CONSULTATIONS ON CURRENCY CONTROL IN UKRAINE ✅ TAXES ✅ SERVICES

Lawyer's actions:

Collects basic information about the client's currency transaction (type of transaction, amount, currency, counterparties, documents).
Analyses whether the transaction is subject to currency supervision.
Checks the available documents for compliance with the requirements of the National Bank of Ukraine.
Identifies potential risks: blocking, fines, double taxation, violation of the licensing regime.

Lawyer's actions:

Prepares a detailed written opinion or provides verbal consultation.
Gives recommendations on how to draw up documents in accordance with Ukrainian currency legislation.
Determines the optimal payment route (in the case of a transfer).
Takes into account individual nuances — residency status, currency type, recipient's jurisdiction, etc.

Lawyer's actions:

Drafts accompanying letters, certificates or explanations for the bank.
Prepares a package of documents for the tax service (if necessary).
Explains the procedure in case of funds being blocked.
If necessary, accompanies correspondence with the bank or the National Bank of Ukraine.

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Consultations on currency control in Ukraine

Currency control in Ukraine is a system of measures aimed at regulating foreign currency transactions carried out by residents and non-residents. Its main purpose is to ensure the transparency of cross-border settlements, prevent capital flight, and comply with tax and financial legislation.

For entrepreneurs, investors or freelancers who work with international counterparties, it is important to understand how to structure transactions correctly in order to avoid funds being blocked or penalties being imposed by banks and tax authorities.

When is advice on currency control necessary?

In some situations, violations of currency legislation can result in accounts being blocked, fines being imposed, or even criminal liability. That is why consulting a lawyer will help you act within the law.

The main cases when you need the help of a lawyer:

You are planning to transfer funds from Ukraine to a foreign company.
You have received currency in your account from a non-resident and the bank requires confirmation.
You receive regular payments from abroad (fees, royalties, investments).
Your payment has been delayed or blocked due to the lack of supporting documents.
You plan to import/export services or goods with payment in foreign currency.
You need to prepare documents for currency supervision or tax authorities.

If at least one of these cases is familiar to you, it is worth consulting with a specialist in advance. This will not only allow you to avoid blocking funds or fines, but also to prepare all documents so that the transaction is clear and acceptable to the bank and regulatory authorities.

What is included in the consultation on currency control

We approach each client's situation individually, as currency regulation requirements may vary depending on the type of transaction, the residency of the parties, the purpose of the payment, and the bank servicing it.

During the consultation, you will receive:

An analysis of the legality of the transaction in accordance with currency legislation.
Recommendations on the preparation of contracts, invoices, and service provision acts.
A list of documents for the bank or tax authority.
Support in case of payment blocking.
Consultation on reporting currency transactions.
Analysis of compliance with NBU currency supervision regulations.
Explanation of liability for violations.

After the consultation, you will receive written instructions or an action plan, depending on your request.

Main risks of violating currency control

Most problems arise from ignorance of the nuances of currency regulation or attempts to circumvent the rules. Most banks now strictly adhere to the requirements of the NBU, so even a minor mistake can lead to serious consequences.

Common risks:

Blocking of funds by the bank due to unconfirmed payment purpose.
Fines of up to 100% of the transaction amount for violating currency legislation.
Recognition of the transaction as fictitious (by the tax authorities).
Double taxation in Ukraine and abroad in the absence of proper documentation.
Incorrect interpretation of transactions as profit withdrawal or investment.
Loss of the possibility of repatriating income for non-residents.

To avoid such consequences, it is necessary to carefully prepare documentation, correctly draw up currency contracts and consult in advance with a lawyer or accountant who specialises in currency regulation.

Why choose Consultant for cooperation

International expertise. Support for transactions between Ukraine, the EU, the UK, and the US.

Experience with banks. We work with the requirements of Monobank, PrivatBank, Oschadbank, Alfa-Bank, UKRSIB, etc.

Comprehensive planning. We combine currency control with tax planning, CFC, and declaration.

Turnkey preparation. From documents to communication with the bank or the NBU — everything in one place.

Frequently asked questions about currency control in Ukraine

Question

Is it possible to receive payment from a foreign client without a contract?

Answer

No. For currency exchange transactions, at least an invoice is required, and preferably a contract or act.

Question

Do I need to declare income from abroad in Ukraine?

Answer

Yes, residents of Ukraine are required to declare all income received in foreign currency.

Question

Is it possible to avoid currency control by opening an account abroad?

Answer

No, according to Ukrainian law, foreign accounts are also subject to declaration.

Question

What documents does the bank usually require for a currency transaction?

Answer

These may include: a contract with a non-resident, invoices, payment orders, tax documents, and sometimes an explanation of the purpose of the payment or the source of funds.

Conclusion

Currency legislation in Ukraine is a complex and dynamic area that changes along with the policies of the National Bank and the requirements of the tax authorities. Whether you are a freelancer, have a business, or are an investor, the correct execution of foreign exchange transactions is critical for the legality of operations, the security of funds, and the avoidance of penalties. Consultant lawyers will help you at all stages — from contract review to successful passage of currency control at the bank.