TRANSFER OF FOREIGN CURRENCY ABROAD BASED ON ELECTRONIC LICENSES OF THE NBU
On July 03, 2017 the Resolution of the National Bank of Ukraine On Amendments to Certain Regulations of the National Bank of Ukraine No.54 of 15.06.2017 (hereinafter – the “Resolution”) came into effect. The said Resolution approved the Provision on Functioning of Automated Information System of the NBU “Register of Individual Licenses for Foreign Currency Transaction by Individual Persons” and amended certain regulations of the NBU in the field of currency transactions regulation.
The NBU introduced the procedure for issuing licenses to individuals (except for business entities) to perform certain currency transactions in electronic form (e-license).
According to the Resolution individuals shall have a right to transfer foreign currency up to USD 50,000 (equivalent of this amount in another foreign currency) per one calendar year on the basis of e-licenses.
Individuals will be able to transfer foreign currency on the basis of e-licenses within the limit established by the Resolution to perform the following currency transactions:
- Investment abroad;
- Depositing funds in own accounts abroad;
- For the purpose of fulfillment of obligations to non-residents under life insurance contracts.
Individuals shall submit documents through any authorized bank where persons have own accounts to obtain e-licenses.
It should be noted that e-license shall be the ground for transferring foreign currency by an individual on the day of its issue only.
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