Ukraine has recently announced the plan to start an automatic exchange of information on financial accounts under the international Common Reporting Standard as of 2020, pertaining to data relating to 2019.

This decision will affect businessmen wishing to protect their confidential data.

Applying for a residence permit or citizenship in another county during the current year will ensure the tax residence status in that country as early as 2018. As a reminder, per the standards, authorities will not exchange information on personal financial accounts belonging to tax residents.