Company’s Tax Strategy – Understanding the Nuances


Studying the tax system of Ukraine and its tax legislation can initially evoke a sense of confusion. It’s not so much about what tax rates will be set for your business, but about the complexity of understanding what needs to be complied with according to tax law.

This is particularly challenging for foreign entrepreneurs who aim to smoothly expand their business in Ukraine while maintaining financial stability.

Many have heard about the possibilities of tax optimization in Ukraine and the attractive tax rates for various types of activities. Naturally, one would want to take advantage of these favorable conditions for business. The only thing left is to figure out how to do it.

It’s impossible to cover all the nuances of business taxation or create a universal tax scheme for all types of enterprises. However, we will try to highlight key aspects and describe the most common situations that will help you form a basic understanding of business taxation in Ukraine.

If you have specific questions about your business’s tax obligations in Ukraine, please contact our specialists for personalized consultation.

General and Simplified Taxation Systems in Ukraine for Business

The general taxation system is the most common choice for many legal entities registered in Ukraine.

The following tax rates apply to legal entities under this taxation system:

  • Corporate income tax – 18%;
  • Value Added Tax (VAT) – 20%.

Additionally, depending on your field of activity, additional levies and taxes such as excise duty, environmental taxes, customs duties, land tax, and vehicle registration fees in Ukraine may apply.

It is also important to consider taxes related to employee salaries:

  • Personal Income Tax (PIT) – 18%;
  • Military levy – 1.5%;

Unified social contribution to mandatory state social insurance (USC) – 22% of the minimum wage.

By default, when registering a company, it falls under the general taxation system. However, under certain conditions and upon your request, you can switch the company to the simplified taxation system – the payment of a Unified Tax.

Choosing the 3rd or 4th group of the Unified Tax is available for legal entities. It should be noted that the 4th group is only possible for narrowly specialized types of activities. Therefore, we will focus on the 3rd group and its rates:

  • 3% + 20% of VAT;
  • 5% without VAT registration.

It’s important to remember that the choice of the taxation system may be limited by Ukrainian laws for certain types of activities, which must use only the general taxation system. For example, this may apply to enterprises involved in gambling, certain types of financial services, antiques, etc.

Also, it’s worth considering that when working with the simplified system, each group has its own annual profit limit. Exceeding this limit will force the company to switch to another taxation system and in some cases be subject to penalty sanctions.

To avoid such a situation, it is necessary to calculate the expected income in advance, plan a profitable business scheme and taxation.

The main taxes that have to be paid in Ukraine

When registering a business in Ukraine, you should be prepared to pay certain blocks or groups of taxes:

Corporate Income Tax.

The basic rate is 18%. However, for certain types of activities, the rate can be higher. For example, activities related to lotteries have a rate of 30%.

The tax is calculated not on the entire amount of income but on the so-called “net income”, i.e., minus the company’s expenses. The total amount of income subject to taxation is determined based on financial reporting according to accounting standards.

Taxes for Employing Staff

We have already discussed these earlier:

  • Personal Income Tax – 18%;
  • Military levy – 1.5%;
  • Unified social contribution – 22% of the minimum wage.
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However, certain categories of individuals are eligible for personal income tax (PIT) incentives, which should also be considered when forming staff and paying wage taxes.

Important: The amount of the minimum and maximum unified social contribution depends on the established minimum wage for the period of calculation. How to correctly calculate the amount of the unified social contribution? Let’s give an example with the minimum wages set for autumn 2021.

– Minimum unified social contribution – minimum wage x 22% (for example: 6000 UAH x 22% = 1320 UAH.)

– Maximum unified social contribution – maximum wage x 15 times x 22% (for example: 6000 UAH x 15 x 22% = 19800 UAH.)

Therefore, the maximum unified social contribution will always be calculated from the minimum wage, multiplied by 15 times. Even if the employee’s salary is 150,000 UAH, the unified social contribution will be 19,800 UAH.

However, it is necessary to constantly monitor changes in the minimum wages set in Ukraine.


VAT is not always a mandatory tax to pay. Companies typically become VAT payers if their counterparts are VAT payers.

