Economic Passport in Ukraine

by Roman Cheplyk
Wednesday, December 8, 2021
Economic Passport in Ukraine

Adult Ukrainians born from January 1, 2019, will receive more than $22.000

In order to obtain an economic passport, you must not only be born any later than 2019, but also have Ukrainian citizenship, both in Ukraine and in a permanent place of residence for the past 5 years. The bill is being developed in the Office of the President of Ukraine and provides for payments in the amount of 22 thousand dollars. The first generation of children who will receive these funds will appear in 2037. In total, in 2037 the state will have to pay about $7 billion.

The money from the budget will be transferred to the Fund for Future Generations, which should start accumulating money from 2023. The first state contribution is expected to be $802 million. This amount should cover the contributions to the two minimum wages for all children born from 2019 to 2023. 

Also, in critical cases, there is a possibility of early withdrawal–in case of the need to finance serious diseases. In the event of the death of a fund member, the funds will be received by his heir without reference to the objectives set by law.

The balance sheet of the fund will be replenished with funds that the state will receive from the lease. Within 10 years, depending on the type of fee, the rate of deduction for subsoil use will increase.

  • For mining: from 35% in 2023 to 70% in 2030;
  • For oil, gas concentrate and gas: from 47.5% in 2023 to 95% in 2033;
  • Within the continental shelf or maritime economic zone: from 50% in 2023 to 100% in 2033. 


You will be interested