Foreign nationals are allowed to pay for their investments in Ukraine (opening a business, buying real-estate or any other type of investment) in two possible ways:

1) Directly from their account overseas (in this case payment is made in foreign currency); -or-
2) By opening an investment bank account in Ukraine. In this case, the foreign national must transfer money in foreign currency to the investment account, sell currency at an inter-bank foreign currency market and pay for investments in the national currency, hryvna (UAH). Note that an investment account is the only type of account for foreign individuals that allows them to make settlements for their investments.

Opening an investment bank account (rather than paying for your investments directly from your account overseas) would be a good option when:

• payment has to be made in UAH (if required by the seller);
• you have money in your current account in Ukraine (which you can transfer to an investment bank account for further investment);
• it is necessary to minimize the time between the conclusion of agreement on purchase of your investment (e.g., real-estate sale-purchase agreement) and payment (as money transfers within Ukraine will be more prompt than an international money transfer).
  

• can be opened in UAH and in selected foreign currencies (such as USD, EUR, GBP and a few others).
• can be used for transactions related to payment for investments in Ukraine, receiving income from investments and returning back investments and income to your country of residence.
• rules of opening and operating of investment bank account are strictly regulated by Ukrainian law.
• may not be used for entrepreneurial activity such as trading of goods and services.
  

In order to open an investment bank account, you will need to file a number of documents with the bank, namely:

Additionally, Ukrainian law allows banks to require additional documents in accordance with the bank’s internal provisions. Therefore you should check with your intended bank about any additional documents that may be required.

Please note that the investment bank account can be opened on your behalf by a local representative. In this case, you will need to provide your representative with a power of attorney authorizing the local representative to represent your interests in the bank, sign documents in order to open the bank account and certify copies of documents for the purposes of your identification.

Investment accounts can be used exclusively for transactions related to foreign investments in Ukraine. Ukrainian law strictly regulates the debiting and crediting of investment accounts of individual non-residents and defines an exclusive number of transactions that individual non-residents can make with their investment accounts. Note that cash crediting of investment accounts as well as cash withdrawals are not allowed.
Depending on the currency of the investment bank account, you are entitled to perform certain transactions as per Ukrainian law. Namely,

1) You are allowed to receive funds into your foreign currency account as follows:

• Transfers for foreign investment in Ukraine from your account overseas
• Transfers from your own current deposit or investment account in Ukraine
• Proceeds accrued on amounts on your investment account
• Amounts bought at Inter-bank Currency Market for UAH, available on your UAH account. Note that you or your representative will be required to sign an application on purchase of currency in paper at bank division. In addition, in order to buy foreign currency at Inter-bank Currency Market, you will need paper proof that you previously sold currency for the amount that you are going to purchase OR other paper documents, evidencing origin of UAH, for which you intend to buy foreign currency (income from investment activity or from sale of investments).
  

3) You are allowed to receive funds into your UAH currency account as follows:

• Money received as a result of sale at Inter-bank currency market of your foreign currency, which is available on foreign currency investment account in Ukraine.
• Income from your investments in Ukraine
• Amounts received due to partial or full termination of investment activity in Ukraine
• Transfers from your own current deposit or investment account in Ukraine
• Proceeds accrued on amounts on your investment account
  

2) You are allowed to use funds in your foreign currency account as follows:

• Paying for investments in Ukraine if the receiving party is a legal entity (whereas if receiving party is private individual you can a) pay for investments in Ukraine directly from overseas in foreign currency or b) after sale of foreign currency at Interbank Currency Market to UAH, pay for investments in UAH from your UAH investment account)
• payment to Ukrainian customs
• return of foreign investments or its part to your account overseas (with some exceptions — see Anti-crisis Temporary Restrictions below)
• return of income from investment activity in Ukraine to your account overseas (with some exceptions — see Anti-crisis Temporary Restrictions below)
• return of money not used for foreign investments in Ukraine to your own account overseas
• transfers to your other current investment or deposit account in Ukraine
• sale of foreign currency at Inter-bank Currency Market with crediting your UAH investment account with respective UAH equivalent.
  

4) You are allowed to use funds in your UAH currency account as follows:

• paying for investments in Ukraine
• payment to Ukrainian customs or tax authorities
• payment of bank fees/commissions for making purchase of foreign currency at Interbank Currency Market
• payments to residents for goods and services, related to making of foreign investments in Ukraine, their maintaining or return of foreign investments (e.g., agents, notaries, appraisal companies, commissioners, or stock market service providers)
• transfers to your own current investment or deposit account
• payment of commissions to servicing bank
• purchase of foreign currency at Inter-bank Currency Market with crediting your foreign currency investment account with respective equivalent (with some exceptions — see below Temporary Restrictions). Note that you or your representative will be required to sign an application on purchase of currency in paper at bank division. In addition, to purchase foreign currency you need to provide the bank with documents proving the source of the UAH in your account — e.g., you previously sold currency OR received UAH as a return on foreign investment or income from foreign investment).
  

Due to the economic crisis, which started in Ukraine in 2013, the National Bank of Ukraine (NBU) has implemented a number of temporary restrictions aimed at stabilizing the hryvna and stopping return of some types of foreign investments and investment income from Ukraine. In spring of 2016, the NBU has declared gradual elimination of such restrictions and the liberalization of existing strict currency market control. Some restrictions have already been cancelled. Currently, the following transactions, related to the return of foreign investments, are not allowed:

• purchase of foreign currency at Interbank currency market and transfers overseas with the purpose of paying dividends to foreign investors (except dividends for 2014 and 2015 which can be partially paid subject to certain conditions and under the procedure stipulated by the National Bank of Ukraine)
• purchase of foreign currency at Interbank currency market and/or transfers overseas of the funds from sale of corporate rights in Ukrainian companies by foreign investors
• purchase of foreign currency at Interbank currency market and/or transfers overseas of funds from sale of securities issued by Ukrainian companies by foreign investors other than debt securities sold on stock exchange and state bonds of Ukraine