Also, you will have to switch to paying VAT if you exceed the annual income limit (over 1 million UAH in 12 months).

You can switch to VAT voluntarily. The VAT rate can be:

  • 20% – base rate;
  • 7% – for transactions with certain types of goods, for example, medical purposes.

Tax rates are not the only issue to clarify before entering the Ukrainian market. Here are the most common issues faced by foreign businesses when operating in Ukraine:

  • Double taxation when working with foreign counterparts
  • Payment of wage taxes for employed staff
  • Payment of corporate income taxes
  • Issues regarding the necessity to switch to VAT and compulsory transition to VAT
  • Repatriation of income from a Ukrainian company to a foreign one.


Choosing the correct and optimal system and scheme of taxation will allow for tax burden optimization and profitable operation in Ukraine.

Don’t risk your business – contact us for tax optimization and assistance in registering your activity in Ukraine.

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Is investing in green energy worthwhile at the moment?

On the night of September 21st, russia, for the first time in six months, shelled energy infrastructure facilities. Partial power outages occurred in the Rivne, Zhytomyr, Kyiv, Dnipropetrovsk, and Kharkiv regions – about 400 settlements were left without electricity.

Our long-suffering energy system has already withstood hundreds of missile and drone strikes and survived the first blackout in its history, when all the country’s nuclear reactors were shut down.

In total, about 50% of the country’s energy infrastructure is damaged. Green energy is no exception, as its share in the production structure before the full-scale war was over 13%. And the capacities were increasing.

Moreover, in 2019, Ukraine was among the top ten countries in terms of green energy development. In 2020, it was in the top five European countries in terms of solar energy development.

By the beginning of 2022, the total capacity of green energy facilities in Ukraine had reached 9,656 MW. But by autumn, almost all wind power stations and about half of the solar ones were forcibly taken out of operation. As a result, the share of renewable sources in the energy balance fell by more than half.

What is happening in the industry now, and are there opportunities not only to restore it but also to develop it further?

Prospects for green energy

Transitioning to renewable energy sources is one of the priorities in combating global warming. The topic gained active development after the signing of the Paris Climate Agreement in 2015.

Last year, the European Union for the first time received more energy from renewable sources than from burning gas, saving about 10 billion euros on the purchase of blue fuel, according to a report by the Ember analytical center.

Solar and wind energy accounted for about 22% of the electricity produced, which is a record figure. In contrast, gas combustion provided about 20%.

Due to the rejection of russian gas following the full-scale invasion of Ukraine, Europe is focused on rapidly reducing its demand.

At the same time, the region is gradually moving away from coal, particularly due to the war in Ukraine – from August 1, 2022, an embargo on coal imports from russia came into effect in the EU. The share of russian coal in the EU’s consumption structure was 45%.

These factors, Ember analysts note, should spur a rapid expansion of green energy in Europe.

The risks of investing in green energy

Industry representatives are actively discussing two crucial aspects: how to save existing projects and investments, and how to find ways for the further development of renewable energy. The economic difficulties associated with the onset of russia’s full-scale war have impacted Ukraine’s electricity market, including producers from alternative energy sources.

One evident problem is the reduction in payments by the State Enterprise “Guaranteed Buyer” to producers under the “green” tariff. From March to June this year, this level decreased by 20-25%, and in July, it amounted to 38.7%. This situation has two main causes.

Firstly, the debt of the National Energy Company “Ukrenergo” to the State Enterprise “Guaranteed Buyer” has significantly increased. The Guaranteed Buyer has not received payments from “Ukrenergo” for services related to increasing the share of energy production from alternative sources for a long time. This funds the deficit in payments under the green tariff, and this occurred due to legal disagreements, because of which the acts of service provision were not signed.

Secondly, the Ministry of Energy of Ukraine introduced restrictions after adopting Orders No. 140 of March 28, 2022, and No. 206, effective from July 5, 2022. According to these orders, algorithms were established for distributing funds from the State Enterprise “Guaranteed Buyer” among renewable energy producers, ranging from 15% to 75% of the average weighted rate of the “green” tariff. This created unequal conditions for different producers: solar and wind power producers receive 18%, biogas producers – 30%, and biomass producers – 75%. Additional payments are possible if there are remaining funds in the accounts of the State Enterprise “Guaranteed Buyer” at the end of the month.

