E-limit doubled for foreign investments and for individuals’ foreign deposits

10/ 02/ 2021

By its Board Resolution No. 14 of 3 February 2021, the National Bank of Ukraine introduced amendments to the Regulation on protection measures and procedures for conducting certain foreign currency transactions. Thus, the yearly “e-limit” was doubled (to EUR 200,000 or equivalent amount in another currency) for a number of foreign currency transactions undertaken by individuals and involving transfers of funds abroad or to accounts held by non-resident legal entities. This applies to foreign transactions based on an electronic license granted by the National Bank of Ukraine. Such transactions include making foreign investments, depositing funds into their own foreign accounts, transferring money under life insurance contracts, and providing loans to non-residents. Individual customers at authorised financial institutions are now allowed to use e-passports and international e-passports to conduct foreign currency transactions. This liberalisation of the foreign currency regime will allow individuals to more easily conduct foreign currency transactions involving significant amounts and to more actively use the newly introduced e-passports. These amendments came into force on 5 February 2021. If you would like to learn more, please contact Partner Oleksandr Onufrienko, head of Private Clients practice at Asters.

Thus, the yearly “e-limit” was doubled (to EUR 200,000 or equivalent amount in another currency) for a number of foreign currency transactions undertaken by individuals and involving transfers of funds abroad or to accounts held by non-resident legal entities. This applies to foreign transactions based on an electronic license granted by the National Bank of Ukraine.

Such transactions include making foreign investments, depositing funds into their own foreign accounts, transferring money under life insurance contracts, and providing loans to non-residents.

Individual customers at authorised financial institutions are now allowed to use e-passports and international e-passports to conduct foreign currency transactions.

This liberalisation of the foreign currency regime will allow individuals to more easily conduct foreign currency transactions involving significant amounts and to more actively use the newly introduced e-passports.

These amendments came into force on 5 February 2021.

If you would like to learn more, please contact Partner Oleksandr Onufrienko, head of Private Clients practice at Asters.