President of Ukraine signed the law on the circulation of agricultural land

President of Ukraine Volodymyr Zelenskyy signed the Law "On Amendments to Certain Legislative Acts of Ukraine on the Conditions of Circulation of Agricultural Land"№ 552-IX, which was approved by the Verkhovna Rada on March 31, 2020.

The document provides for the formation of a legislative framework for the introduction of market circulation of agricultural land. The law signed by the Head of State will enable the realization of citizens' constitutional rights to dispose of their property freely and create transparent conditions for the acquisition of agricultural land by Ukrainian citizens.

“This is a historic moment for all Ukrainians and for me personally. Ukraine has been waiting for this law since independence. It was a difficult struggle. But we knew we were doing it for Ukrainians,” Volodymyr Zelenskyy said.

In particular, the law stipulates that from July 1, 2021, only citizens of Ukraine can acquire ownership of agricultural land up to 100 hectares. From January 1, 2024, legal entities owned by Ukrainians will also get this opportunity. They will be able to buy up to 10,000 hectares of land. The sale of state and communal land is also prohibited. According to the signed law, the question of whether to grant foreigners the right to buy land will be decided through a referendum.

Besides the fact that the law will ensure full realization of the right of private ownership of agricultural land for the citizens of Ukraine, it will contribute to a considerable expansion of investment opportunities in the agricultural sector.

Source and photo credit: Office of the President of Ukraine