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Uzbekistan

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Property Buying Information

Purchasing property in Uzbekistan requires a foreign national to obtain a status of residency in the country, though this process can take a while thanks to prohibitive levels of bureaucracy and other minor pitfalls. A respected local lawyer should be employed to help with the process, as well as with land titles and other matters. The government are making a concentrated effort to make property purchases easier for foreign nationals as a way of increasing foreign investment, so things are slowly getting simpler.

Once residency or a passport is set up, the transaction for the property can get underway. As a legal entity in the country, foreign individuals are party to the same treatment as domestic citizens but with a few extra tax breaks here and there. The process is straight forward but can be slow again thanks to bureaucracy. Before agreements are signed it should be checked numerous times that the property being bought is legally owned by the seller – the land registry can prove useless at times so this is imperative to the sale. Once it is checked, the deposit is paid and the documents are sent to the local registry for the title to be signed over to the buyer. Once this process is complete the remainder of the fee can be paid, along with applicable taxes and lawyer/notary costs.

 

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