The second factor causing concern is the notable delays in payments by the National Energy Company “Ukrenergo” for services related to load reduction. According to the legislation, renewable energy producers are entitled to compensation for unreleased and, consequently, unsold electricity if this is due to dispatch commands from “Ukrenergo.”

Due to military actions, electricity consumption in Ukraine has sharply decreased, while there has been a seasonal increase in solar power generation. As a result, dispatchers were forced to limit the production of electricity from these sources. Under normal conditions, “Ukrenergo” would have to compensate the losses of such electricity producers. However, this was not done in time, partly due to technical difficulties in accounting and calculating dispatch commands under wartime conditions and partly due to a lack of funds.

The third factor, which had a nearly devastating impact on the industry, is related to the compensation of imbalances. According to the legislation, if the actual generation of electricity deviates from the forecasted, renewable energy producers are obliged to compensate the State Enterprise “Guaranteed Buyer” for the imbalances.

An unfavorable situation arose here: on the one hand, due to the reduced demand for electricity, it was difficult for the State Enterprise “Guaranteed Buyer” to sell all the purchased electricity, forcing it to incur losses in the balancing market. On the other hand, as already noted, renewable energy producers constantly changed their generation schedules following dispatch commands. However, due to the lack of communication between the State Enterprise “Guaranteed Buyer” and the National Energy Company “Ukrenergo,” the Guaranteed Buyer considered such deviations as a basis for charging for imbalances.

Ultimately, the majority of producers under the “green” tariff were forced to allocate a significant portion of their modest revenues to compensate for the “imbalances” of the Guaranteed Buyer.

As of July 2022, the renewable energy sector in Ukraine was on the brink of a financial crisis. Electricity producers were actively negotiating with banks to restructure loans, and sometimes they even lacked the funds for current operational expenses, forcing owners to finance the operations of the stations from their own resources.

Meanwhile, government representatives, including speeches at conferences in Lugano, emphasize the importance of further developing renewable energy in Ukraine as one of the key sectors capable of attracting investments and contributing to the post-war recovery in the country. In this context, industry representatives are actively discussing two main issues:

  1. How to save already implemented projects and invested capital;
  2. How to find ways for further development of the renewable energy sector.
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Some solutions are already beginning to emerge. The Ministry of Energy of Ukraine, the National Commission for State Regulation of Energy and Utilities and the National Energy Company “Ukrenergo” are actively working on resolving current tactical issues.

Moreover, it is anticipated that “Ukrenergo” will be able to find a way to settle the debt for load management services and start making payments to the State Enterprise “Guaranteed Buyer,” which, in turn, will ensure a level of payments to renewable energy producers of no less than 30%.

Nevertheless, even with such prospects, renewable energy producers are still compelled to consider seeking alternative solutions. This is particularly relevant in the context of a crisis of confidence in the government’s policy in the field of alternative energy.

Some companies are considering the possibility of suspending the use of the “green” tariff and transitioning to competitive segments of the electricity market. These intentions became more realistic after the Verkhovna Rada adopted the bill No. 7427. In addition to the expected provisions on the prohibition of tariff increases, amendments were introduced that provide renewable energy producers with a temporary opportunity to exit the balancing group of the State Enterprise “Guaranteed Buyer.”

The reason for this trend is quite straightforward. The average “green” tariff is about 4 hryvnias per 1 kWh. Meanwhile, the average market price of electricity has recently been around 2.22 hryvnias. By selling electricity on the market, renewable energy producers can receive more than 50% of the “green” tariff, which is much more profitable compared to selling to the State Enterprise “Guaranteed Buyer.” This might not yield huge revenues, but at least it allows many renewable energy producers to survive.

On the other hand, companies that decide to temporarily abandon the “green” tariff will temporarily lose the privileges and guarantees associated with selling electricity at this tariff. They will be obliged to independently bear full responsibility for imbalances and will not receive compensation from the National Energy Company “Ukrenergo” for unsold electricity due to dispatch commands.

