How to transfer money to Ukraine for the purchase of real estate?

One of the main rules of buying real estate in Ukraine is that the money for the purchase of an apartment or other property should be transferred from the buyer to the seller in the Ukrainian national currency and with a bank transfer.

That is, just bring the money in dollars or euros and pass the cash - an illegal option.

In this regard, any foreigner to acquire real estate in Ukraine will need to perform several actions:

• Get a TIN code in Ukraine;

• To open an account in a Ukrainian bank.

Of course, transferring a large amount of money raises many questions:

• Will the tax increase and will there be any additional costs, depending on the amount of purchase?

• Is it worth limiting yourself to a certain amount, or vice versa, to make a purchase of real estate in Ukraine from a minimum amount? Will the amount affect the time of transfer?

• What are the main rules when paying for real estate in Ukraine (currency, appraised value, etc.)?

Our lawyers are thoroughly familiar not only with the legislative base, but also with how the purchase of the property in Ukraine works in practice. We offer full support of the real estate process, when you do not have to think about such nuances.

Related article: What taxes will I have to pay when buying an apartment in Ukraine?

How do I buy an apartment in Ukraine?

To carry out a real estate purchase transaction, you will have to pay a visit to a notary. You must come to the notary with a translation of your passport and an identification code. If you do not understand Ukrainian or Russian at all, you should bring a certified interpreter to the notary. 

Our lawyers organize the entire transaction at our reliable partner notary and prepare all the necessary documents in advance.

Important! There is no minimum or maximum amount of payment for the real estate - you can choose any real estate object, taking into account that when buying an apartment you will need to pay 1% of its value to the Pension Fund of Ukraine.

The price of the real estate cannot be artificially lowered or overstated, for this purpose a preliminary property assessment is performed, about which the seller should have a confirming document.

You should also know that there is a property tax in Ukraine, and the objects of such a tax will be:

• Apartments of more than 60 m²;

• Houses of more than 120 sq. m;

• Various types of residential properties over 180 m² in size.

As for the use of the apartment or property after purchase, you should not think about reselling it quickly. If you decide to sell the apartment less than 3 years after its purchase, you will have to pay a tax of 18% of its value.

Important! In addition to the process of concluding a transaction, you should be confident in the safety of the property - for this purpose, we advise you to use the services of lawyers for due diligence of the object and the seller before buying.

Related article: Checking of real estate before buying in Ukraine

Legal support of the real estate purchase in Ukraine

Our lawyers offer you the following range of services:

• Consultation regarding the process of purchasing the real estate you need in Ukraine, selection of optimal algorithm of actions;

• Obtaining TIN in Ukraine which is necessary for opening account and purchase of real estate in Ukraine;

• Assistance with opening a bank account in Ukraine;

• Due diligence prior to purchase of the real estate;

• Real Estate Sales and Purchase Agreement Verification;

• Assistance with translation and notarization of all documents necessary for buying real estate;

• Organization and support of the real estate purchase transaction at the notary;

• If necessary, further tax consulting regarding the real estate.

If you want to buy an apartment in Ukraine or you need any other legal assistance in Ukraine - contact us! You will get a solution to your question quickly and easily.