Investing in Tajikistan

Tajikistan recognizes investment in national or foreign currency, movable and immovable property, land-use and natural-resource rights, shares, equity contributions, bonds, long-term deposits, intellectual property, trademarks, know-how, reinvested profit, leasing, concessions, public-private partnerships and production-sharing arrangements. The local terms сармоягузор and сармоягузорӣ mean investor and investment. The State Committee on Investments and State Property Management leads investment policy, state-property management, privatization and entrepreneurship support. The Ministry of Finance issues government securities, the National Bank of Tajikistan regulates monetary and financial matters, and the Tax Committee handles registration and tax administration. The main investment law is Law No. 2173 On Investments and Promotion of Investment Activity, effective from 16 May 2025. It replaced the 2016 Investment Law and the 2013 Investment Agreement Law. Eligible investors include Tajik citizens, resident legal entities and individual entrepreneurs, Tajik citizens permanently abroad, foreign states and international organizations, foreign companies and their branches or representative offices, foreign citizens and stateless persons permanently abroad, and other recognized foreign organizations. A direct business investment usually begins with establishing a Tajik legal entity or registering a branch or representative office of a foreign legal entity. An LLC is a common form. Registration uses the tax authority's single-window state-registration system and assigns a single state identification number and a tax identification number, or TIN. The Tax Code states that this registration procedure is free, but regulated activities still require the relevant licenses and permits. Investors must comply with investment, competition, consumer, labor, urban-planning, environmental, banking, tax, customs, safety, anti-money-laundering and anti-corruption rules. An investment agreement is available only for priority projects on a Government-approved list. The list considers the sector, financing volume, project term, region and expected benefits. An off-list project requires Government consent. The agreement records the project, investment amount, funding source, financing plan and start and end periods. The reviewed law contains no general minimum investment amount. Possible support includes tax, customs or other benefits under the law or agreement, a temporary free state in-kind grant with Government consent, and an investor visa category C. The Government submits the agreement to the Majlisi namoyandagon for ratification. Government securities provide the clearest standardized retail investment channel. Individuals may own them without an ownership restriction. The Ministry of Finance issues dematerialized Treasury bills and bonds through an electronic registry. Primary auctions and the secondary market operate through the Central Asian Stock Exchange, known as CASE. An investor participates through an authorized CASE member bank or broker. A competitive bid specifies volume and yield or price; a non-competitive bid specifies volume and accepts the auction's average yield or price. The official 2026 indicative calendar lists 1,530 million somoni in total planned issuance: 355 million somoni in six-month Treasury bills, 375 million in 12-month bonds, 350 million in 24-month bonds, 150 million in 36-month bonds and 300 million in 60-month bonds. Actual volumes can change, auction notices are issued 10 days before an auction, and yield is set by demand. Government-securities income is stated as tax-exempt in the official FAQ. Prices can fall when market rates rise, an early sale can reduce the expected profit, and liquidity and foreign-exchange risk remain relevant even when the investment is held to maturity. The Securities Market Law No. 745, effective from 14 November 2016, recognizes shares, corporate and state bonds and other securities. Professional securities-market activity, exchange activity and state-securities registration are subject to licensing or registration requirements. The reviewed official materials do not fully publish the current retail product list, fees or broker roster. A direct purchase of corporate shares or bonds therefore requires checking the issuer, prospectus, registration, licensed intermediary, custody arrangement and ability to sell the investment. A standardized local retail offering for ETFs, mutual funds or crypto assets is not confirmed in the reviewed official materials. A free economic zone, or FEZ, offers a project-based investment framework. Investcom guidance describes registration of a legal entity with the tax authority, preparation of a business plan and supporting documents, presentation of the project to a commission under the Ministry of Economic Development and Trade, a contract with the FEZ administration and a permit. The guidance states a one-time permit fee of USD 5,000, but the fee and legal basis should be reconfirmed with the relevant FEZ administration. PPPs, concessions and production-sharing arrangements also depend on the specific project and sector. Investors receive national treatment, protection against discrimination, protection of property, access to information from public bodies and the ability to choose an activity, legal form and financing size within the law. They may hold Tajik and foreign-currency accounts, exchange or purchase currency subject to the Currency Regulation Law, use post-tax investment income, and hold land or natural-resource use rights. Land remains part of the state land fund; the investment interest is a registered use right, lease or related property right rather than evidenced freehold acquisition. Originally imported investment property and information may be exported after the investment period subject to customs law and the agreement. Nationalization and expropriation, including indirect expropriation, are prohibited except where the law permits action in the public or state interest with timely, adequate and effective compensation. New adverse acts do not apply retroactively during project implementation, and investment-agreement terms remain stable unless the parties consent to changes. Investors may obtain insurance from a Tajik insurer or a foreign insurer recognized under a treaty, but the state is not liable for an insurer's obligations. Costs and tax treatment depend on the asset and investor status. Brokerage, exchange, custody, registration and project-specific fees are not fully stated in the reviewed official materials. The consolidated English Tax Code text dated 14 May 2025 states 12% withholding on dividends paid by resident enterprises and 12% withholding on interest, with nonresident-source rules that include 15% on other income. The Tax Committee index lists amendments through 17 December 2025, so the treatment for a transaction should be checked against the current Tajik text. There is no general guaranteed return. Direct productive investment, FEZ projects, PPPs and concessions require more compliance and project analysis than government securities.