The banking system of Ukraine operates despite the martial law and provides a full range of banking services to both Ukrainian citizens and foreigners. Find out in detail how a foreigner can open an account in a Ukrainian bank and for what purposes it can be used

Legal assistance on entry and legalization of stay in Ukraine

GET

The most common reasons for foreigners to open an account with a Ukrainian bank are personal use of funds, purchase/sale of real estate, investment activities, or business registration in Ukraine. We tell you everything about opening an account by a foreigner in Ukraine: what are the advantages and what are the difficulties.

Instructions for opening an account in a Ukrainian bank by a foreigner

According to the law of Ukraine, foreigners who are on the territory of Ukraine without a registered individual entrepreneur have the right to open a bank account.

Also, foreign individuals and legal entities are allowed to open bank accounts in Ukraine, as they are considered business entities.

How to open an account for a foreign individual?

To open a bank account for a foreign individual, the latter must apply to a bank branch with the following documents (basic):

1. A valid original of an international passport (foreign passport);

2. Certificate of temporary/permanent residence in Ukraine;

3. TIN of the foreigner (issued by the tax authorities of Ukraine, from the State Register of Individual Taxpayers, within 7-10 days from the date of application).

Additionally, the following documents may be required:

1. A document confirming information about the foreigner's place of residence/stay in Ukraine. For example, a receipt for hotel accommodation or a rental agreement.

2. A document confirming the origin of the foreigner's funds.

As a rule, this package of documents is sufficient to open a regular account for a foreign individual (not a sole proprietor). However, if the foreigner is a U.S. citizen, the bank may require a TIN.

Please note: Opening an account with a Ukrainian bank is a paid service: the bank may request payment of an annual fee or a service fee.

Important! A foreigner's stay in Ukraine must be legal. This must be confirmed by the presence of appropriate marks (stamps) in the passport (in case of visa-free entry). In the case of a visa regime with a country of which the foreigner is a citizen, the right to stay is confirmed by a valid visa. In this case, the number of days of stay in Ukraine recorded in the passport should not exceed 90 days per year.

Opening a bank account in Ukraine for a foreign legal entity

In the case of a legal entity, an application for opening a current account is first submitted, and the following package of documents is attached to it:

1. Charter of the legal entity (except when the LLC operates on the basis of a model charter);

2. Extract from the register of legal entities;

3. Order on appointment of the head/minutes of the meeting;

4. For non-profit organizations - an extract from the register of non-profit organizations and a description of activities;

5. Reports for previous periods, if available.

6. Not all banks ask to see the ownership structure and the seal (or a documentary decision to refuse the seal).

7. If the LLC is an existing company with current accounts, the bank may request information about such accounts.

Opening an account in a Ukrainian bank for a representative office of a foreign company

In order to open a bank account for a representative office of a foreign company/non-governmental organization in Ukraine, the following documents must be submitted to the bank:

1. Registration documents/power of attorney for the Head of the representative office from the parent company (both originals and copies may be requested).

2. Extract for the parent company from the bank/judicial/trade register.

3. Information about the ultimate beneficiary.

4. Information on accounts opened in Ukraine/not in Ukraine.

5. Certificate of registration of the Representative Office.

6. Certificate of registration with the tax service of the parent company/representative office.

7. Passport and ID-code of the head of the parent company/representative office.

Please note! The process of collecting and processing the necessary documents in Ukraine may take a certain amount of time for a foreigner, which is especially important for foreign nationals who plan to stay in Ukraine for less than 10 days.

First, according to the procedure, a hryvnia account is opened, after which a foreigner can open a foreign currency account in the currency of his/her choice (available). It can be a dollar or a euro.

Interesting. As a rule, banks do not require a translation of an international passport into Ukrainian, but it is recommended to have such a translation, as the transliteration of data in the passport must be consistent with other Ukrainian documents. At the same time, most large banks have English-speaking employees who can help a foreigner with communication.

Visit Ukraine on social media: Telegram | YouTube | Instagram | Facebook | Twitter | TikTok

Which bank should a foreigner choose to open a bank account in Ukraine?

Any procedure for opening a bank account in Ukraine for a foreigner begins with choosing a bank. In Ukraine, as in all countries with market economies, there are state-owned and private banks.

