Uzbekistan Liberalizes Outbound Investment Regulations

The Central Bank of the Republic of Uzbekistan has approved, and the Ministry of Justice has registered, amendments to the Regulation on Certain Foreign Exchange Transactions Related to Capital Movements. These amendments significantly expand the list of transactions that may be carried out without obtaining an individual permit from the Central Bank and effectively shift a substantial portion of residents’ foreign investments to a notification-and-threshold regulatory model.

New Limits for Foreign Investments

Starting from June 2026, residents of Uzbekistan may invest abroad without obtaining a separate permit from the Central Bank within the following annual limits:

• Private legal entities (without state ownership) – up to USD 200,000;
• Legal entities with state participation – up to USD 100,000;
• Individual residents of the Republic of Uzbekistan – up to USD 10,000.

Within these limits, funds may be used for the formation of the charter capital of foreign legal entities, acquisition of shares or equity interests in foreign companies, as well as the establishment and financing of foreign branches, representative offices, trading houses, and other overseas business units.

Control Remains, but Its Form Changes

Liberalization does not mean that the state is abandoning control over capital movements.

Foreign investments remain subject to registration through the FERUz state information system for foreign exchange transactions, and residents are still required to submit relevant reports through their servicing banks.

Accordingly, the government retains mechanisms for monitoring cross-border investments while simultaneously reducing administrative barriers for businesses and individuals.

Continuing the Course of Liberalization

These amendments form part of Uzbekistan’s broader and ongoing foreign exchange liberalization reform.

As Horizon previously reported, effective 1 January 2026, restrictions on investments by Uzbek residents in companies incorporated in the United States were abolished. Individuals and legal entities were granted the ability to invest in U.S. companies without quantitative limits and without obtaining governmental approvals.

While the January reforms were targeted specifically at investments in the United States, the current reform extends a more liberal approach to international investment activities in general, albeit within the prescribed thresholds.

Practical Implications for Businesses and Investors

For small and medium-sized enterprises, the new threshold of USD 200,000 creates additional opportunities for international expansion, establishment of overseas representative offices, incorporation of foreign subsidiaries, and development of export infrastructure without having to undergo lengthy approval procedures.

For individual investors, the USD 10,000 limit provides a clear and lawful mechanism for participating in foreign investment projects, including acquiring interests in foreign companies and undertaking other investment activities permitted by law.

At the same time, investors should bear in mind that certain foreign exchange regulations remain in force. In particular, pursuant to Presidential Decree No. UP-254 dated 18 December 2025, individuals may fund foreign brokerage and investment accounts only through licensed investment intermediaries.

Conclusion

The new rules represent another step in the government's policy of liberalizing foreign exchange regulation and integrating Uzbekistan into international financial markets. In practical terms, the state is gradually moving away from a permit-based regime toward a more flexible framework governing outbound investments, while preserving the necessary mechanisms of financial oversight and transparency.

For businesses and private investors alike, this creates additional opportunities to participate in international projects and build foreign assets without having to navigate complex approval procedures.