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Sovetnik Pravitelstva CWA, Tovarichestvo Palmsa, Inc.
Investment Bankers. Washington, United States of America.
This material may be reproduced or distributed or published with the following acknowledgment:
"This material was translated by and received from the branch office of Palms & Company, Inc. Investment Bankers <palbank@PeterPalms.com> in the offices of the Cabinet of Ministers of Ukraina and State Innovation Fund of Ukraine, Kiev."
Pursuant to Land Code of Ukraine foreign investor cannot purchase land; only leasing for maximum of 50 years is possible.
As a rule foreigners and companies which are under foreign control do not have right to buy land, but they can lease if for up to 99 years.
Enterprises can own buildings that are used by them. Some liberalization concerning ownership of land is taking place.
Foreigners and foreigner controlled companies have not rights to own land that earlier used to belong to the state. Permission from the Ministry of Internal Affairs is needed to buy private land. It is possible to lease land for 99 years. The policy of transferring of expropriated land and other property to its former owners brings uncertainty to ownership right.
Foreigners have a right to own a real estate with a permission from the Ministry of Finance; companies may purchase land for business activity in the country. Usually, it is prohibited to buy agricultural land. Restitution of property to former owners does not create any problems to investors due to the financial compensation.
Transfer of incomes are guaranteed after paying all taxes. At transferring of incomes 15% tax is paid if another is not stipulated by international covenants.
Foreign investors can repatriate incomes, capital, salary and other payments freely. Some limitations exist concerning currency exchange.
Foreign investors can transfer all their incomes and repatriate capital abroad. The government guarantees domestic convertibility of zloty.
Forint is not fully convertible yet, but there is a hope that it will
be reached in 1994-1995. Control on currency exchange is obligatory (under
the supervision of the National Bank), but it does not make problems. An
investor has a right to convert Forint into hard currency according to
official rate and pay dividends or repatriate deductions of capital.
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Date last Revised: September 10, 1997