Ukraine is easing the process of opening bank accounts and investing abroad

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Ukraine is easing the process for its citizens to open bank accounts and invest abroadUkraine is one of the post-Soviet countries that wants to exercise total control over its citizens. Political tensions with political elite of the country, wide spread corruption and an ineffective economy is holding back the country’s development. However, some steps are made to liberalize foreign bank accounts opening and investing overseas. One major change is to drop the background check by the police authority. However, in order to open a bank account abroad or make investments, the Ukrainian national or the Ukrainian company has to obtain a license from the Ukrainian Central Bank. Some local Ukrainian press have raised concerns that this liberalization will lead to a capital escape from Ukraine. However, this is doubtful. Most people who want to open a bank account or to invest abroad have done it already without notifying the Central Bank of Ukraine. There are so many solutions available on the corporate services markets to keep an overseas account and investments confidential.