On July 24, 2015, the Board of the National Bank of Ukraine issued Resolution No 479 On Amendments to the Regulation on the rules governing the issuance by the National Bank of Ukraine of individual licenses allowing the residents (legal and natural persons) to deposit  fx valuables on accounts  abroad (hereinafter – Resolution No 479). This Resolution has streamlined the rules governing the issuance of these licenses to resident individuals.

It is stipulated, inter alia, that a resident individual who opened a bank account and deposited fx valuables thereon while abroad, after the return to the home country should get a respective foreign exchange license:

• no later than 24 months from the date of return to Ukraine (if the duration of stay abroad was less than 183 running);
• no later than 2 months from the date of return to Ukraine  (if the duration of stay abroad was less than 183 running).

In addition, if an individual has changed his non-resident status to that of resident, should obtain a foreign exchange license within 24 months from the date a change in status occurs.

Within the timeframe mentioned above, an individual shall have the right to deposit fx valuables on such a bank account without holding a license (except funds transfers from Ukraine to this account, which is subject to obtaining a license).

The validity period of a license has been extended from one year to three years (for individuals other than sole proprietors). 

The above mentioned amendments to the Regulation are intended to streamline the issuance of individual licenses for the aforementioned foreign exchange transactions to individuals.

Commenting on Resolution No 479, Deputy Governor of the National Bank of Ukraine said: “The civilized rules are established for Ukrainians who used to work abroad. Timeframes are set for individuals to extend/obtain a foreign exchange license.  Going forward, the funds earned by individuals abroad will return to Ukraine without any restrictions. Another aspect is to promote the remigration of the Ukrainians to Ukraine, encourage the return to Ukraine of talented, successful and well-to-do experts and world-class managers for permanent residence and employment.  Their expertise and knowledge are needed in Ukraine. We have to provide the decent working conditions and standards for those who intend to contribute to the country's economic recovery.  This is becoming more relevant with the growing number of these experts”.