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Tax and legal aspects of commercial real estate acquisition by non-residents in Ukraine was a major topic for discussion at the legal roundtable during the annual event CEO Networking Dinner, organized by the Ukrainian Real Estate Club and held on February 21st at the «President Hotel». Natalia Kochergina, Partner and Head of Real Estate and Illya Sverdlov, Senior Associate (Tax) of DLA Piper Ukraine, were speakers during the legal discussion.
As the lawyers mention, real estate market players in Ukraine more and more often consider the transfer of their assets to a foreign company with the aim of protection of such assets. However, according to experts, such practice does not provide significant advantages in terms of property protection. With this, owning property through a foreign company can complicate the external access to it, which, among other things, gives a sense of psychological security.
The lawyers also pointed out that the transfer of the property to a foreign company is associated with a number of issues related to the taxation of such a company, its income from Ukrainian assets, and, in particular, the necessity of registration of a permanent representative office in Ukraine, as well as taking into account the tax consequences in the country of incorporation.
On the other hand, experts say, foreign company or fund, coming into the Ukrainian market in most cases needs a local partner. «Such cooperation is also associated with a wide range of legal issues, but can reduce the level of risk for the partners. Different approaches to doing business remain the main problem for cooperation between Ukrainian and foreign companies», - said Natalia Kochergina, Head of Real Estate with DLA Piper Ukraine.
Discussion of legal issues on commercial real estate market took place in the annual event CEO Networking Dinner, organized by the Ukrainian Real Estate Club. Discussions at the meeting were held at the nine round tables: banking, investment, hospitality, residential, office and retail property segments, as well as legal, construction and «green» building.
Speakers at the meeting were Aleksei Govorun (TMM), Aleksei Evchenko (ArtBuild Hotel Group), Anna Dukhno (Knauf Insulation), Vladislav Bayraka (Bank of Cyprus), Wolfgang Gomernik (Delta Projektconsult Ukraine), Daniil Vladov (JLL), Dominique Menu (BNP Paribas), Elena Shulyak (Midland Development), Igor Kabuzenko (ICON Private Equity Fund), Illya Sverdlov (DLA Piper Ukraine) Luydmila Luganova (Hospitaler Group), Michail Artyukhov (UZTS), Nataliya Stelmakh (DTZ Ukraine), Natalia Kochergina (DLA Piper Ukraine), Nick Cotton (DTZ Ukraine), Oleg Kurinnoy (Dragon Development), Sergei Fedorik (Ukrbudcontract), Stanislav Shulga (UaGBC) and others.
