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Posted by mseidner on July 16, 2004 at 16:03:39:
In Reply to: Whom can I trust in UA? posted by Richard Hearsey on July 16, 2004 at 15:27:28:
Hi Richard,
You have to use great caution when conducting business in Ukraine. It is really quite difficult doing this on your own. The "rules" are also quite different in Ukraine compared to the west. Most of the westerners I know of who have purchased property in Ukraine are married to Ukrainians, this is my case. Without my wife's knowedge and help, I would have been a lot more "at risk" when conducting business over there. Another point to remember, foreigners are subject to what I call a "foreigner tax". Which results that in a lot of transactions, you will be charged more for things than a local would. This applies to everything from real estate to groceries.
Now back to Real Estate, in my opinion your safest approach would be to contact a real estate agency in the area you're interested in, and explain what you're looking for, here's a good way to find real estate agents in Ukraine:
http://meta-ukraine.com/en/topics.asp?t=204
You should also find a local attorney who specializes in these type of transactions (note: don't let the real estate agent pick one for you, choose your own). They will assist you with a title search and other legal necessities when you decide on a purchase. Also note the tax situation in Ukraine. One of the benefits of owning property in Ukraine is that you don't really have a property tax (here in the US for example you pay a few thousand USD/yr property tax). In the Ukraine you pay a tax when you buy a property. This tax is quite low, however to minimize this tax the declared value of the property is understated, but all subsequent legal documents will record this amount. On the day when you pay, you will have to show up at the office with CASH! Don't you just love the idea of walking around Kiev with a few hundred thousand in cash???
(note: I'd appreciate hearing from anyone who has bought real estate in Ukraine and has used some method other than cash), so far at least in Crimea my experience has been cash only. However in some instances you might be able to wire money into an agents account, but in general they don't like this. BTW, mind if I ask why Kiev? Kiev is the most expensive city in Ukraine. I live in Sevastopol, where it's MUCH cheaper and the weather is better as well!!
Anyway, good luck hope I was of some help
Mark Seidner Sevastopol, Ukraine
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