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The National Bank of Ukraine has reviewed approaches to licensing of transactions involving depositing funds on accounts abroad and overseas investments performed by individuals, according to the central bank's website.
From now on, individuals will be allowed to deposit FX funds that originate from abroad on accounts without having to obtain an individual license from the NBU, the report reads.
For instance, Ukrainians shall not be required to obtain a license from the NBU to deposit funds received as salaries, alimony, pensions, scholarship, etc. on accounts abroad.
Read alsoNBU estimates Ukraine's losses from trade blockade of Donbas at $2 blnIndividuals will also be allowed to make investments abroad using funds that originate from abroad, including investments from overseas accounts, reinvestments abroad, and trading in financial instruments on international stock exchanges, etc.
However, individuals are required to hold individual licenses issued by the NBU to transfer funds abroad to make investments or deposit them on accounts abroad as mandated by Ministerial Decree On Foreign Exchange Regulation and Control No. 15-93 of 19 February 1993.
Read alsoUkraine eases forex restrictions for corporate sectorIt should be stressed that granting a permit to perform transactions involving depositing funds on accounts abroad and overseas investments does not exempt individuals from the requirement to declare income and pay taxes on these transactions in Ukraine in accordance with applicable laws.
The amendments to this effect have been approved by NBU Board Resolution No. 14 of 23 February 2017 On Amendments to Some NBU Regulations. The amendments came into effect February 25, 2017.
Further liberalization of forex transactions performed by individuals that are subject to licensing will be implemented in accordance with a framework for a new foreign exchange regulation based on a new law On the Currency, a single framework law that will outline the main principles governing forex regulation in Ukraine and replace an obsolete Ministerial Decree On Foreign Exchange Regulation and Control No. 15-93 of 19 February 1993 and some other regulations.
Read alsoWeek’s balance: Blockade causing losses, NBU’s anti-crisis measures, and increased industrial outputThe draft law is being developed by the NBU and experts employed by the European Commission.