for Investment Promotion
President of Ukraine Volodymyr Zelenskyi has signed the Law of Ukraine «On Amendments to Certain Legislative Acts of Ukraine on the Conditions of Circulation of Agricultural Land» № 552-IX, which was approved by the Verkhovna Rada on March 31, 2020.
The document provides for the formation of a legislative framework for the introduction of market circulation of agricultural land. The law, signed by the Head of State, will ensure the realization of the constitutional rights of citizens to freely dispose of their property and create transparent conditions for the acquisition of agricultural land by Ukrainian citizens.
«This is a historic moment for all Ukrainians and for me personally. Ukraine has been waiting for this law since independence. It was not an easy fight. But we knew that we were doing it for Ukrainians,» Volodymyr Zelenskyi said.
In particular, the law stipulates that from July 1, 2021, the right of ownership of agricultural land with an area of up to 100 hectares can be acquired only by citizens of Ukraine. From January 1, 2024, such an opportunity will also be given to legal entities owned by Ukrainians. They will be able to buy up to 10,000 hectares of land. The sale of state and communal lands is also prohibited. According to the signed law, the question of whether to give foreigners the right to buy land will be decided in a referendum.
In addition to the fact that the law will ensure the full realization of the right of private ownership of agricultural land for the citizens of Ukraine, it will contribute to a significant expansion of investment opportunities in the agricultural sector.