• Legal Ideas

HOW SHOULD I PROVE MY FINANCIAL SECURITY?

Updated: Jun 28, 2019


When you apply for a visa of any type, one of documents you should submit is a proof of financial security that is done in accordance with the Order on Proving Sufficient Financial Security of Foreigners and Stateless Persons for Entering Ukraine, Staying in the Territory of Ukraine, Transit Passing Through the Ukrainian Territory and Departing Its Borders and on Determining the Amount of Such a Security, approved by the Regulation of the Cabinet of Ministers of Ukraine No. 884, December 04, 2013.


For purposes of entering Ukraine, transit through its territory, staying in Ukraine and returning to the country of origin from Ukraine, financial security should equal not less than 20 minimum living wages per one person per month determined on the day of entering Ukraine. A minimum living wage is determined by the law of Ukraine on the state budget for the relevant year. For example, the minimum living wage for 2019 is determined by the Law of Ukraine on the State Budget for 2019 Year and equals to UAH 1853 and by the end of this year it will reach UAH 2027.


If a term of stay in Ukraine is less or longer than 1 month, the mentioned above sum is divided by an arithmetical mean value of the number of days of the month (30 days) and is multiplied by a planned number of days of stay (plus 5), e.g.:


FinSec = ((20 x (MW) / 30) x (PND + 5) FinSec – financial security; MW – minimum living wage per one person per month; Planned number of days of staying in Ukraine.


Financial undertakings of the hosting party may be taken into account when deciding on sufficient financial security.


Sufficient financial security is ascertained by:

  • visual inspection of cash available with the foreigner;

  • examination of a document specifying the sum of money that can be withdrawn in Ukrainian banks;

  • visual inspection of a credit card (or another payment card) of an international payment system and examination of the personal banking account of the foreigner specifying an available sum of money (extract from an ATM machine);

  • examination of a tourism agreement (voucher);

  • examination of a letter of guarantee given by the hosting party inviting the foreigner that envisages the host undertakes to cover all foreigner’s expenses relevant to his staying in Ukraine and his departure;

  • checking a travel ticket for return from Ukraine with a fixed date of return.

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