Investment migration has gained global prominence, allowing countries like Vanuatu, Cyprus, Saint Kitts, and Nevis to strengthen their economies by offering citizenship to migrants. Following this trend, Ukraine has introduced its own investment-based citizenship program.
This article explores the key aspects and intricacies of the 2023 Ukrainian Citizenship by Investment program in Ukraine, outlining the advantages, investment costs, and the procedure for obtaining Ukrainian citizenship through investment.
Advantages of Ukrainian Citizenship
Obtaining Ukrainian citizenship comes with a host of privileges and rights, establishing a strong legal bond between individuals and the state. Some of the advantages include:
- Residing, studying, and working in Ukraine.
- Exercising voting rights.
- Protection against expulsion or extradition to another country.
- Conducting business activities freely.
- Owning and utilizing land and housing.
- Accessing services provided by Ukrainian banks.
- Safeguarding against unjust terminations.
- Exercising legal rights in court.
- Enjoying visa-free entry to EU countries and the Russian Federation.
It’s important to note that currently, dual citizenship is restricted for prospective Ukrainian citizens. However, there have been recent proposals to revise these regulations.
Investment Costs for Ukrainian Citizenship
Acquiring Ukrainian citizenship through investment involves depositing private funds into Ukraine’s economy, such as real estate or participating in government programs. This process can lead to obtaining a residence permit, permanent residency, and eventually, Ukrainian citizenship.
According to Article 4 of the Law of Ukraine “On Immigration,” individuals must invest a minimum of $100,000 (one hundred thousand US dollars) in the Ukrainian economy using foreign convertible currency to qualify for an immigration permit.
Mere investment in real estate is insufficient; the funds must actively contribute to the economy by generating profits or achieving a social impact. They can be used to establish a company, purchase shares, or create an investment fund.
Procedure for Obtaining Ukrainian Citizenship by Investment
To obtain Ukrainian citizenship through investment, individuals from other countries must follow a specific procedure. Here is a step-by-step guide:
- Gather the required documentation, including:
- Copy of identification document.
- Details about family members, including a copy of the marriage certificate if applicable.
- Proof of residence.
- Three photographs.
- Copies of articles of association and/or registered agreements related to investment activities.
- Bank certificate confirming foreign convertible currency investments into the Ukrainian economy.
- Certificate of no criminal record from the country of residence or from Ukraine if the applicant legally resides there.
- Receipt of payment for the state fee and consular fee required for application processing.
- Ensure that all documents are carefully prepared, fully assembled, translated into Ukrainian, and legalized. Incomplete or improperly prepared applications may be rejected.
- Submit the application personally or through an authorized representative with a power of attorney to a Ukrainian diplomatic mission or consular institution abroad, or to the State Migration Service if the applicant is already residing in Ukraine.
- Await a decision, which typically takes up to one year from the date of application submission.
Attaining a Residence Permit by Investment
Once the residence permit for investment is granted, a certificate of permanent residency is issued along with an affixed visa in the passport, alongside a copy of the received permit. Foreigners holding a residence permit through investment enjoy maximum rights as non-residents, including the freedom to enter and leave the country, reside, study, work, access various services, and remain indefinitely.
After five years of continuous residence, individuals become eligible to apply for a Ukrainian passport, subject to an examination on knowledge of the Ukrainian language and history, proof of financial stability, and an evaluation conducted by the authorized commission under the President of Ukraine to ensure eligibility and compliance with necessary requirements.
Documents Required for Obtaining Ukrainian Citizenship by Investment
To apply for citizenship through investment, the following documents must be submitted:
- Confirmation of renouncing previous citizenship.
- Three photographs (3.5×4.5 mm).
- Copy of the residence permit.
- A document outlining the terms of stay in Ukraine.
- Proof of sufficient funds.
- Examination certificate.
Acquiring Ukrainian citizenship through investment offers numerous advantages, granting individuals a range of rights and freedoms. By adhering to the specific procedures and providing the required documentation, prospective investors can navigate the process successfully. However, it is advisable to seek the assistance of specialists to ensure compliance with all legal requirements and proper preparation of the necessary documentation. For more travel opportunities, click here.