The National Bank of Ukraine (NBU) has permitted individuals to place currency income received abroad on accounts in foreign banks without a personal license of the Ukrainian central bank, the NBU has said on its website.

The amendments to the conditions of licensing of transactions of individuals who place funds on accounts abroad and invest outside Ukraine were approved by NBU resolution No. 14 amending some NBU acts. The resolution was issued on February 23, 2017.

The amendments took effect on February 25, 2017.

The personal license is not required for investing and reinvesting of these funds abroad, including for trade with financial tools on foreign exchanges and other transactions.

The possible income earned abroad could be salary, pension, dividends and inheritance.

The NBU said that regardless of the possibility of holding transactions abroad individuals are to declare income and pay taxes in Ukraine in line with Ukrainian law.

Personal licenses are required for transfer of funds from Ukraine abroad with the purpose of investment or depositing on foreign accounts.