Article 13. TIFC Investment Tax Residency Programme

1. The TIFC Investment Tax Residency Programme shall grant to natural persons who make investments, in the forms, volumes, and instruments determined by a TIFC Board Act, recognition of those persons (and their Family Members) as TIFC Investment Tax Residents, for the purpose of attracting investment into the Republic of Uzbekistan.

2. The Programme shall be adopted in consultation with the state bodies responsible for state security, internal affairs, economy and finance, and implementation of state policy on investment promotion. The TIFC Board Act establishing the Programme shall determine the forms, volumes, and instruments of investment, the criteria for the recognition of residence, and the procedures for participation in the Programme.

3. TIFC Acts shall determine the criteria for recognising a person as a TIFC Investment Tax Resident, subject to the following minimum requirements:

1) the person has not been a tax resident of the Republic of Uzbekistan during the three-year period preceding the application for participation in the Programme; and

2) the personʼs citizenship of the Republic of Uzbekistan (if any) has not been terminated at any time during the ten-year period preceding the application for participation in the Programme.

4. A person shall not qualify as a TIFC Investment Tax Resident where the principal purpose, or one of the principal purposes, of participation in the Programme is in the reasonable opinion of the TIFC Authority the avoidance or reduction of tax on income, assets, gains, or activities substantially connected with the Republic of Uzbekistan.

5. TIFC Acts may require disclosure of beneficial ownership, source of funds, source of wealth, tax residence history, sanctions status, and such other information as is necessary to protect the integrity of the Programme.

6. Recognition as a TIFC Investment Tax Resident shall carry:

1) recognition as a tax resident of the Republic of Uzbekistan for the purposes of the exemptions established by Article 18 of this Constitutional Law;

2) the visa rights established by Article 20 of this Constitutional Law; and

3) access to the TICC and to the wills and succession register in accordance with Article 29 of this Constitutional Law.