Uzbekistan to restrict cash purchases of housing (video)

Uzbekistan will restrict the sale of housing through cash transactions. This was announced by Mubin Mirzayev, First Deputy Chairman of the Tax Committee, during a regular session of the Senate of the Oliy Majlis on June 26.

“There are still many problems — we see this. The shadow economy remains widespread. That is why, in cooperation with the Ministry of Finance, the Central Bank, the Tax Committee, the Chamber of Commerce and Industry, and entrepreneurs, we have developed a presidential decree aimed at combating the shadow economy,” he said.

According to Mirzayev, the core focus of the initiative is to promote cashless payment systems. The decree has been agreed upon with all relevant ministries and agencies and has been submitted to the presidential administration.

“Many countries have set the goal of fully transitioning to a cashless settlement system by 2030. Therefore, this decision reflects our move to carry out large transactions using non-cash methods. We are starting with real estate,” he noted.

Mirzayev emphasized that the sale and purchase of houses in Uzbekistan are often done in cash. “In order to formalize such transactions through the banking system and ensure they are carried out legally — in accordance with trade regulations — we have outlined all necessary incentive mechanisms, procedures, and legal requirements. I believe the adoption of this decree will serve as a key tool, and we will begin implementing it,” he added.

It is worth recalling that a recent resolution of the Cabinet of Ministers, titled “On additional measures to implement the Law of the Republic of Uzbekistan on the recognition of rights to arbitrarily occupied land plots and buildings and structures constructed on them,” states that the timeframe for preparing cadastral passports in Uzbekistan will be extended depending on the complexity and type of the property.