Zelensky not ruling out future permission to sell land to foreigners

Zelensky not ruling out future permission to sell land to foreigners

Ukrinform
Ukrainian President Volodymyr Zelensky has said he does not rule out that the land market will be opened to foreigners after Ukrainians get an opportunity to take affordable loans to buy land.

He said this at a meeting with business representatives of Khmelnytsky region, which was broadcast live on the Facebook page of the head of state on Wednesday, June 3, according to an Ukrinform correspondent.

"It would be right if everyone could have an opportunity to buy land. It will definitely happen after certain decisions. However, you should know that we could not open the purchase of land to everyone, including foreign companies, because foreign companies have completely different credit terms. Our strategy is very simple: we will first make [...] the right credit conditions so that our people and farmers could take loans at 2%, then we will be able to open the market to everyone," Zelensky said.

At the same time, he said that the Ukrainian authorities were ready to "protect" long-term land lease agreements held by foreign companies.

On March 31, the Verkhovna Rada at an extraordinary meeting adopted a law introducing amendments to certain legislative acts of Ukraine on the sale of agricultural land.

The president signed the law on April 28.

In particular, the law stipulates that from July 1, 2021, the right of ownership of agricultural land with an area of up to 100 hectares can be acquired only by Ukrainian citizens. From January 1, 2024, such an opportunity will also be given to legal entities owned by Ukrainians. They will be able to buy up to 10,000 hectares of land. The sale of state and municipal land plots is prohibited. According to the law, the question of whether to give foreigners the right to buy land will be decided in a referendum.

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