In 2021, the development of "economic passports" began. At the initiative of the president of Ukraine, Volodymyr Zelenskyy, a fund, and accumulation system for children born after 2019 was created. An economic passport enables children to receive a total of $20,000 from the state upon reaching the age of 18. The passport implies annual transfers of funds to the account of each child.
Conditions for participation in the government savings program:
- Ukrainian citizenship;
- Permanent residence in Ukraine for 5 years.
To participate in the program, the child's parents or representatives must apply to the fund and documents confirming compliance with the conditions for receiving payments. Money from the state can be spent on education, medical treatment, buying a home, and transferring non-state pension funds to a personal account.
The presence of a severe illness is the basis for receiving money from the Fund before reaching the age of majority.
“The assets of the children participating in the Fund will include contributions from the budget received from the payment of rent for the use of subsoil for the extraction of minerals. Also, the source of the formation of the Fund will be investment income from the placement and investment of funds of its participants”.