For those who will choose this option, the law establishes the right to resume the contract with the State Enterprise “Guaranteed Buyer” at any time and return to selling electricity at the “green” tariff.

However, it is not anticipated that a significant portion of renewable energy producers will take advantage of this opportunity, although such a scenario has long been discussed in the industry, and there are already companies selling electricity on the market.

Firstly, recent improvements in the payment discipline of the State Enterprise “Guaranteed Buyer” have actually reduced the attractiveness of the market entry for many producers.

Secondly, the business processes of most of these companies are not ready for market operations. The risk of errors in forecasting imbalances and trading activities and the associated losses is too high.

Thirdly, the level of trust in the state’s regulatory policy in the industry is low. Producers have reasonable fears that after temporarily exiting the guaranteed buyer group, the state might change the rules and not allow them to return.

Given this, in our opinion, only a small number of producers might try to use this opportunity “for learning” and attempt to work in the market. However, a large-scale refusal to sell under the “green” tariff should not be expected.

Finding ways for further development of renewable energy represents an even more complex task. State officials and industry experts are considering various options. Primarily, this includes transitioning from the “green” tariff to a feed-in premium mechanism, which involves renewable energy producers entering the market and receiving an additional payment over the market price of electricity.

Secondly, the possibility of applying mechanisms such as certificates of origin (otherwise known as “green” certificates) and contracts for difference is being considered. In Ukrainian legislation, they are implemented as tools to ensure price stability for electricity.

Nevertheless, all these options face two issues for which there are still no definitive answers.

The first challenge is restoring investors’ trust in the Ukrainian Government’s renewable energy sector, including the Ministry of Energy and the National Commission for State Regulation of Energy and Utilities (NCSREU). Since early 2019, authorities have repeatedly failed to fulfill their commitments to investors, reducing the market participants’ willingness for dialogue and acceptance of proposals.

Currently, the state has an opportunity to “elegantly” exit this situation and demonstrate its readiness to be accountable to investors. To this end, a long-term proposal, which investors have been suggesting since 2019, is being considered: converting the debt of the State Enterprise “Guaranteed Buyer” into state-guaranteed securities. Such securities could be used by investors for restructuring debts with banks or sold to attract funds for station maintenance and business development.

This will serve a dual purpose: firstly, it will be an example of the state’s responsible treatment of investors and readiness to find mutually beneficial solutions in times of crisis. Secondly, it will allow the State Enterprise “Guaranteed Buyer” to shed its status as a perpetual debtor failing to meet its contractual obligations.

The second aspect involves developing a competitive electricity market in accordance with European directive requirements. All mechanisms that can attract investors to the electricity market depend on transparency, clarity of rules, market prices, and minimal state intervention.

To achieve this, the state must provide investors with a clear plan of action, including measures such as ending the cross-subsidization of consumers, implementing mandatory standards of European legislation, including REMIT and state aid regulation, as well as reforming the NCSREU and the Antimonopoly Committee of Ukraine.

Overall, the struggle of renewable energy producers for survival in the industry is not yet over. In July, consolidated efforts of market players brought their first results. However, they face the challenging task of protecting the industry’s interests, which requires an active stance and, in some cases, strength in dialogue with the government.


Apart from this, the future undoubtedly belongs to a competitive electricity market. Therefore, companies that decide to seize this opportunity today and begin adapting to market operations will gain an advantage over competitors in the near future and will be able to successfully implement new projects.

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War bonds – what you need to know before investing

War bonds – This is a special type of OVGZ. The main purpose of the issue of military bonds – support of the economy of the state and the Armed Forces during the war or hostilities. Therefore, the state creates conditions so that as many citizens as possible can purchase war bonds.

