Guide to Obtaining Residency in Ukraine Through Investment
Ukraine, renowned for its tech-savvy population and status as one of the world's top grain exporters, presents an appealing opportunity for foreign investors seeking permanent residence. The country's currency, the hryvnia, is currently at a low point against the US dollar, making investing in Ukraine more attractive.
The residence by investment program in Ukraine accepts foreigners who are at least 18 years old, have impeccable personal standing, and are able to invest at least $100,000 and establish a Ukrainian business. The investment can be made in cash or via bank transfer.
The investment money is not blocked in any way; the applicant is free to use it as they see fit, including to buy real estate. To be eligible for a spouse and children's permanent residence permits in Ukraine, the applicant must have been granted their own resident status.
The application process involves at least two trips to Ukraine, paperwork for approximately four months, and fees estimated to be around $20,000. The process can be delayed if there are discrepancies or mistakes in the application.
Once approved, the applicant will be liable to pay income tax and social security taxes on their salary, as well as profit tax and real estate tax if the company owns real estate that's larger than 60 square meters. It will take just one day to register the applicant's new business in Ukraine.
Ukraine's residence by investment program offers simplified EU travel, a decent passport, a high-quality and low-cost workforce, progressive culture, Ukraine's turn towards the West, and cheap living. Ukrainian citizens and permanent residents are able to travel visa-free to all Schengen states for a period of no longer than 90 days in any 180 day period.
However, the program comes with some drawbacks. The lack of investment options, unfavorable banking environment, the country still being at war, lots of uncertainty, and currency instability are some of the challenges potential investors might face. It's important to note that people who were convicted and sentenced for a serious crime, people who've committed crimes against peace or against humanity, and those affected by chronic alcoholism, toxic substance or drug abuse, or have any infectious disease (e.g. AIDS) are excluded from applying for residence by investment in Ukraine.
The residence by investment program does not offer dual citizenship; applicants must renounce their original citizenship within two years of registering as a citizen of Ukraine. Despite these challenges, Ukraine is making solid steps towards democracy and independence, despite still being dependent on financial assistance from various international bodies.
The Orange Revolution of 2004 and subsequent democratic protests demonstrate the population's readiness for change and desire for democracy and independence. Cities like Kyiv, Lviv, Kharkiv, and Dnipro, known for a strong technology sector combined with relatively low wages for highly qualified IT workers, have developed significant IT industries with growing innovation hubs and a well-educated technical workforce. Talented development, coding, and server workers can be hired in these cities for as little as a couple of hundred euros per month.
In conclusion, Ukraine's residence by investment program presents a unique opportunity for foreign investors seeking permanent residence in a country with a growing tech industry, a progressive culture, and a low cost of living. However, potential investors should be aware of the challenges and consider these factors when making their decision.
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