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Buying property: Stay Alert!
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Buying Property: Stay Alert!
When buying property in Ukraine and elsewhere, one needs to make sure that the people who surround him/her can be trusted. Unfortunately, there are too many sad stories about foreign business people loosing their money because insufficient knowledge of local situation, laws and culture. As an example, let us take a story that has traveled about a number of websites in Internet recently.
A woman in Crimea Coast caught a citizen of the Netherlands in her trap. She convinced the man to run joint business with her. Alluding to the fact that according to the Ukrainian legislation a foreigner has no right of registering property on his name, the woman offered him to register the property he purchased on her mother's name. She� stated she would sell the property and return money whenever it is requested. The Netherlander transferred money to the woman's and her relatives' bank accounts. During the years 2004 and 2005, he transferred the sum equivalent to more than 260,000euro (nearly 400,000$).
Using this money, the woman managed to obtain several apartments and a house in Simferopol. She also bought two Mercedes cars registering all needed papers on her mother's and relatives' names.
But this was not where she stopped. Later on this woman dared to offer the Netherlander to obtain a bar in Simferopol. So she got 52,000$ on her account again. Sure thing bar was not bought and the foreigner was told the story - a myth - about all money being stolen and disappearance of all documents referring to the previously obtained apartment and house.
In the beginning of 2005 the woman suggested foreigner to purchase a private hotel in Nikolaevka for 150,000. As usually, the man agreed and transferred the needed sum. In a while, he was told that the hotel owner broke up the sale-purchase agreement (which in fact was not even concluded). A sure thing the Netherlander never got his money back.
In this this story the woman-swindler got about 3,4 million hryvnia and legalized money in the way of making operations with property purchase. We are not sure whether the story is absolutely true or not, but it sounds very close to bitter truth. To avoid being cheated, scammed or robbed, stay alert all the time. Do not trust your money, documents, or Power of Attorney to people who you do not know well.
We have heard about both - individual scammers and whole companies which are eager to get other people's money. Do not let the insufficient knowledge of Ukrainian language, culture and local market situation, make you an object of cheaters' interest.
Our strong suggestion to everyone who is coming to Ukraine with the purpose of doing business, is this:
- hire a full time, hard-working assistant to work in daily contact with you, at least a few months before you make the first purchase. Check this person, watch him/her work for you, to see whether you can trust him/her.
- besides this, sign an agreement on legal protection with an independent lawyer, who will consult you any time you have questions or doubts.
- have all the papers notarized and legalized and let only the people you totally trust to keep and use them.
- whenever you make a purchase, make sure that your property is protected - it makes sense paying a visit to Ukraine and checking everything by yourself.
- do not trust your money to glamorous or angel-looking ladies! Do not mix up business with love affair, then you will be led by your mind, not emotion.
Keep alert! Get assistance of people you can trust. And you will succeed in doing business in Ukraine.
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