KIEV, Ukraine — Few issues are as divisive as NATO membership here, but the acrimony in high-tempered Ukrainian politics reached new heights when lawmakers tried to punch each other and colleagues scrambled to draw them apart.
Members of pro-President Viktor Yushchenko and Premier Yulia Tymoshenko parties, top, surround the parliamentary speaker’s rostrum, to stop members of the opposition
GENEVA, Switzerland — The World Trade Organization has formally approved Ukraine’s membership in the group after 14 years of negotiations.
Ukraine’s President Viktor Yushchenko (L) gives a toast next to Pascal Lamy (R), WTO Director General after signing Ukraine’s accession protocol after the WTO General Council in Geneva February 5, 2008.
Ukrainian President Viktor Yushchenko and WTO director
KIEV, Ukraine — In a recent television interview Ukrainian Prime Minister Yulia Tymoshenko raised the possibility of a coalition between her eponymous bloc and the Party of Regions (PRU) of former prime minister Viktor Yanukovych.
Will Ukraine President Yushchenko drive pro-Western Tymoshenko (R) to form an coalition with pro-Russian Yanukovych (L)?
Tymoshenko later tried to downplay her
KIEV, Ukraine — Intesa Sanpaolo on Monday agreed to pay €504 million ($748 million) for a 100 per cent stake in Ukraine’s Pravex Bank, in a deal the Italian bank said would give it a foothold in a fast growing market.
Intesa Sanpaolo Chairman Giovanni Bazoli
The acquisition follows Intesa’s failed attempt to buy Ukrainian bank Ukrsotsbank last year.
Earlier this year, Intesa’s main Italian
Ukrainian cuisine offers some very tasty food items alongside the exotic ones. The most traditional of Ukrainian dishes are Borshch or beet soup, Vareniki or Ukrainian Ravioli, Nalisniki or pancakes, Golubsti or cabbage rolls and Salo or pig’s fat with garlic. Some of them you might like and some you … more
In selecting an online Ukrainian dating or matchmaking agency, there are several issues you have to pay close attention to. At the top of these issues is safety. Although many think online dating is a safer choice than regular dating, there are some dangers that lurk behind the curtain. … more
Uman Park Sofievka - Ancient Park build at the end of 18 century by Earl Pototskiy for his wife Sofia, the most beautiful woman of those times. The story of the Park is based on philosophy, sadness and happy times, death of children and victories. A Large place with … more
Ukraine
General information
Total area: 603,700 sq. km Population: ~48 million Principal cities: Kyiv (Kiev), Donetsk, Zaporizhzhya (Zaporozhye), Dnipropetrovsk (Dnepropetrovsk), Kharkiv (Kharkov), Lviv (Lvov), Odesa (Odessa) Official language: Ukrainian (although in business Russian is mainly used) Neighbouring states: Russia, Moldova, Belarus, Poland, Romania, Slovakia, Hungary Currency: Hryvnia (UAH)
Ukraine has focused long ago … more
A corporate buyer (as well as the corporate seller) will need to prove also that the legal entity still exists and its representatives are duly authorized to enter into the purchase transaction. It is rather important as management system of companies in Ukraine often is not simple. Charters of many Ukrainian companies provide that sales of fixed assets (including real estate) are within the competence of the General Meeting of Shareholders and are not related to the Executive Body’s power. It means a director may not have the power to sell real estate. However, sometimes directors go beyond the limits of their powers that mean such contracts may be recognized void by courts.
It’s recommended to conduct a due diligence of title before a buyer completes acquisition of real property in Ukraine. The main purpose is to ensure that a seller of real estate is its real owner. In practice there are a number of sale contracts invalid by the reason seller was not the owner.
Another important issue is property encumbrance. The general register of all kinds of real estate encumbrances does not exist in Ukraine today. Although the corresponding law was passed on 1 July 2004 and came into force, the appropriate bodies of state registration and databases have not been created yet as required.
The basic property encumbrances are:
- Lease contracts
A lease agreement for a building or any other capital structure or a part thereof concluded for the period of at least one year shall be subject to state registration.
- Judicial restraining order
According to the Commercial Procedure Code and Civil Procedure Code courts of general jurisdiction and commercial courts of Ukraine can carry judicial restraining orders as a provisional remedy for a claim. It’s a usual practice in Ukraine when, for instance, some court institution prohibits alienation of real estate for a certain period of time. Such resolutions are temporary and should be cancelled after the trial is finished. However, while they are effective any sale of real estate is not legal.
- Contractual mortgage
In Ukraine there is a certain procedure to register hypothec (as a special kind of mortgage of real estate). All hypothecs should be registered at the State register of hypothecs supported by Ministry of Justice.
- Tax lien
Such liens are subject to the procedure for registration of movable property mortgages as there is no special procedure for registration of tax liens. An extract from such a register is a proof of the absence of the tax lien.
A contract for the sale and purchase of a land plot, an integral property complex, a residential house (apartment) or other real property must be executed in writing, certified by a notary and registered at the state register.
Many of the new rules related to the coming into force of the Civil Code of Ukraine as of 1 January 2004 are considered positive and create fair and favorable conditions for the development of real estate market in Ukraine. Foreign citizens or legal entities have the right to buy and own property in Ukraine. These property rights are set forth in the Constitution of Ukraine and Law of Ukraine On Property. The law permits owners of property not only to own property but also to use such property for commercial purposes, lease property, keep the revenues, profits, and production derived from its use.
To purchase residential or office premises, the buyer should verify the seller’s title by reviewing the title documents. Title documents which should initially be presented by the seller include:
- a certificate of privatization, a purchase contract (notarized as a rule) or evidence of gift or inheritance
- a proof showing the seller is the owner
- a certificate from the Unified Register of Prohibitions on the Disposal of Immovable Property on the absence of mortgages, arrest or other encumbrances
In case you deal with the legal entity the most common title documents that provide proof of ownership rights of companies are:
- Contracts (sale contracts, deeds of a gift, barter contracts, etc.)
- Certificates on acquisition of real estate by public tenders issued by notaries
- Court and arbitration court awards recognizing property rights
- Certificates of Ownership Rights as to Real Estate issued by local authorities, etc
Property rights must be registered in the All-Ukrainian Real Estate Ownership Rights Register. Registration of the title of real estate can be confirmed by an Extract from the Real Estate Ownership Rights Register distributed by the local Bureau of Technical Inventory (BTI).
Thus, when buying real estate in Ukraine you should check title documents and registration of property rights.
In order to enter into a sale-purchase agreement, a foreign individual needs to have the following documents:
- passport with a valid visa
- tax payer number on the territory of Ukraine (which is obtained at the regional Tax Administration)