Located in Eastern Europe, Ukraine is the second largest country in Europe. Ukraine is a member of Eastern Partnership, a joint initiative of the European Union and six Eastern European Partners, intended to provide an avenue for discussions of trade, economic strategy, travel agreements. In February 2022 following Russian invasion, Ukraine applied to join the European Union, and in June 2022 official EU candidate status was granted to Ukraine.
Ukraine has a emerging free-market economy with limited market reforms, dominated by agriculture and industry. Ukraine is one of the world's largest agricultural producers and exporters. Russia’s occupation of Crimea in March 2014 and ongoing Russian aggression in eastern Ukraine have hurt economic growth. According to IMF forecast, Ukraine's economy can shrink abour 35% in 2022.
Ukraine signed 30 double taxation agreements.
Ukraine didn't sign the automatic information exchange agreement and didn't indicate a timeline of the start of the automatic information exchange.
Ukraine agreed in substance to use FATCA on 26 June 2014 (Intergovernmental Agreement Model 1): the text of the IGA has not been released and financial institutions operating in Ukraine are allowed to register on the FATCA website consistent with the treatment of having an IGA in effect provided that Ukraine continues to demonstrate firm resolve to sign the IGA as soon as possible.
Ukraine has a two-tier banking system which consists of the National Bank of Ukraine (central bank) and commercial banks. Ukraine's commercial banks are divided into state-owned banks, privately-owned banks and banks owned by foreign banking groups. Banks in Ukraine operate as universal banks focused on serving domestic individuals and legal entities.
