How foreign individuals can open an Investment Account in Ukraine

How foreign individuals can open an Investment Account in Ukraine

For a foreigner to invest in Ukraine, they must open an investment account with one of the local banks. An investment account is the only one of its kind, allowing foreigners to make settlements for their investments in Ukraine
What are the main features of an investment account?
With an investment account, one can pay into the investment account in national currency. It can also be paid in a foreign currency using the first group classifier of currency. Secondly, the rules and regulations that govern such accounts' opening must be consistent with Ukrainian laws. 
Note that the investment account can hardly be opened or used for entrepreneurial purposes. The investment account is right for transactions that revolve around the payment of investments in Ukraine, receiving income, and transferring income accrued from investments to your country of residence.
How are investments paid for in Ukraine?
All foreigners who decide to invest in Ukraine can pay for their investment in two ways.

  • They can make their payment in foreign currency, hence pay directly from their account overseas.
  • They can pay by transferring money to a Ukrainian investment account, after which they will sell currency at an interbank foreign currency market. At this juncture, the foreigners can pay using the Ukrainian national currency.

What are the documents required to open an investment account in Ukraine?
Like any other bank account, an investment account requires a fulfillment of a few formalities before opening:-

  • A passport that was issued overseas,
  • A temporary Ukrainian residence permit,
  • Your tax number,

An application to open an investment account is also vital. In the application, you must include your current address in Ukraine,
A foreigner also needs a power of attorney in a notarial form if they authorized someone to open the account for them,
Lastly, you must provide an individual and bank representative sign account together with an opening and servicing agreement.
The bank can ask for more documents that are per its internal policies. Otherwise, by Ukrainian law, you should be good to go with the above documents.
How can you use the funds in your foreign currency account?
You can use the funds in your foreign account to directly pay for Ukraine investments from overseas or after selling the foreign currency, hence paying for the investments in Ukrainian national currency. You can also pay the Ukrainian customs, return the income from an investment activity to your overseas account, or transfer payment from your investment account to your current Ukrainian account.
To wrap it up
All proceeds from your investment account can be moved to your account overseas. It is vital to note that all transactions regarding your investment account must comply with Ukrainian law. All foreigners must open an investment account to observe all the latter's requirements. It is essential to have all the required documents because foreigners cannot secure an investment account in Ukraine if the contrary is the case.


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