How to buy an apartment for a foreigner in Ukraine?

We often hear the question of how difficult it is to buy a foreigner an apartment in Ukraine, for example in Kiev or Odessa, and what are the stages of the procedure. 

Today we will talk about which properties to pay attention to and what to do to buy real estate in Ukraine easily and quickly.

Interesting: Permanent or temporary residence in Ukraine?

Which apartment should I choose? Is there a difference: buy a new or secondhand apartment?

Commonly, the property market is divided into primary and secondary.

The primary market is, in fact, a property that has never been owned by anyone. That is, new buildings and construction projects.

From the advantages of the primary market, we can name:

• lessen the cost per square meter;
• the ability to choose the layout of the apartment;
• possibility to buy a ready-made apartment and immediately rent it out, etc.

The minuses that we see in the purchase of housing in the primary market of Ukraine:

• You'll probably have to invest additional money in repairs;
• there's always the risk of slippage;
• the possibility of a fraudulent or unscrupulous developer;
• payment of funds for the purchase of real estate in Ukraine in a new building by a foreigner involves opening a special investment account, which has a complicated procedure.

Secondary real estate market, are apartments that were previously in someone's property.

The main advantages are:

• the opportunity to get a virtually ready-to-residence apartment, which can be used immediately;
• if repair is needed, it can be cosmetic at first, that is, less expensive;
• the purchase procedure on this market does not provide for the opening of special investment accounts for the foreigner. In order to transfer the money for the apartment will be enough to open an account in Ukrainian bank in hryvnia currency.

Important: If you want to rent out your apartment in the future, it is worth asking in which district of the city the rent is higher and it is easier to rent out the apartment.

The only thing to keep in mind, if you still want to rent out your new apartment, is that according to the tax laws of Ukraine, in order to rent out the purchased premises, a foreigner in Ukraine must find a "tax agent" who will pay tax for it. As a rule, these are specialized LLCs, which offer appropriate services in Ukraine.

Among the disadvantages of the secondary real estate market, we can name possible problems with documents or confusing history of the apartment itself. You can solve such problems with the help of a qualified lawyer, who will check everything in advance. 

Interesting: Bringing the family to live in Ukraine

What documents are required to buy an apartment in Ukraine?

The most pressing issue in the process of buying such an expensive thing as an apartment is the safe process of transferring money for it.

What do you need to know in this regard:

• According to the Ukrainian legislation, it will be possible to pay for the purchase of real estate only by bank transfer of the entire amount;
• to open a bank (regular) account, you will need an identification code;
• If you still want to buy an apartment on the primary market, it will be more difficult to open an account and it will have to be an investment account.

For the very process of buying a property you will also need a notarized translation of Your passport.

If you have any questions, or you want to secure the process of buying an apartment in Ukraine - call us.