This is stipulated in the final provisions of the law, Ukrinform reports.
According to the document, from July 1, 2021 to January 1, 2024, only individuals who are Ukrainian citizens can buy agricultural land. Within the first two years from the day the law comes into force, one individual will be able to buy no more than 100 hectares of land.
If the area of the purchased land plot exceeds the specified maximum size, it is confiscated by a court decision. A body exercising state control over the use and protection of land can file a claim for confiscation of a land plot. The confiscated land plot is subject to sale at a land auction under a court ruling.
Payment operations for the purchase of agricultural land will be carried only in non-cash form. The price of agricultural land plots cannot be lower than their normative monetary value (such norm will be valid until January 1, 2030).
According to the law, only private land plots can be purchased. State-owned and communal agricultural lands will not be sold. From January 1, 2024, Ukrainian legal entities created and registered under the legislation of Ukraine, whose participants are only citizens of Ukraine and/or the state or territorial communities, will be allowed to purchase agricultural land.
Legal entities that have not disclosed information on their beneficial owners or whose beneficial owners are registered in offshore zones will not be able to obtain a permit for the acquisition of agricultural land.
Foreign nationals will be allowed to purchase agricultural land in Ukraine only after the relevant decision has been made by the national referendum.
Agricultural land will not be sold to legal entities that are controlled by the individuals and legal entities registered in the countries included by the FATF in the list of the states not cooperating in the field of combating money laundering.
In addition, regardless of the decision adopted through the referendum, foreign citizens are forbidden to purchase land in the 50 km zone from the state border of Ukraine.
As reported, on March 31, 2020, the Verkhovna Rada passed the Law "On Amendments to Certain Legislative Acts of Ukraine Concerning the Circulation of Agricultural Land." On April 28, it was signed by President Volodymyr Zelensky.
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