What are war bonds

First of all, you should familiarize yourself with the official definition of the term “Ukrainian domestic government bonds” (OVGZ). OVGZ – these are securities placed exclusively on domestic capital markets and confirming Ukraine’s obligations to reimburse the bearers of these bonds for their nominal value with the payment of income in accordance with the terms of placement of bonds. That is, government bonds – This is a type of debt securities issued to attract additional financial resources for the needs of the state budget. The issuer (issuer of securities) of government bonds is the Ministry of Finance of Ukraine.

In turn, war bonds – This is a special type of OVGZ. The main purpose of the issue of military bonds – support of the economy of the state and the Armed Forces during the war or hostilities. Therefore, the state creates conditions so that as many citizens as possible can purchase war bonds.

People buy war bonds from the state for a certain price, and after the maturity date, the state returns the money to them, and also pays the accrued interest.

Thus, it is quite appropriate to consider the purchase of government bonds, including military bonds, as an alternative to a bank deposit.

It is also important that the redemption of war bonds is fully guaranteed by the state, which makes them one of the most reliable securities. In fact, the only risk for a potential investor in such bonds – this is the risk of Ukraine not paying its debts, that is, default.

It should be noted that paper war bonds do not exist. The circulation of war bonds is carried out exclusively in electronic form.

We emphasize once again that by buying war bonds, you help the functioning of the state here and now, from helping the Armed Forces of Ukraine to supporting the work of state bodies and local governments. At the same time, a person who buys war bonds, after the maturity date, will be able to return his money and make a profit in the form of accrued interest. Thus, war bonds can be seen as an aid to the state and as one of the ways to save your own money during the war.

Real War Bond Yields

War bonds yield 9.5% (three-month bonds), 10% (six-month bonds), and 11% (1- or 1.3-year bonds). Dollar bonds for one year are issued with a yield of 3.7%, euro bonds — with a yield of 2.5% per annum. That is, without even delving deeply into the kitchen of buying and selling securities, it is clear that now war bonds will not make much money, and at best will only help reduce the depreciation of savings from inflation.

In reality, the return on investment in bonds, taking into account the costs of opening and maintaining an account, as well as commission to the seller, with investment amounts from UAH 100 to 200 thousand, can be even lower than today’s deposit rates (up to 6%). It is realistic to approach even the nominal yield only when buying bonds worth more than a million hryvnias.

The only real benefit of war bonds — return of invested funds together with interest is guaranteed by the state in full and is not subject to taxes. In the conditions of war — this is an important advantage, but today it does not even allow you to save your savings.

Course swing

The situation with the exchange rate of the national currency deserves special attention. After all, the real yield of debt securities directly depends on the situation on the foreign exchange market. Today, the hryvnia has dipped quite sharply, and its prospects are very vague.

The fact is that from the first days of the full-scale invasion of Russia, the NBU fixed the exchange rate at the pre-war level of 29.3 UAH / USD. and forbade banks to deviate from it by more than 10%. However, on the “black” and “gray” markets, the rate began to rise gradually. Entrepreneurial Ukrainians immediately took advantage of this. People crossed the border, withdrew currency from card accounts there at a rate close to the official one, and returning to Ukraine exchanged it at the rate of 35−36 UAH/USD. According to the NBU, in this way the country’s financial system began to lose up to $100 million a day.

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In order to stop this “foreign exchange tourism”, the National On May 21, the bank on May 21 abolished the requirement for a maximum 10% mark-up on the official exchange rate when selling cash and gave banks a free hand in terms of setting the rate according to which banks debit hryvnia funds from customer accounts if customers use hryvnia cards abroad. Also, the NBU reduced the monthly limit for withdrawing cash abroad from hryvnia accounts opened in Ukrainian banks by 2 times — from 100 thousand to 50 thousand UAH. Decoupled from the official rate, the cash exchange rate instantly soared, coming close to UAH 40/USD in exchange offices.

However, to draw conclusions about the “real” the value of the national currency is still early. The answer to this question can only be given by a freely operating legal segment of the foreign exchange market, including trading on the foreign exchange market, which is not currently being held. Bankers promise that the cash exchange rate in Ukraine after the removal of restrictions by the NBU will stabilize within 10-15 days, when the “white” and «gray» the markets will even out and become almost the same. Most likely, at the end of May, the exchange rate in bank exchange offices will stabilize at the level of 34−37 UAH/USD. However, the rate will not return to UAH 30.


