December 21 was a great night for Nowa Bud and for Morawski & Partners International Lawyers too! This is how success should be celebrated!
First of all, we had a chance to mingle with the Ukrainian business community active in the real estate market.
Then we had a chance to find out more about Nowa Bud – an innovative Ukrainian developer operating in Poland since 2015. Dr. Max A. Wielcz, brilliant speech, as always!
Next, Yuliia Shevtsova & Adam Morawski had an opportunity to make a presentation and explain to the audience how Ukrainians (and other nationals from outside the EU) can purchase real estate without the need of seeking a permit of the Minister of Home Affairs.
Namely, they presented a solution involving the use of a limited liability company incorporated for the sole purpose of investing in real estate – if the process is handled correctly, no permit is required. It is one of those legal aspects, about which there is plenty of confusion, including among many lawyers!
To put it in a nutshell:
- acquisition of real property by citizens/entities from the European Economic Area and Switzerland is free – it does not require any permit
- purchasers from outside the EEA/Switzerland need to obtain a permit prior to the acquisition of, respectively, real property or company shares giving control of the company holding real property
- the are exceptions, notably: the purchase of an apartment or garage
- a company incorporated in Poland, Switzerland or any other EEA country, can freely purchase real property without any permit.
After our presentation came the finale: we witnessed the “Firm of the Year” in the field of residential real estate construction being presented to Nowa Bud, received by Konstantin Gerasymchuk – the company’s founder. It was a pleasure to mingle with the company’s entire management team, congratulate them and share in their joy.
The night spent with the Ukrainian diaspora was filled with much nostalgia and sad feelings for those who are risking their lives in Ukraine, combined with much hope for the future. We naturally understand those feelings, as we have been supporting the Ukrainian cause right from the start of the Russian invasion. Thanks to Yuliia Shevstova, whom we have been hosting since March, we get regular reports about the situation in her native Kharkiv and other regions.
We are sure that Ukraine will soon stand firm on its feet. On our part, we will be happy to share our practical experience with anyone willing to invest, whether in Ukraine or in Poland.