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AuthorizationAddress
Happy Home Property Investments, S. L.
C.I.F.: B92957513
Ctra.de Cadis, Km 198 Edif.Mansion
Alhamar Ofic.122.
29649 Calahonda, Mijas Costa, Spain
Representative office in Ukraine
Ukraine, Kyiv,
M. Hrinchenka St.4, 3rd floor
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CONSULTATIONS 29.02.2008. Purchasing Real Estate Abroad: Ukrainian Legislation Requirements
Mechanism of purchasing real estate abroad by Ukrainian citizens is sufficiently defined and is used in practice, but it is worth noting some difficulties regarding legality of income by people, who plan to do such investments abroad.
For buying real estate abroad, as for any other transaction for foreign investment, it is necessary to receive a license from the National Bank of Ukraine. The procedure of receiving such a license is determined by Instruction of the National Bank of Ukraine "On procedure of issue the individual license for private investment operations abroad", ratified by Decree of NBU N 122 dated 16.03.99. In order to receive such a license, you need to hand in an application to the regional office of the National Bank together with notarized copies of real estate purchase contracts and other documents. The maximum waiting period for passing all necessary authorities – territorial department on fighting organized crime of the Ministry of Internal Affairs and department of foreign currency control of the NBU – is 40 days.
We would like to note that it is necessary to have an interview with the territorial department on fighting the organized crime of Ministry of Internal Affairs. The main factor that is a basis for making a decision is the identification of a resident’s source of capital. The best way is to prove that capital is inherited, donated or received by selling property in Ukraine. If the client has chosen the legal way of investment, rejection of issuing a license happens very rarely.
With a positive decision, the NBU has to issue a license in four copies and have it signed by the Head of the NBU or his deputy. One copy is held by a buyer, a second copy is handed to the territorial department of the NBU, a third copy to the bank, which will be executing the transaction from the Ukrainian side, and lastly a fourth – for the department of foreign currency control.
Prepared by lawyer Lydmyla Plagun
Attorney bureau "Tcytckishvili, Kutah and partners"
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