The National Bank of Ukraine has reviewed approaches to licensing of transactions involving depositing funds on accounts abroad and overseas investments performed by individuals.

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. 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.

 Individuals 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.

It 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, 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 shall come into effect from 25 February 2017.

Further liberalization of FX 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 FX 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. The draft law is developed by the NBU and experts employed by the European Commission.