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.

The Corporate and M&A practice of KPD Consulting Law Firm - is one of the key company’s practices. The substantial part of the services rendered by the practice includes representation and legal support of the clients in mergers, acquisitions and corporate restructurings at every stage of a transaction: from structuring and due diligence review up to integration of acquired assets, supporting all registration, regulatory and permissive procedures with all state authorities including tax authorities of Ukraine, the National Bank of Ukraine and the Antimonopoly Committee of Ukraine.

KPD Consulting Law Firm is a Ukrainian independent full-service law firm established in 2007 for the purpose of rendering cost and time efficient high-quality services to the Clients. We are focused on the business needs of the corporate Clients – leading local and multinational companies operating in Ukraine from various industries.  As the full-service law firm we are especially strong in corporate law, M&A, banking & finance, tax law, real estate and construction matters, intellectual property, white collar crimes and dispute resolutions that perfectly address various demands of our Clients. More information is at www.kpdconsulting.com.ua.

Yuliya Podolska

Senior Associate

KPD Consulting

Should you have any questions with respect to above or require any additional information, please do not hesitate to contact Ms. Yuliya Podolska (y.podolska@kpdconsulting.com.ua). We will be pleased to assist You.