The war, of course, objectively negatively affects the exchange rate of the Ukrainian currency. The destruction of infrastructure, the fall in GDP, and the increase in government spending both for the needs of the army and for financing social benefits are making themselves felt. Partially, this is now done through various emission mechanisms.

Moreover, one of the main mechanisms for issuing the hryvnia is the same military bonds. On March 8, 2022, the NBU board determined that the central bank would buy back war bonds if necessary and thus finance critical government spending. Purchase limit — UAH 400 billion Many financial experts immediately sounded the alarm about this. Indeed, in practice, this means an additional issue of hryvnia not supported by goods, which does not work for business development.

In reality, the Cabinet of Ministers uses the funds received from the sale of military bonds to finance military and social spending. However, to say that money does not work in the economy is a mistake, because as a result, the funds go to the accounts of enterprises and citizens, respectively, and they spend them, supporting the demand for goods and reviving the economy of Ukraine. Thus, the NBU’s purchase of war bonds in today’s conditions even helps the country’s economy. The fact is that the current level of inflation is associated, rather, with a lack of quality supply and a break in the supply chains of goods, while demand has decreased significantly, because people objectively spend less due to lower incomes and the need to save.

Today, the National Bank finances only critical budget expenditures and is going to abandon this budget financing mechanism as soon as possible. To do this, the Ministry of Finance should stimulate market demand for military bonds and gradually shift the burden of budget financing from domestic banks and the NBU to real investors.

Market rates

The first step is to raise the stakes. Recall that the rate on war bonds today is much lower than even the current inflation. Taking into account all the financial risks in a country at war, an attempt to keep yields at such low levels makes war bonds a non-market instrument. And only market financing, combined with people’s trust in the state and international financial support, can save the economy of Ukraine.

The IMF, the G7 countries, the EU and the US announced multibillion-dollar financial assistance to Ukraine, including to cover holes in the budget. The funds will be provided to the government in foreign currency, which should psychologically strengthen the position of the hryvnia, as these resources will increase Ukraine’s gold and foreign exchange reserves and, in theory, support the national currency. This can create ideal conditions for turning war bonds into a real market instrument for financing the army and the warring Ukraine.


Summarizing the above, we note that investing in military bonds – this is an investment in the independent future of our country, which is now defended by the people of Ukraine. And today it is one of the most effective and reliable ways to bring our common victory closer.

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Investments during the war: how to save and increase your savings

During the war, Ukrainians cannot buy currency, but there are many other ways to investment money. We have considered options for where to invest and where not to invest in 2023.

Charity contributions and war bonds

On March 1, the Ministry of Finance issued military bonds, which are considered to be analogous to a government loan. War bonds are issued specifically to finance the needs of the army. Anyone who has at least UAH 1,000 can buy bonds.


  • one bond costs UAH 1,000;
  • issued for a year;
  • currency – hryvnia (yield 11%) or dollar (yield 3.7%);
  • funds will go to the needs of the Armed Forces of Ukraine;
  • taxes are absent;
  • no proof of income required;
  • citizens, businesses, foreign investors can buy;
  • risks – country default.

There are short-term, medium-term and long-term bonds with a maturity of 2 to 15 months. The rate of return is 9.5-11% per annum. The purchase of long-term bonds provides for interim interest payments.

Where to buy

  • Privatbank – entry threshold 100,000 hryvnia;
  • Oshchadbank – entry threshold from 50,000 hryvnia;
  • through the mobile application of Monobank, Ukrgasbank, FUIB, Univer Capital, BTS Broker. Here they are ready to sell from one bond.

Bank deposit

Deposit rates are now below the inflation rate, but they do not meet the needs of customers. The average rates are 10.1-10.4% per annum in hryvnia, of which 19.5% of taxes still have to be paid. Therefore, a net deposit will bring about 8% of the investment amount.

Banks now have nowhere to invest money, so there is no need to attract deposits. Analysts also do not recommend rushing to put money on hryvnia deposits, as the rates on them are likely to grow. It would be appropriate to deposit part of the funds for a short period, in order to later transfer it to a deposit with a higher yield.

