Today Ukraine’s real estate market offers many wonderful opportunities and high returns on investments. Check out some tips about buying real estate property in Ukraine to find out useful information and make the final decision.
Ukrainian law does not distinguish between property rights or right of ownership in regards to non-Ukrainian citizens versus Ukrainian citizens. Foreigners purchase real estate using the same process. However, non-Ukrainian citizens are not allowed to purchase land. The Land Code of 2002 allows foreign individuals and legal entities to own non-agricultural land in Ukraine, and non-residents can lease land for a maximum of 50 years (all land purchase and lease contracts are subject to state registration).
After the acquisition property has been identified and price has been agreed upon, it is necessary to sign a preliminary purchase agreement. As a standard a deposit is involved this typically is 5% of the purchase price. The preliminary agreement outlines the terms of the purchase and time frame during which the purchase will take place. It is signed in the presence of a notary. On the date of the actual deal, the remaining balance is paid also in the presence of a notary. At this point, the title of the property is officially signed over to the new owner and is registered within the state structure. The notary also requires that the state duty and pension fund fee have been paid. After the purchase contract is executed before a notary, the buyer should then apply for the transfer of the property to be registered at the appropriate BTI office. Transfer only becomes effective when sale purchase documents are registered.
Buying real estate property in Ukraine make sure to verify the seller’s title by reviewing the following documents:
- certificate of privatization, or purchase contract (usually notarized), or evidence of inheritance or gift;
- certificate from the Bureau of Technical Inventory (BTI) stating that the seller is the owner and citing the BTI registration number; and
- certificate from the Unified Register of Prohibitions on Disposal of Immovable property showing the absence of mortgages, arrest or other encumbrances.
Read: Top 3 Real Estate Agencies in Kiev
Just a few documents are needed for a non-resident to purchase residential property in Ukraine:
- passport (with a valid visa stamp or a stamp page that shows legal entry into the country) and its legally authorized Ukrainian translation
- Ukraine taxpayer identification code certificate that can be obtained with just a valid passport in person or by a legal representative with a power of attorney (the process takes from 5 to 10 days)
- copy of marriage certificate, copy of spouse's passport, and notarized copy of spouse's consent to buy property in Ukraine (if buyer is married and comes to Ukraine without his or her spouse)
This is just basic and general information about buying real estate property in Ukraine. If you are interested in the purchase you can always address to one of the real estate agencies or hire a realtor to be sure to follow and complete all legal steps.