Top countries whose citizens become entrepreneurs in Ukraine
Over 1.6 thousand sole proprietorships were opened by foreigners in Ukraine in the first 9 months of 2025, according to the Unified State Register. This is almost 10% less than during the same period last year. At the same time, the net increase between openings and closures this year amounted to 490 non-resident entrepreneurs. Most often, citizens of Azerbaijan, Russia, and Uzbekistan become entrepreneurs in Ukraine.
Foreigners registered 1,648 sole proprietorships this year in Ukraine, which is 10% less than in the same period last year. Overall, only 0.7% of all new entrepreneurs this year are non-residents of Ukraine.
At the same time, 1,158 foreign sole proprietors ceased their activities during the same period. The net growth amounted to 490 non-resident entrepreneurs. In total, more than 213 thousand entrepreneurs closed down in Ukraine during this period, with foreigners making up only 0.5%.
Unlike Ukrainians, most foreign entrepreneurs are men: 69% versus 31% women.
It is worth noting that non-resident entrepreneurs are quite resilient: the median operating time of such a business in Ukraine is 3.1 years. The record holder was a woman with Russian citizenship whose business operated for 30 years and closed at the beginning of this year. For comparison, Ukrainian sole proprietorships last slightly less — 2.5 years.
“Opening sole proprietorships by foreigners is an absolutely normal and legal practice. People who have a temporary or permanent residence permit in Ukraine obtain a tax identification number (TIN), so they can officially run a business and pay taxes on par with Ukrainian citizens. As for citizens of the Russian Federation — they are no exception to this rule. Only those who legally reside in Ukraine can start their own business. In this case, the procedure does not differ from opening a sole proprietorship by any other non-resident,” notes Denys Popov, head of the legal department of Opendatabot, lawyer, and arbitration manager.
Most new entrepreneurs come from Azerbaijan — 229 (14%), followed by citizens of the Russian Federation — 222 (14%), Uzbekistan — 160 (10%), Moldova — 125 (8%), and Armenia — 95 (6%).
The highest number of business closures were among citizens of Russia — 241 (21%), Azerbaijan — 157 (14%), Moldova — 102 (9%), Uzbekistan — 91 (8%), and Belarus — 69 (6%).
The majority of foreigners choose the trade sector — nearly every third business. Other popular sectors include food service (14%), wholesale trade (9%), computer programming (6%), and information services (4%).
Most closures also occur in these sectors: retail trade (37%), computer programming (10%), and food service (9%).
Every third foreign entrepreneur starts their business in Kyiv: 544 in 2025. Next come Odesa region — 300 (18%), Kyiv region — 138 (8%), Kharkiv region — 104 (6%), and Lviv region — 83 (5%). The fewest foreign entrepreneurs are registered in Volyn, Chernihiv, Sumy, Donetsk, and Kherson regions — from 2 to 17.
Foreigners mostly close their businesses in the same regions: Kyiv — 297 (26%), Odesa (17%), Kharkiv (9%), Kyiv region (8%), and Dnipropetrovsk (5%).
https://opendatabot.ua/analytics/fops-foreigners-2025
https://opendatabot.ua/analytics/fops-foreigners-2025
According to the Bank of Greece (BoG), foreign investment in Greek real estate rose to €2.75 billion in 2024, coming mainly from EU countries, while maintaining high growth rates.
Quarterly data also confirms high interest, especially in tourist regions and large cities. In the first six months of 2024, real estate purchases accounted for 54.2% of all foreign direct investment (FDI) in the Greek economy — an absolute record.
Top 10 countries investing in Greek real estate (approximate data)
Unfortunately, BoG’s public data does not yet reveal the exact figures for each country, but some trends are clearly visible:
Ukrainians and Russians are represented, but their share is not among the top three countries investing in real estate. Their contribution is comparable to other investments from Eastern Europe — most likely within the 3-5th echelon, depending on regional preferences.
The main buyers are concentrated in Athens, Attica, Thessaloniki, Chalkidiki, as well as on popular islands such as the Cyclades and Ionian Islands. The apartment segment remains the leader — about 64% of investments, followed by villas and townhouses (~19%).
Foreigners’ interest in purchasing premium housing in Ukraine for investment purposes is gradually recovering, developers told Interfax-Ukraine.
“Interest from foreign citizens has recovered, and in some cases, such as our projects, the number of deals with foreigners exceeds the number of deals with Ukrainians. Our clients include Spaniards, Japanese, Canadians, and others who are investing in business and premium class properties with a clear focus on the future. They see potential in both long-term rentals and growth in value,” said Irina Mikhaleva, CMO of Alliance Novobud.
According to Susanna Karakhanian, sales director at Greenville, foreign clients are considering both investment purchases and homes for themselves, but are postponing their purchases until safer times.
“Interest from non-residents has partially recovered recently. We are seeing a trend where foreigners regularly visit apartments, but are not buying yet — deferred demand, waiting for stabilization in Ukraine,” she explained.
Although the apartments of the Odessa developer “Two Academics” are mainly purchased by local residents (up to 60% of customers), the share of deals with foreign investors has increased over the past year and a half, the company said.
“In terms of geography, 55-60% are local residents, in our case Odessa. Up to 30% are from other cities in Ukraine. However, over the past year, these figures have begun to change with the emergence of foreign investors. For the period 2024-2025, 35% of deals are being made with foreign investors: the UAE, Slovakia, Turkey, Italy, the US, Greece, Israel, and Romania,” said Maxim Odintsov, development director of the construction company Dva Akademika.
