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Purchasing property in Ukraine is a surprisingly simple process for the off plan investor. As always, it is highly recommended that a trusted local lawyer is employed to help with proceedings – it is especially important that land ownership documents are checked thoroughly by a number of independent parties to ensure the property has been legally reclaimed and is not being sold illegally. The only documentation needed to purchase property is a valid passport and a Ukrainian taxpayer identification code certificate – this is easily obtained privately by registering with the local Tax Administration, or an agency can take care of proceedings on behalf of the buyer with power of attorney. Once documentation is sorted, a contract is drawn up and signed by the buyer, seller and a notary and a deposit of a varying amount is paid – from around 10 to 25 percent of the total cost. The contract is then sent to the local Land Registry for the property to be officially signed over to the buyer. Once the property has been transferred in the property book, the remainder of the fee is paid to the seller. Once the purchase is complete there are a number of taxes to be paid, ranging from one to five percent of the total purchase cost, as well as the usual fees for lawyers, notaries and the like. Foreign nationals are subject to the same laws as Ukrainian nationals and are therefore allowed to sell on, renovate or rent out their property as they see fit – it should be noted that the buyer also inherits any unpaid utility bills on the property, so this should be checked beforehand.
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