Agrarian Committee amended the land market bill 2178-10
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The Agrarian Committee of the Verkhovna Rada of Ukraine (Parliament) published an updated draft law No. 2178-10 and an explanatory note of 3652 pages, AgroPolit.com reports.
As stated in the note, the title of the law has been changed, paragraphs on preferential law, the role of communities and the opportunities for foreigners in the land market, the rights of banks and precautionary measures in case of referendum conduct have been added.
The title of the document was changed from "land turnover" to "land turnover conditions".
The total area of agricultural land plots owned by a legal entity (except banks) may not exceed the total area of agricultural land plots, which may be owned by all its participants (members, shareholders), but not more than ten thousand hectares.
Acquisition of the right of ownership to agricultural land plots by legal entities founded and registered under the laws of Ukraine, shareholders (founders) or ultimate beneficiary owners (controllers) for foreigners may be subject to approval during a referendum.
According to World Bank Senior Economist Anastasia Golovach, the most effective model for the farmland market in Ukraine is the maximally liberalized one.