In addition, foreigners continue to show interest in Ukrainian residential projects where foreign companies are involved as partners, according to RIEL.
“We have projects that foreigners are quite interested in. For example, Maxima Residence has traditionally attracted foreigners, particularly Turkish citizens. This is because it is a joint project between RIEL and Turkish developer Bosphorus Development,” explained Zoryana Zemlinska, sales coordinator at RIEL in Kyiv.
At the same time, KAN Development noted that the share of foreigners among buyers remains insignificant, and demand for premium housing is largely recovering due to people who invested before the war.
“The share of foreigners among buyers remains insignificant. These are mainly those who are considering investing with the expectation of a minimal cost of entry into the market,” the developer’s press service said in response to a request from Interfax-Ukraine.
According to Alexander Nasikovsky, managing partner of the DIM group of companies, Ukrainians who have been living abroad for a long time have appeared in the structure of demand for premium housing.
“We are observing the following trend: some buyers who have free funds are deliberately not taking them abroad, but are ‘parking’ them in real estate with a view to future price growth and preservation of asset value. As for foreign citizens, we do not see any activity on their part for reasons that are understandable to everyone. However, there is a small share of Ukrainians who have been living abroad for a long time,” the businessman noted.
Egypt aims to raise between $10 and $15 billion annually through the sale of real estate to foreigners, targeting foreign investors to boost economic growth and transform the real estate market.
According to Dr. Abdel Monim El Sayed, Director of the Cairo Center for Economic Research, real estate exports can generate significant revenues if organized effectively. He emphasized the need to introduce clear policies aimed at simplifying the procedures for acquiring property for foreign investors. El-Sayed noted that despite the potential of the Egyptian real estate market, there are obstacles, such as the lack of reliable data on exported properties and the absence of a single regulatory body that would meet global standards.
As an example of the successful implementation of such initiatives, in 2024 Dubai recorded real estate sales worth over $18 billion, and total real estate exports to the UAE exceeded $45 billion. These figures demonstrate that with the right structures in place, Egypt can achieve similar economic success.
However, there are challenges, especially related to the condition of real estate. El-Sayed noted that many properties are not fully completed, which can deter foreign buyers who prefer move-in ready options. He also emphasized problems with non-transparent contracts and administrative difficulties in registering and transferring property, which creates additional barriers for potential investors.
In response to these problems, the need to establish a central regulatory body to oversee the real estate sector is emphasized. El Sayed emphasized the importance of establishing binding rules for contracts, quality standards for finishes, and financial criteria for developers. Such a body would ensure the safety of buyers’ funds and reduce risks for foreign investors.
The government’s proposal includes conditions such as a minimum property value of $300,000 for foreign buyers and foreign currency payment requirements, which should facilitate transactions. The main goal of this initiative is to support the inflow of foreign currency to Egypt and effectively balance supply and demand in the real estate market.
The simplification of processes and targeted incentives are expected to increase the attractiveness of Egyptian real estate for foreign investors. The government aims to position Egypt as an attractive choice for international buyers, accompanying these measures with a large-scale promotional campaign aimed at attracting foreign real estate buyers, which is in line with global trends in investing in emerging markets.
The Verkhovna Rada intends to equalize the terms of remuneration for citizens of Ukraine and foreigners.
The corresponding bill No. 5795 on amendments to the laws on the use of labor of foreigners and stateless persons in Ukraine was supported by 240 people’s deputies in the first reading at the plenary session of the Verkhovna Rada on Friday, the website of the parliament reports.
The bill proposes to amend the laws on employment and the legal status of foreigners and stateless persons.
The document provides for the improvement of the procedure for issuing (refusal to issue) or continuation (refusal to continue) the validity of a permit for the use of labor of foreigners and stateless persons.
As noted in the explanatory note to the document, the amendments to the laws will create equal conditions for remuneration for both Ukrainian citizens and foreigners and stateless persons who are legally in Ukraine.
The adoption of the draft law will provide legal grounds for the use of the labor of foreigners and stateless persons who study in educational institutions of Ukraine.
The document also provides for the free issuance of a duplicate work permit for foreigners and stateless persons in cases of loss or damage to a previously issued permit, the validity of which has not yet expired.
CITIZENS, CONDITIONS, FOREIGNERS, UKRAINIAN PARLIAMENT, WAGE
The Verkhovna Rada intends to simplify the procedure for granting citizenship to foreigners who protect the territorial integrity of Ukraine.
The adoption of the relevant bill No. 5630 at the first reading was supported by 302 MPs at an extraordinary plenary session on Tuesday.
The bill proposes to simplify the procedure for obtaining Ukrainian citizenship by citizens of a state recognized by the Verkhovna Rada of Ukraine as an aggressor or occupier who have been persecuted for political reasons, by foreigners and stateless persons who are doing military service under contract in the Armed Forces of Ukraine, and are also directly involved in measures to ensure national security and defense of Ukraine, the containment of the armed aggression of the Russian Federation in Donetsk and Luhansk regions.
In addition, the final and transitional provisions of the draft law provide for the possibility of submitting a declaration of renunciation of foreign citizenship by persons who received Ukrainian citizenship before the entry into force of this draft law.
