The National Bank of Ukraine has simplified foreign operations for individuals | News Flash
Recently, the National Bank of Ukraine has been revised approach to licensing transactions of individuals dedicated to placing funds in accounts opened abroad and investments abroad. Corresponding changes were introduced by the National Bank of Ukraine on 23 February 2017 №14 "On amendments to some legislative acts of the National Bank of Ukraine", which takes effect from 25 February 2017.
Individuals will be able to place on the foreign accounts the currency sourced outside of Ukraine without having to obtain an individual license of the National Bank of Ukraine. Therefore, the citizens of Ukraine can place in the accounts of money received by them outside of Ukraine in the form of wages, stipends, pensions, alimony, dividends etc.
In addition to the above, given the opportunity, without obtaining individual licenses National Bank of Ukraine, to invest abroad through funds accumulated by individuals in open accounts outside of Ukraine. For example, to conduct investment from foreign accounts, reinvest the funds outside of Ukraine, to conduct trade with financial instruments in foreign markets etc.
However, accordingly the Decree of Ukrainian Cabinet of Ministers on 19 February 1993 № 15-93 "On Currency Regulation and Currency Control" individuals still must obtain an individual license of the National Bank of Ukraine to transfer money from Ukraine for the purpose of investment or placement in overseas accounts.
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