Foreign currency deposits are even less attractive. In large banks, interest rates on them do not exceed 1% per annum, although dollar inflation reached 9.1% in June.

Given the low income, foreign currency deposits can only be considered as a way to legally purchase non-cash foreign currency, which can then be converted into cash.

Precious metals

It is almost impossible to buy banking gold, silver or platinum in Ukraine due to the NBU restriction. The only exception can be the purchase of metals in financial institutions in territories that are under the threat of occupation.

But such investments are unlikely to bring income in the short term, and in the long term, related expenses will destroy most of the income. Buying gold in coins and bars requires valuation and storage, and this requires additional costs. In 2022, gold has fallen significantly in price, but it has the prospect of growth.

Investors invest in gold in times of uncertainty or crisis. Since now there is a high probability of a new global recession, the demand for precious metals may increase.

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This growth is fueled by the ban on the export of gold from russia.


In the west of the country, real estate may have investment attractiveness, but we advise you to focus on logistics and office infrastructure, and not on housing stock.


Experts name four main reasons for the great interest in investing in agricultural land. First, it, unlike other types of real estate, cannot be completely destroyed. Of course, if it is in a zone of active hostilities, then this will negatively affect the quality. However, even in view of this, its stability as an asset is much greater than other types of real estate. The risk also lies in the fact that if this land is under occupation, its use is impossible, in particular, the investor will not be able to lease it to receive passive income. However, after the de-occupation, the land will be available and will justify the investment.

Secondly, land is a stable asset, as prices in hryvnias for it are growing. Of course, we observe a drop in the value of an asset in foreign currency, however, 5% — this is a good indicator, indicating relative stability even during the war.

Thirdly, from 2024, the land market will be open to legal entities, which will affect prices. So investors, having realized the previously acquired asset, will benefit.

And finally, fourthly, we see an upward trend in prices for such land, and this will not go anywhere after the war.

Shares of foreign companies

Investiro Only those who have money abroad can invest in shares of foreign companies. The fact is that because of the war, the National Bank limited the possibilities for the withdrawal of capital from Ukraine.

But such an investment can be a losing one. All leading indices, except for commodities and the healthcare industry, suffered heavy losses due to US monetary policy, quarantine in China, and the energy and food crisis provoked by Russia’s attack on Ukraine. As a result, the shares of many companies have fallen significantly in price.

But this does not mean that we should completely disown Western companies. It always makes sense to keep a certain part of your savings in US stock indices. Whatever the situation, the US market will always rise in the distant horizon.


Despite the limitation of deposits in foreign assets, there are still opportunities for Ukrainians to invest in cryptocurrency.

However, this type of asset is quite risky and very variable. Its price can fluctuate by tens of percent in a matter of hours and depend on hundreds of factors.

For example, the most famous cryptocurrency in the world, Bitcoin, showed a significant annual drop in value, which happened only three times in its entire history.


The lower the risk, the lower the return and vice versa, the higher the return — the higher the risk.

Before investing — study the market. Find out what opportunities, conditions, rules exist.

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Bonds, real estate, gold or cryptocurrency. Where to invest in time of war Introduction

During the war, the theme of finance and investment had gone into the backgroud. As a rule, people invest spare money. And now the solvency of Ukrainians has fallen, unemployment is rising, and prices in stores leave much to be desired. Many have taken out their financial cushions, on which they have been saving money for years.

But there are those who are looking to invest money or at least just save it. Many pre-war investment options have become obsolete. Let’s understand the investment climate in the world market and consider the safest and most profitable ideas for investment in 2023.

Deposits, bonds and currency

Now Ukrainians prefer to make deposits on demand, or on “short” deposits, which can be withdrawn at any time. The advantages of placing savings on bank deposits is the state guarantee and relative security. Disadvantages – deposit rates, which for a long time could not compensate for inflation, because of which since 2020 the number of bank deposits in currency decreased.

