On July 1, the law “On Amendments to Certain Legislative Acts of Ukraine Regarding the Transfer of Agricultural Land” entered into force, canceling the moratorium on the sale of rural land.
In the case of acquisition of an agricultural plot of land for ownership under a consideration agreement (purchase-sale, rent, mine, etc.), notaries are required to check the sources of origin of funds or other assets of the acquirer. This is one of the main conditions for buying a plot of land.
In order to establish the source of funds, notaries can use official documents, public information, in particular, information from the Unified State Register of Declarations of Persons Authorized to Perform the Functions of the State or Local Self-Government, which is formed and maintained by the National Agency for the Prevention of Corruption, information received from the acquirer. This is reported in the Western Interregional Department of the Ministry of Justice (Lviv).
Sources of funds for acquiring ownership of a land plot can be: salary (cash security); fees and other payments in accordance with civil legal transactions; income from entrepreneurial or independent professional activity; income from alienation of property; dividends; percentages; royalties; insurance payments; winnings (prizes) in gambling games, winnings (prizes) in the lottery or in other raffles, in a bookmaker pair, in a totalizer pair; prizes (winnings) in monetary form, received for victory and/or participation in amateur sports competitions; charitable assistance; pension; heritage; gifts; funds received on loan (credit); acquiring the right to a find or treasure; other sources not prohibited by law.
Documents confirming the sources of origin of funds are:
– declaration of property status and income; – declaration of property, income, expenses and obligations of a financial nature/declaration of a person authorized to perform the functions of the state or local self-government body;
– annual (quarterly, other) financial and/or tax statements of the legal entity – the acquirer and the individual entrepreneur (if available), received by a notary directly from the acquirer (balance sheet, extracts containing data on the client’s business activity, tax declaration with attachments); – financial statements of the legal entity – the acquirer, made public in accordance with the requirements of the law;
– other documents confirming the source of funds.
Source: Western Interregional Office of the Ministry of Justice