related to the activities of the TIFC;
• contractual disputes where the parties have chosen the court’s jurisdiction;
• administrative disputes involving foreign enterprises, companies with foreign investment and foreign individual investors;
• certain administrative disputes involving entrepreneurs, including disputes relating to economic sanctions;
• matters connected with international arbitration seated in Uzbekistan.

The possibility of bringing not only internal TIFC-related disputes, but also certain administrative disputes involving foreign investors, before the TIFC court may become an important instrument for strengthening investor confidence in large-scale investment projects.

Tax and Customs Advantages

The decree provides for a broad package of tax and customs incentives valid until 1 January 2076.

These include exemptions from:

• corporate income tax for the governing bodies and residents of the Centre on income from services, subject to certain exceptions;
• VAT for TIFC bodies and residents;
  personal income tax for foreign citizens and stateless persons employed by the Centre and its residents;
• land tax and property tax for legal entities in relation to assets used by the Centre’s bodies within its territory;
• customs duties on goods imported for use by the Centre’s bodies and residents.

In addition, income from the sale of securities listed on the Centre’s official exchange, income from the sale of participatory interests in TIFC participants, as well as dividends and interest on such securities may be exempt from taxation.

For Uzbek tax residents employed by the Centre’s bodies and residents, the personal income tax rate is reduced to 7%.

Operational Benefits for Participants

TIFC participants will be able to hire foreign employees without obtaining work permits. Employees, participants and their family members may be issued special-entry visas valid for up to five years.

Participants will also be permitted to settle monetary obligations, including payments and salaries, in foreign currency or cryptoassets, if agreed by contract. This makes the TIFC regime materially different from Uzbekistan’s general currency and payment regulation.

Issues Requiring Further Regulation

Although the decree is an important framework document, the practical effectiveness of the TIFC will depend on subsequent legislation and implementing regulations.

Enlawyer Comment

The creation of the TIFC may become an important milestone in positioning Uzbekistan as a regional financial and investment hub. For foreign investors, financial institutions, funds, technology companies and professional advisers, the new regime may offer a more predictable legal environment aligned with international standards.

At the same time, businesses should note that many aspects of the TIFC regime still require further clarification. In practice, the quality of the future constitutional law, the independence of the court mechanism, transparent licensing rules and the effective application of common law within the Uzbek legal context will be decisive.

Enlawyer will continue to monitor the development of the TIFC legal framework and its impact on investment, finance and corporate projects in Uzbekistan.