Videos · Buying property in Ukraine
Four Myths About Payments in Real Estate in Ukraine | Kyiv, 2021
2:33 · 2021 · Elena Karpukhina
Elena Karpukhina, head of sales at Vestor.Estate, takes four myths about paying for property in Ukraine. The four myths: that sellers take only cash because they fear banks (with a reputable bank and a proper explanation they usually come around); that payments must be in hryvnia (non-residents, including those with temporary residency, can transact in any foreign currency); that foreign currency cannot be transferred inside Ukraine (it can, within the same bank); and that a buyer abroad must send a SWIFT payment (escrow, with a representative on the ground, is quicker and safer).
Questions this video answers
Do sellers in Ukraine only accept cash?
Elena calls this a myth. After recent changes to banking rules, cash offers very little benefit over a bank transfer. Sellers do fear banks, but with a proper explanation and a reputable bank this fear can almost always be overcome.
Elena Karpukhina, as said in 2021 · watch at 0:45
Must a property payment in Ukraine be made in hryvnia?
Not for non-residents. Elena says non-residents, including those with temporary residency, have the right to transact in any foreign currency, typically US dollars or euros.
Elena Karpukhina, as said in 2021 · watch at 1:03
Can foreign currency be transferred inside Ukraine?
Yes, when the non-resident is allowed to transact in foreign currency. They can send or receive that currency from one Ukrainian account to another, although it should be done within the same bank.
Elena Karpukhina, as said in 2021 · watch at 1:25
Does a buyer abroad have to send a SWIFT payment?
No. Escrow accounts are authorized and can send foreign currency in the buyer's name from an account in Ukraine to the seller's Ukrainian account, through a representative on the ground. Elena says this is much quicker and safer than a SWIFT payment.
Elena Karpukhina, as said in 2021 · watch at 1:53
Laws, prices and rules change. These answers describe what was said in 2021; check current conditions before you act.
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