The advantages of state-owned banks include greater resilience to the possibility of a bankruptcy, favorable lending terms, and a large number of branches in Ukrainian cities.

Private banks offer high-quality online banking, are more flexible in terms of service, and usually have a more favorable exchange rate.

What type of account should a foreigner open?

There are 4 main types of accounts for foreigners in Ukrainian banks:

1. Card bank account for a foreigner. For non-cash transactions, as well as for transactions with an ATM/manager or cashier of a bank.

2. Current bank account for a foreigner. Allows you to make transactions only with a personal bank manager or directly at a bank branch;

3. Deposit bank account for a foreigner. It does not allow transactions and settlements during the deposit period established by the agreement.

4. Investment bank account for a foreigner. It is used for all investment transactions of a company/legal entity. For example, to purchase a share in the authorized capital of a Ukrainian company, an investor must first transfer money to such an investment account.

The type of bank account will depend on the purposes for which the account is opened.

For example, if you plan to conduct any financial activity in Ukraine, a card or current account will be suitable for non-cash cash flow;

If you plan to buy real estate on the secondary market of Ukraine, a card or current account will also be sufficient.

If you want to legally increase your capital on the territory of Ukraine, deposit accounts are the best choice.

Foreign companies that cooperate with Ukrainian companies or own a share in the authorized capital of Ukrainian companies usually open investment accounts with banks.

How can a foreigner open an account in a Ukrainian bank to do business?

The Constitution of Ukraine allows foreigners and stateless persons legally residing in Ukraine to enjoy the same rights as Ukrainian citizens. This, in turn, allows foreigners to do business in Ukraine, with the exceptions established by the Constitution, certain laws or international treaties of Ukraine.

Thus, according to clause 9 of Article 1 of the Law of Ukraine “On Currency and Currency Transactions”, registered individual entrepreneurs who have a temporary residence permit in Ukraine and who do not have such a permit on legal grounds are residents of Ukraine and have no restrictions on opening accounts in Ukrainian banks for business activities.

The main requirements for foreigners to open a business and bank accounts in Ukraine include a residence permit or a temporary residence permit. How to obtain a residence permit in Ukraine is described here.

We have described in detail the peculiarities of the procedure for registering a company (business) in Ukraine by foreigners in this material and here.

How can a non-resident open a bank account in Ukraine?

Until 2019, non-residents could open only investment types of accounts in Ukraine. But now, according to the NBU Resolution No. 162, non-residents also have the right to open bank accounts in Ukraine both for the purposes of conducting business and without conducting such activities.

For example, this may apply to those foreigners who for some reason have overstayed their stay in Ukraine and need to open an account in a Ukrainian bank to transfer funds from their foreign account.

Important! In case of overstaying in Ukraine and needing to open an account in a Ukrainian bank, foreigners most often need the assistance of lawyers.

Permitted current account transactions for non-resident companies in Ukraine:

1. Opening a current bank account;

2) Crediting funds to a bank account from legal entities and individuals resident and/or non-resident in Ukraine;

3) Transfer of funds from legal entities and individuals resident and/or non-resident in Ukraine;

4) Making a deposit.

Visit Ukraine draws attention to the fact that certain documents for opening a bank account in Ukraine can be prepared without the direct participation of a foreign client, i.e. remotely, by a pre-executed power of attorney (not all banks). Such a service is provided by our migration lawyers for foreigners, and the service includes:

-Determining the feasibility of opening a bank account in Ukraine;

-Analysis of available documents and preparation of the entire package of documents;

-Full support of the client when filling out documents (forms, blanks, etc.);

-Control of communication with the bank;

-Assistance in setting up and using Internet banking.

We also offer comprehensive assistance in opening a bank account in Ukraine with the direct presence of a foreigner in Ukraine: support in the purchase of real estate (commercial or residential), obtaining a CCI in connection with the opening of a company, etc. By entrusting the opening of a bank account to lawyers from Visit Ukraine, you will save time and be confident in controlling the account opening.

Just a reminder! From now on, the tax authorities will be able to access bank accounts of Ukrainians abroad.

Want to know more? Read the latest news and useful materials about Ukraine and the world in the News section.

Ihor Usyk is the Head of Legal Department at Visit Ukraine

Before you travel to Ukraine or while you are already in the country, seek legal advice. Our team will help you feel safe and confident during your trip, business trip or relocation.