However, foreign investors should be aware of the legal requirements that they need to fulfill to purchase land in Ukraine. This article will provide a comprehensive guide on the legal requirements for foreign investors looking to buy land in Ukraine.
The Ban on Foreigners Buying Agricultural Land
Foreigners are currently prohibited from buying agricultural land in Ukraine. This ban was introduced in 2014 and has been in effect ever since. The ban was put in place to prevent the acquisition of agricultural land by foreign individuals and entities, as well as to protect the country's national interests.
Exceptions to the Ban on Foreigners Buying Agricultural Land
There are several exceptions to the ban on foreigners buying agricultural land in Ukraine. These include:
- Foreign individuals and legal entities can inherit agricultural land in Ukraine.
- Foreign companies can purchase agricultural land in Ukraine if they establish a subsidiary in the country.
- Foreign individuals and legal entities can purchase agricultural land in Ukraine if they have been residents of the country for at least three years.
The Legal Framework for Foreign Investment in Ukraine
Foreign investment in Ukraine is regulated by several laws and regulations. The main legal framework for foreign investment in Ukraine includes:
- The Law on Foreign Investment, which provides the legal basis for foreign investment in Ukraine.
- The Law on Currency and Currency Transactions, which regulates foreign currency transactions in Ukraine.
- The Law on State Registration of Property Rights, which governs property registration in Ukraine.
The Process of Buying Land in Ukraine
Foreign investors looking to buy land in Ukraine need to follow several steps to complete the process. These include:
Finding a Property: The first step is to find a property that meets the investor's requirements. Investors can use the services of a real estate agent or search for properties online.
Signing a Contract: Once a suitable property has been found, the investor needs to sign a contract with the seller. The contract should include all the terms and conditions of the sale, including the purchase price, payment terms, and other details.
Obtaining Permission: Foreign investors need to obtain permission from the local authorities to buy land in Ukraine. The investor needs to submit an application to the local land commission, which will review the application and make a decision.
Registering the Property: Once the application has been approved, the investor needs to register the property with the State Register of Property Rights. The investor also needs to pay the necessary registration fees.