Tashkent, Uzbekistan (UzDaily.uz) — President of Uzbekistan Shavkat Mirziyoyev has signed a decree introducing a special “regulatory sandbox” regime for urban development projects worth at least US$50 million in New Tashkent and the Shirin residential area of Samarkand. The decree also establishes a separate administration for New Tashkent.
The measures are set out in Decree No. UP-243, dated 10 November 2026.
The regime covers 19,720.9 hectares in New Tashkent and 665.15 hectares in Samarkand’s Shirin area.
The decree aims to improve Uzbekistan’s investment appeal, attract advanced solutions and leading international brands, and develop infrastructure using international best practices.
Eligible projects include mixed-use skyscrapers at least 200 metres tall, hotel complexes, shopping and business centres, theme parks, recreational areas and integrated resorts.
The list also includes medical and educational institutions, sports complexes, theatres, cinemas, museums and infrastructure facilities.
Projects must have a minimum investment value of US$50 million and be located on a single plot allocated by the directorate. Hotel complexes belonging to the world’s top 50 brands and ranked among the top five in their industry will qualify for the same incentives even if their investment value is lower.
Such projects will not receive funding from the consolidated budget, except for external engineering and utility networks.
Land plots will be leased through the E-auksion electronic platform, either through open auctions or under the “Swiss challenge” procedure, which allows competing bidders to submit offers against an initial proposal.
The starting price per square metre will depend on the investment amount: US$200 for projects worth up to US$50 million, US$150 for investments of US$50 million to US$100 million, US$100 for US$100 million to US$250 million, US$50 for US$250 million to US$500 million, and US$1 for projects exceeding US$500 million.
The initial payment will range from 10% to 30%, with the remaining amount payable interest-free over four to seven years. Projects worth more than US$500 million will not be subject to the down-payment and instalment arrangements. Construction must begin within six months.
Investors will receive tax and customs incentives. The profit tax rate on income from renting out and selling project properties will be set at 1%. The reduced rate will apply for five years to projects with investments of at least US$50 million, 10 years for investments of at least US$100 million, and 15 years for investments of at least US$500 million.
Projects worth at least US$50 million will be exempt from property and land taxes for 20 years.
Dividends received before 1 January 2040 and reinvested in Uzbekistan will be exempt from tax. Customs duties on machinery, equipment and construction materials will be waived during the construction period.
The value of imported goods must not exceed 30% of total investment for projects worth up to US$100 million, 50% for projects valued at US$100 million to US$500 million, and 70% for projects exceeding US$500 million.
Foreign specialists whose annual payroll exceeds US$50,000 will be exempt from work permit requirements and certain fees. Their personal income tax and social tax rates will be set at 1% for up to three years.
Foreign investors will also be protected for 10 years by the legislation in force when they made their investment if subsequent legal changes worsen the terms for them.
The New Tashkent administration will begin operating before the area is formally established as a separate administrative-territorial unit. It will manage the territory and oversee services for residents, as well as social and infrastructure facilities.
The president will appoint and dismiss the governor of New Tashkent. The administration's staff will be limited to 14 people, while local offices of government agencies in New Tashkent will be allocated 30 staff positions. Their operating costs will be covered by the national budget.
Law enforcement agencies, including the Prosecutor General's Office, Interior Ministry, Justice Ministry and Emergency Situations Ministry, must establish their own structures in New Tashkent within one month.
The administration and local government agencies will be able to independently handle matters previously under the authority of Tashkent Region and its districts, within the boundaries of the territory transferred to the directorate for permanent use.
The Cabinet of Ministers has been instructed to prepare organisational measures within 10 days. Within three months, it must study international experience and submit a proposal on granting New Tashkent the status of an administrative-territorial unit.
Other government assignments include drafting regulations for real estate investment trusts (REITs) by the end of 2026 and building a road connecting the Olympic Village with Temur Malik Street between 2026 and 2028.
The directorates of New Tashkent and Shirin are to receive 260 billion soums and 200 billion soums, respectively, by 15 December 2026.
The decree applies to projects for which construction permits are issued before 1 January 2035.
