28 Apr 2020 17:29

Zelensky signs bill on farmland turnover in Ukraine into law

KYIV. April 28 (Interfax) - Ukrainian President Volodymyr Zelensky has signed into law a bill amending a number of Ukrainian legislative acts on the conditions for the turnover of agricultural land, which the Verkhovna Rada passed on March 31, 2020.

"The document provides for the formation of a legislative framework for introducing market-based turnover of agricultural land. The law signed by the president will empower citizens to exercise their constitutional rights to freely dispose of their property and will provide for transparent terms for acquiring ownership of agricultural plots of land by citizens of Ukraine," the presidential press service said on Tuesday.

Zelensky said he is convinced that this is a historic moment for all Ukrainians, as well as for him personally. "Ukraine has been waiting for this law since it gained independence. This has been quite a strenuous struggle. But we knew we were doing this for Ukrainians," the press service quoted Zelensky as saying.

The law stipulates, in particular, that, starting July 1, 2021, only Ukrainian citizens will be entitled to acquire ownership of agricultural plots of land up to 100 hectares in size. Starting January 1, 2024, this right will be extended to legal entities owned by Ukrainian citizens, which will be entitled to buy up to 10,000 hectares of land.

The law bans the sale of state and communal land, and Ukrainian voters will decide in a referendum whether foreigners should be granted the right to buy land in Ukraine.

"Along with empowering Ukrainian citizens to fully exercise their right to private ownership of agricultural plots of land, this law will also significantly help broaden investment opportunities in the agrarian sector," the presidential press service said.