The law on Ukrainian farmland market was approved in April 2020. The market will open in July 2021, but foreigners won’t be able to purchase land.
How Ukrainian farmland market will operate
Only Ukrainian citizens will be able to purchase farmland from 1 July 2021. Companies will be able to acquire such blocks from 1 January 2024, but the firm should also only include Ukrainians.
There are also limits on the size: From 2021 until 2024 the limits is 100 hectares. From 2024 the limit is increased to 10,000 hectares.
There is a plan to allow foreigners to purchase land in Ukraine, but it can be only done once locals have the opportunity to get affordable loans for this purpose, President Zelensky pointed out. The target is loans offering interest of only 2%. Once this is achieved, the market could be opened up for foreigners.
At the same time, citizens of other countries will be able to continue to lease farms.
Ukraine imposed a moratorium of sales of farm lands to prevent predatory practices nearly 20 years ago in 2001. At first it was intended as a temporary measure, but then the lawmakers kept extending it year after year.
The main concern was that all the land in the country could be quickly acquired by international corporations and oligarchs.
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