Verkhovna Rada Chairman Dmytro Razumkov has signed and sent to President of Ukraine Volodymyr Zelensky for signature the bill on the opening of the land market from July 1, 2021.
A statement on the parliament’s website reads that Razumkov sent the document to Zelensky for signature in April 13.
As reported, the Verkhovna Rada at an extraordinary meeting on March 31, 2020, adopted a bill on opening the land market from July 1, 2021 with the restriction of its operation in the first three years only to land plots owned by individuals with a maximum ownership of 100 hectares per capita.
The document stipulates that from January 1, 2024 legal entities will be able to purchase agricultural land, the concentration threshold per entity will increase to 10,000 ha. The sale of agricultural land of state and municipal property is prohibited.
In addition, banks get the opportunity to obtain land as recovery of collateral, however, such land plots should be sold at auction within two years.
According to the bill, the access of foreigners to the land market will depend on the results of the national referendum.
In addition, it is stipulated that until January 1, 2030 the selling price of agricultural land plots allocated to land plot holders cannot be less than their regulatory monetary value.
