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Economy 2019-12-08T04:03:50+02:00
Ukrainian news
Rada To Lift Moratorium On Agricultural Land Sale From October 2020, Limit Their Purchase By Foreigners Till 2

Rada To Lift Moratorium On Agricultural Land Sale From October 2020, Limit Their Purchase By Foreigners Till 2024

The Verkhovna Rada intends to lift the moratorium on the sale of agricultural land from October 1, 2020 and limit their purchase by foreigners until 2024.

A total of 240 parliamentary members backed respective bill 2178-10 as a basis, when 226 votes were enough to pass the decision, the Ukrainian News Agency reports.

According to the bill, citizens of Ukraine, legal entities of Ukraine, territorial communities and the state can obtain ownership of agricultural land plots.

At the same time, a transitional period is introduced until January 1, 2024, when legal entities the ultimate beneficiaries of which are foreigners, stateless persons or a foreign state will not be able to acquire agricultural land of state, communal property, and also parceled land.

The exception will be lands that are already on lease at the time the law comes into force, provided that such legal entities were created at least three years before the law came into force.

In addition, according to this document, a restriction on land concentration within a united territorial community is introduced at 35%, within a region - 8%, within the country - 0.5%.

It is also provided that citizens who have the right to permanent use, inherited lifetime possession of land plots of state and communal property, have the right to redeem such plots with installment payments of up to five years at a price equal to the normative monetary value of such plots.

As Ukrainian News Agency earlier reported, President Volodymyr Zelenskyy promises that the law on launch of the land market will permit selling and buying the land only to Ukrainian citizens and companies, at the same time, foreign companies will be allowed if respective referendum so decides.

The Cabinet of Ministers proposes to the Verkhovna Rada to launch the land market from October 1, 2020.


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