Updated: Sep 5, 2020
Many interested in a possibility of permanent residence in Ukraine heard about the option of “purchasing” this right but the insight does not go further. Taking into account the frequency with which foreigners ask about this option and its requirements it is clear that this procedure should be explained in details. Often people think that this is a crazy idea to invest $ 100 k in this country but do not be that critical. It is not always that a bad idea and we will explain when it might be worth of doing this.
According to the Law of Ukraine On Immigration, in order to get permanent residence a person has to obtain the immigration permit first that is granted either within the immigration quota or over this quota.
The immigration quota is a maximum number of foreigners and stateless persons to be granted the immigration permit in a certain year. Quotas are applied to scientists, art workers, etc. as well as to persons who invested in Ukraine not less than USD 100 thousand in a foreign currency and duly registered this investment.
The immigration quotas are determined by the Cabinet of Ministers of Ukraine for every region of the country annually, yet not later than March 01.
Unfortunately, when you invested your $ 100 k but there is no quota left for this year, you will not get an immigration permit. You will have to wait for quotas for the next year.
Pros & Cons
To use this option you need to have a company registered in Ukraine and to invest the money in this company. Then your company can buy a flat/house and lease it out to you. So, this is actually how you can buy a home for yourself in Ukraine and get permanent residence as a bonus. This is how it works. But if you as a natural person buys a house, then this will not qualify as investment.
So, this option of immigration is worth of efforts and money if you really need to buy something in Ukraine for a sum of close to $ 100 k like a house / apartment / land plot, etc. and ready to support a company for this purpose.
Other less expensive and risky ways to get Ukrainian residence may be more promising and interesting.
Contact Legal Ideas law firm to get advice on your personal case.