On February 7, 2019, new laws of currency legislation will come into force.
For individuals (residents of the country):
• It is allowed to transfer currency abroad for non-trading operations without supporting documents up to UAH 150,000.00. in eq. per day (provided that there is no crushing factor of operations);
• It is allowed to purchase non-cash currency online without documents up to UAH 150,000.00 in eq. in a day. (within one bank)
Bonus from Concord Bank: from February 1, payment for the education of children who study abroad will be free of charge.
For legal entities non-residents of the country:
In addition to investment accounts, it is possible to open a regular account for carrying out current operations, in particular:
• Transfers between own accounts in Ukrainian banks (including investment ones) and accounts abroad in national currency and in hryvnia;
• Payments with other non-residents (abroad / from abroad);
• Payments to residents for export / import of goods / services and other paid property rights, crediting repayment of loans and issuing loans to residents, as an investment in Ukraine and return on investment / income (return on investment-eq 5,000,000.00 per month; dividends - max equivalent of 7,000,000.00 euros per month);
• Enrollment of insurance compensation, payment of taxes, calculations with customs and other obligatory payments;
• Early repayment of the loan;
• Calculations of guarantees / sureties for a resident to a resident and to a non-resident (for contracts of export, import, credit and return on investment);
• Sale / purchase of currency at the IURU (purchase of currency within the balance of the hryvnia in the account (crediting of the hryvnia through the transit account according to the supporting documents to the account of its own representation in
Ukraine).
* All transfers from hryvnia and currency accounts are made on the basis of supporting documents. All hryvnia and currency credits to non-resident accounts are credited to a transit account for up to three working days for currency supervision and financial monitoring control and credited to the account holder only after the provision of relevant documents confirming the legality of the operation and the absence of risky activity. In the absence of documents, their inconsistencies or suspicions, the funds are returned to the sender.
For legal entities resident in the country:
• The term for payments for export / import is increased to 365 days (including operations already carried out before, provided that the deadline of 180 days did not come on them until February 6, 2019);
• Cancellation of currency oversight on the export / import of transactions up to eq 150,000.00 UAH (assuming no split factors of operations);
• The sanctions of the Ministry of Economy in the form of suspension of foreign trade activities for violation of settlement terms are canceled;
• Free use of current accounts abroad is allowed;
• It is allowed to use corporate cards in foreign currency under trade FEA contracts, provided that the settlement is carried out on one FEA contract in one transaction day for an amount up to eq. 150 000.00 UAH (this option is still at the stage of discussing the degree of responsibility of the bank for these operations and the technical possibilities of their control);
• All notifications by banks of tax authorities for clients' violation of settlement periods and lack of documents are canceled. Banks report only to the NBU;
• It is allowed to conclude forward transactions and carry out operations on the terms of margin trading to hedge exchange risks (only on import / export operations and repayment of loans to non-residents);
• It is allowed to conduct transactions on “swap" conditions (except for operations, if the first part of the transaction involves the sale of currency / bank metal to the customer);
• Cancels double control of the timing of payments for export. Now only the bank that received the register of declarations;
• Cancellation of individual licenses of the NBU for carrying out certain foreign exchange operations (for example, investments abroad, payment of bonuses, premiums on foreign economic activity contracts, etc.)
* Instead of licenses - receiving through the bank a permissive electronic notice from the NBU within the equivalent of eq.2,000,000.00 euros per year. (drawn up in the bank through the program of the NBU "AIC E-limits"). That is, instead of the NBU, the clients' documents now check and agree the bank and, before carrying out the operation, inform the NBU in detail about the nature and purpose of the transaction, the participants of the operation, the size and presence / absence of risk-taking indicators. After receiving an electronic notification from the NBU, the bank conducts a client operation.
