At night on March 31 during an extraordinary meeting of Verkhovna Rada the law on circulation of agricultural land was adopted. 259 people’s deputies voted for it.
The land law envisages:
- From 2021 land can be bought only by individuals and with limit of 100 ha per person. From 2023 the limit will be raised to up to 10,000 ha per person.
- Legal entities will be allowed to buy land only from 2024 and with the limit of 10,000 ha.
- Foreigners will be allowed to buy land only after referendum regarding the relevant issue, in case the majority of Ukrainian citizens give consent.
- For the first 2 years land that is state property will be forbidden to sell. Circulation of land will concern only the land that is a property of stakeholders.
- The law enters into force on July 1, 2021.
It is worth mentioning that adoption of the law on land market along with the law on regulation of bank activity is a prerequisite for getting a new financing program from IMF amounting to circa 8 billion dollars.
