THE AGRARIAN COMMITTEE OF THE VERKHOVNA RADA OF UKRAINE RECOMMENDED THE ADOPTION OF THE LAW ON AGRICULTURAL LAND SALE, WHICH IS AN ALTERNATIVE TO GOVERNMENTAL

On 18 October 2019, the profile committee supported and recommended the adoption of the draft Law on Amendments to Certain Legislative Acts of Ukraine regarding the turnover of agricultural land submitted by the deputies of Ukraine from the party " Servant of the People".
Among other things, the law provides for:

• from 01 October 2020 the ban on sale of agricultural land of all forms of ownership will be lifted;
• land ownership can be acquired by: citizens of Ukraine, territorial communities, the state, legal entities of Ukraine, foreign citizens and stateless persons (in case of acquisition by inheritance and the obligation to alienate the plot during the year);
• until 01 January 2024, it is not allowed to acquire property rights to agricultural land plots by legal entities whose beneficial owners are foreigners, stateless persons, legal entities created under the law other than the law of Ukraine, foreign states (with some exceptions);
• the minimum starting price for the sale of state and communal property land plots at land tenders is set at a level not lower than the normative monetary value;
• restriction is set on the total amount of agricultural land that may be owned (more than 35% of the agricultural land of the united community, 15% - of the region, and 0.5% - of Ukraine);
• tenant has the pre-emptive right to purchase a land plot;
• obligation of the state registrar to enter information into the register on the price (cost) of rights.

Details of the draft law can be found by clicking on the following link: http://w1.c1.rada.gov.ua/pls/zweb2/webproc4_1?pf3511=67059.
We closely monitor any changes in this regard and will inform our customers as quickly as possible.