Gift contract in Ukraine

Gift contract in Ukraine. Gifting legal relationships in Ukraine are regulated mostly by the Civil Code of Ukraine, namely by clauses 717 to 730 of the same.

Clause 717 of the Civil Code of Ukraine provides that on the grounds of the gift contract either of its parties (the donator) gifts or undertakes to gift in future to the other party (the gifted) free of charge certain property (gift) into possession and enjoyment of the gifted.

Scope of gift contract can include movable property, including money or securities, and the real estate as well. The scope also can include property rights, which are owned by the donator at the moment or can incur in future, as it is provided by clause 718 of the Civil Code of Ukraine.

Parties of the gift contract can be natural persons, corporate entities and other entities.

Another very important aspect is the form required for the gift contract. Clause 719 of the Civil Code of Ukraine provides that the gift contract for gifting things of personal use and household designation can be made in simple verbal form. Gift contract for gifting an immovable property is to be made in the written form with notarization (and accordingly the state registration as far as title of property appears at the moment of state registration of the same, but not at the moment of signing and notarization of appropriate legal document).

In this regard also should be mentioned that in order to notarize a contract or agreement or other document and make subsequent state registration of the same, if required, a non-resident:

- natural (private) person is to have the personal Ukrainian tax number. This tax number has every Ukrainian citizen of the full age and the number is used to tax income, which is collected in Ukraine. Therefore if it is planed to make in Ukraine a contract or agreement, which requires notarization and state registration in Ukraine, a person (mostly non-residents of Ukraine) have to take care in advance of getting such tax number in Ukraine. Our Law Firm can get this tax number for you in advance.

- corporate entity is to submit the required bylaw documents and appropriate references both duly legalized for use in Ukraine (apostille or consular legalization is required and translation into Ukrainian language as well).

Gift contract for gifting especially valuable movable property is to be made in simple written form; however gifting of such property on the grounds of a verbal contract considered to be lawful if there is no a court decree stating that the gifted has acquired such property in unlawful manner. Gift contract for currency valuables, which exceeds five minimal non-taxable amounts of income (5 x UAH 17 = UAH 85, which is about USD 17) is to be made in written form with notarization.

In accordance with clause 722 of the Civil Code of Ukraine the gifted gets the title of property for the gift at the moment of accepting such gift.

However there are a lot of other important gifting clauses in the Civil Code of Ukraine, other Ukrainian laws and bylaws and rather extensive court practice.

The above information is provided herein in educational and informative purposes only. It is provided that you have to get appropriate legal advice as regarding the legal and other issues of your interest in Ukraine in order to have the exact, extensive and up-to-date legal and other related information.

Do not hesitate to contact us if you have any questions or issues of legal nature, our Law Firm is working for you and our experienced legal specialists are always ready to help providing the client with appropriate legal consultations, legal reports and summaries, reasonable legal advices and all the other required legal support, assistance, coverage and protection.

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