Now there is a trend in the growth of deposits. During the war, a law was passed that the amount of 100% would be guaranteed by the state – that’s a plus, and we would advise people against taking risks by investing in more conservative instruments.

Rates on foreign currency deposits, however, did not increase: according to Minfin.com.ua, on average, 2.5-3.5% per annum. But the people received the opportunity to buy currency in the amount of 50 thousand UAH/month in one bank at the rate close to the interbank, and it is about 37 UAH/$. This is below the “street” rate, but provided that the purchased currency goes on a three-month deposit. This tool works actively, and part of the population thus transfers the available hryvnia into the dollar.

Deposits in UAH are significantly higher – in case of placing a deposit for a period of one year you can get up to 15-16% per annum. But these estimates can hardly be considered absolute because of inflation. So this method of investment can be called not an “investment”, but rather, saving funds from inflationary


Agricultural land is a relatively new investment for Ukrainians. In the near future, land prices will fall, but in a measured way: by law, land cannot be sold below the Standard Monetary Valuation (NIR).

Now the land is being sold by people who didn’t plan to do it before. Because of the war and the deteriorating economic situation, it will soon be impossible to pay rent. The situation could change based on the course of the hostilities and if the maritime export of agricultural products could be improved. Unlocked exports would provide the agribusiness with income and enable it to pay the rent. Then the number of people willing to sell the land will decrease.

Besides, even if the land comes under fire, it’s not going anywhere and it’s still an asset. Now we have the lowest possible price. It is likely that over the next two to three years after the end of the war, land will grow in value along with the renewal of Ukraine’s economy.

Real estate

Real estate is a bold market these days. Prices have indeed fallen, but the risks are still too high. Rental rates were also significantly reduced.

In the west of the country, real estate may have an investment appeal, but we recommend focusing on logistics and office infrastructure rather than on housing.

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Now it is impossible to guess when there will be a bottom point in the real estate market, because the war is continuing and the enemy is seizing territory.

Kyiv seems to be safe, but we understand – Kyiv sometimes comes under fire too. Secondly, we do not understand what will be the demand for real estate, because the longer the war lasts, the fewer people will return to Ukraine, and another question: whether and where will increase the price of real estate after the war.

In addition, millions of Ukrainians can stay abroad, and put up for sale their housing back in Ukraine, which can also have a strong impact on the market.

Foreign shares

Now Ukrainians have the opportunity to invest only in foreign shares, not in the domestic, and only those who have money in foreign accounts. The fact is that because of the war, the National Bank has limited the possibilities for capital withdrawal from Ukraine, so the option with Western shares can be considered if you have money abroad.

But even with the availability of such funds outside Ukraine, you need to be careful. Now the behavior of Western markets is more frightening to investors. All leading indexes, except the commodity and health industries (healthcare), have suffered significant losses, and, according to most experts, are still far from growth. Thus, the index of leading NASDAQ technology shares lost more than 20% since the beginning of the year. The Western world may be on the verge of a recession.

We cannot know the future behaviour of the market – it may grow or fall. However, when there is a recession, stocks usually fall. Therefore, in our opinion, this is not the most optimal entry point.

Virtual assets

Investments in cryptocurrency have been questionable before, and now the onset of tighter monetary policy has led to a record collapse in the value of cryptocurrencies. The value of money in the world is rising, and the demand for risky investments is falling. It is impossible to foresee how prices will continue to change.


Gold can be a shield for savings, but only some Ukrainian banks offer “gold” deposits. The price of gold can fall or rise, that is, it is impossible to predict, and it is very difficult for ordinary people to understand this investment instrument.

Other options

Among them – antiques, art objects or even collectible alcohol. At the same time, such investments require some knowledge and effort with regard to the correct evaluation of objects. In addition, acquired luxury objects need to be properly and reliably maintained, which is quite difficult to do under the constant threat of rocket attacks.


Our advice is to invest in your own business. Of course, business risks have not been eliminated, but such investments can give the greatest returns. According to experts, for small manufacturers, especially food manufacturers, it is now much easier to get on the shelves of stores, and even large supermarket chains. And given the credit programs offered by the state, starting your business will require less money.

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