The amnesty starts on September 1, 2021 and will last exactly one year.
The amnesty applies to assets that were purchased with money from which taxes and other mandatory payments were not paid.
In this video about how to legalize your money, avoid responsibility and pay nothing to the state.
I will tell:
- 🔶 Who can use the amnesty?
- 🔷 What assets can be declared?
- 🔶 What assets cannot be declared?
- 🔷 What tax must be paid when declaring?
- 🔶 What happens if you do NOT declare but have something to hide?
- 🔷 What assets and within what limits are considered "white"?
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Who can use the amnesty?
The amnesty can be used by individuals who are residents of Ukraine. However, officials who have been filing declarations since 2005 according to anti-corruption legislation will not be able to use it.What assets can be declared?
You can declare:- Cash funds - these are funds in bank accounts, deposits in credit unions, money lent, bank metals and electronic money;
- Real estate, property rights to real estate under construction and objects of unfinished construction;
- Vehicles;
- Valuable property (precious metals, stones, art objects, antiques);
- Financial assets, securities and corporate rights.
What assets cannot be declared?
It is impossible to declare and whiten those assets that were obtained by criminal means, for example, were stolen or obtained as a result of illegal activity.What tax must be paid when declaring?
After declaration, it is necessary to pay 5% of the value of assets located in Ukraine. At the same time, it will be necessary to justify the price of these assets. It can be based on the amount of initial expenses or be an estimate as of the date of declaration.But you can pay less if you purchase government bonds, that is, lend money to the state for at least one year. In this case, the tax rate will be 2.5%.
But if your assets are located outside Ukraine, you need to pay 7% if you declare before March 1, 2022 and 9% if after this date.
What happens if you do NOT declare but have something to hide?
Declaration of assets is voluntary. At the same time, the Law states that everyone who did not submit a declaration automatically notified the state that they have paid taxes on all their income.But if you have not declared and paid by September 1, 2022, what will happen next is not yet clear. The Cabinet of Ministers has been tasked with developing a bill to strengthen control over taxation of individuals within 9 months.
Regarding foreign assets. It is planned that starting from 2022, Ukraine will join the automatic exchange of tax and banking information. This is happening within the Organization for Economic Cooperation and Development with 130 countries. The first reports to Ukraine will be provided for 2021.
That is, it will be impossible to hide money and assets in offshore zones, and the tax authorities will probably get access to banking operations and will be able to track all large purchases.
What assets and within what limits are considered "white"?
At the same time, there is a limit on the volume of assets that do not need to be declared. That is, if your assets are within these limits, they are already considered "white" and there will be no questions from the tax authorities regarding them. So these assets:- Real estate located in Ukraine, namely:
- 🔶 apartments or property rights to apartments under construction, with a total area of up to 120 square meters;
- 🔷 residential houses or houses under construction, with a total area of up to 240 square meters;
- 🔶 non-residential buildings of non-commercial purpose, with an area of up to 60 square meters, for example, a garage, shed;
- 🔷 land plots within the limits of free privatization;
- One vehicle for non-commercial use, with a value up to 400,000 hryvnias;
- Other assets for a total amount of 400,000 hryvnias.
Our recommendations for those who have more than 15,000 US Dollars in accounts or cash, is to use the privilege and whiten money through purchasing real estate within 120 square meters.
At the same time, if you are married, this limit works for each spouse separately. That is, if you own an apartment with an area of 100 square meters, then each spouse used 50 square meters of preferential area. That is, you can purchase another 140 preferential square meters for the family.
We recommend purchasing apartments under construction, because in this case there are no taxes and expenses, unlike the old housing stock.
If you are interested in purchasing an apartment in Odesa and need help from experienced specialists - order a call from our site. We have official prices and purchase conditions from Developers.
We are their partners, they pay for our work. Therefore, our help is absolutely free for you.
