Ukraine: V.Zelenskyy signed the land market law

Source

APK-Inform

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On April 28, the President of Ukraine, Volodymyr Zelenskyy signed the law #552-IX “On amendments to certain legislative acts of Ukraine regarding the agricultural land turnover” that the Verkhovna Rada of Ukraine adopted on March 31, informed the official on-line representative office of the President of Ukraine.

“This is the historical moment for all Ukrainians and for me personally. Ukraine has been waiting for this law since its independence. It was a hard battle. But we knew that we did it for all Ukrainians”, - V.Zelenskyy said.

Particularly, the law provides that since July 1, 2021 the ownership for farmland up to 100 ha could be acquired solely by the residents of Ukraine. The legal entities owned by the residents of Ukraine will get the same right since January 1, 2024. They will be able to buy up to 10 thsd ha of farmland.
At the same time, it is prohibited to sell the state and municipal lands. The market access for foreign entities will be determined by the all-Ukrainian referendum.
Moreover, the law provides full enforcement of private-property rights of farmland for the residents of Ukraine, promotes significant extension of investment opportunities in the agricultural sector.

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