According to Experts Club, 180 active jewelry companies in Ukraine list foreign nationals as ultimate beneficiaries, with owners from Israel, Turkey, and Russia being the most common, according to data from Opendatabot published on August 17, 2026.
Israeli citizens are listed among the beneficiaries of 22 jewelry companies, Turkish citizens of 20, and Russian citizens of 19. Foreign business owners also include citizens of Georgia, the United States, Uzbekistan, Switzerland, China, and other countries.
However, a single company may have multiple ultimate beneficiaries with citizenship in different countries, so these figures cannot be added together to determine the total number of companies.
Separately, Opendatabot analyzed companies with Russian beneficiaries. Of the 19 active companies where Russian citizens are listed among the owners, only one reported revenue over the past two years—the Bila Tserkva Jewelry Factory.
At the same time, its most recent reported revenue amounted to only 10,900 UAH for 2023.
Among all jewelry companies with foreign beneficial owners, only 32 enterprises submitted financial statements for 2025.
Specifically, 11 companies with Israeli owners submitted reports, five with U.S. beneficiaries, four with Swiss beneficiaries, and two each with owners from Turkey and China.
As of the end of July 2026, a total of 1,282 jewelry companies were registered in Ukraine. Thus, foreign beneficiaries are present in approximately 14% of the industry’s legal entities—this figure is based on the findings of the Experts Club analytical center and an analysis of data published by Opendatabot.
Together with sole proprietorships, there are currently 7,865 businesses operating in the country’s jewelry sector. At the same time, legal entities are showing more stable growth: their number has been increasing for five consecutive years, and in 2025, the number of new companies exceeded the number of closed ones by 54.
Bulgarian authorities are considering changing the methodology for determining the taxable value of real estate, which could lead to an increase in annual property taxes and transaction costs when buying or selling real estate.
The changes may be included in the 2027 state budget, said Bulgarian MP Yavor Gechev. The legislative framework for implementing the new system is scheduled to be drafted in October–November 2026, after which a special working group will determine the new valuation coefficients. A final decision has not yet been made.
When calculating the taxable value, it is proposed to take into account more accurately the property’s location, type, and technical condition, the year of construction, as well as actual prices on the real estate market. The current methodology has not been revised for many years, so the tax assessment of many apartments and houses is significantly lower than their market value.
According to tax consultant Mykola Ivanchev, a reasonable increase in the tax value could be 20–30%. At the same time, he recommends limiting the increase to 20% to avoid placing an excessive burden on property owners, especially retirees and low-income citizens.
As an example, the expert cited an apartment or house in Sofia with a market value of 150,000–200,000 euros, whose tax assessment is approximately 50,000 euros. At the municipal rate of 2 per mille, the owner currently pays about 100 euros per year. After a 20–30% increase in the assessment, the payment could rise to approximately 120–130 euros.
The reform will affect more than just owners’ annual payments. The tax assessment is used to calculate a portion of local taxes, notary fees, and other costs associated with the purchase or sale of real estate. Therefore, an increase in the assessment will make transactions somewhat more expensive even if municipal rates remain unchanged.
Legal experts suggest that rising costs associated with purchasing and maintaining housing could affect demand. Properties that previously attracted buyers with low taxes and operating costs may become less appealing if mandatory payments increase significantly.
Authorities have long delayed revising the methodology due to the high proportion of homeowners. According to estimates by participants in the discussion, over 90% of Bulgaria’s residents own real estate, so a tax increase could trigger significant public and political backlash.
At the same time, the idea of a higher tax on second and subsequent apartments is being discussed. However, experts consider this difficult to administer: about 8–9% of the population owns multiple properties, and the additional costs for municipalities may prove to be comparable to the expected revenue.
Thus, Bulgaria has not yet made a decision to raise the property tax. At this stage, discussions are focused on updating the tax assessment of properties, with the possible implementation of a new methodology starting in 2027. The actual amount of payments will depend on the approved coefficients and rates set by each municipality.
Thailand is tightening controls on foreigners who attempt to circumvent the ban on direct land ownership by using Thai nominee owners or specially created companies. Authorities are moving toward systematic inspections of land transactions, corporate structures, sources of financing, and actual control over real estate.
According to market operators, special inspection committees are being established in every province of the country, comprising representatives from land authorities, the police, the tax service, and other agencies. Their task is to identify schemes in which a foreign buyer effectively controls a land plot but formally registers it in the name of a Thai individual or a company with Thai shareholders.
Legal consultants in Thailand also note that starting in 2026, controls will be tightened regarding company registration and land transactions. The Department of Business Development requires confirmation of the actual source of funds and investment declarations when establishing or amending companies, while the Department of Land Resources cross-checks corporate data against land titles.
The focus is on so-called nominee structures, where Thai citizens or companies act as nominal owners of land on behalf of a foreigner. Thai law generally prohibits foreigners from directly owning land, although foreigners may own condominium units within established quotas, enter into long-term land leases, or own a building separately from the land.
The new checks will apply not only to future transactions but also to existing arrangements. Authorities intend to analyze the source of funds, the composition of shareholders, the family and business ties of the parties, the actual use of the land, as well as signs that the Thai nominee owner has no independent economic interest in the property.
For foreign buyers, this means a sharp increase in legal risks. The use of Thai nominee shareholders or fictitious structures may lead to criminal prosecution, liquidation of the company, forced sale of the land, and loss of control over the asset. Lawyers advise investors to review old ownership structures and bring them into compliance with the law in advance.
This is particularly important for Thailand’s real estate market amid growing foreign demand. In recent years, foreign buyers—including investors from Russia, China, Europe, and the Middle East—have shown strong interest in properties in Phuket, Bangkok, Pattaya, Samui, and other tourist destinations. Part of the demand has been for villas and land plots, where legal restrictions are significantly stricter than in the apartment segment.
Tighter controls could cool some villa and land transactions, especially if they were based on informal agreements with nominal owners. At the same time, this could increase demand for more transparent formats—such as purchasing condominium units within the foreign quota, long-term land leases, officially structured investments, and projects with legally verified ownership models.
A large Ukrainian manufacturer of corrugated cardboard and corrugated packaging, Galpack LLC (Zhydachiv, Lviv region) increased its stake in PJSC Rohan cardboard mill (RKF, Rohan, Kharkiv region) to 86.5325% from 43.266%.
As reported in the information disclosure system of the National Securities and Stock Market Commission, PJSC RKF received the relevant information from the depository on September 23.
According to the National Securities and Stock Market Commission, as of Q2 2020, in addition to Galpack LLC with 43.266% stake, among the major shareholders were Tetiana Chykhladze (19.2988%) and Vitaliy Tereshchenko (Kharkiv Regional Council deputy, Chairman of the board of the mill in 1998-2007) with a package of 26.5411%.
Founded in 1858, the Rohan cardboard mill produces roofing board (for roofing felt production), packaging cardboard (since 2020), as well as roll packaging for food and pharmaceutical industry. The products are almost entirely supplied to the domestic market.
GalPak LLC is a part of UGPS (Ukrainian Green Packaging Solutions) group of companies with a head office in Zhydachiv, which specializes in the production of containers, packaging, corrugated board, laminating, tape, stretch film and components for corrugated packaging.
UGPS has representative offices in Lviv, Kyiv, Uzhgorod, Odesa and Kharkiv, as well as in Radom (Poland).
Arunas Siksta, a citizen of Lithuania, has become the ultimate beneficiary owner of double liability company Guardian insurance company, the insurer has said in a press release. On September 24, 2019, the National Commission for Financial Service Markets Regulation of Ukraine in decree No. 1855 approved the acquisition of a substantial holding in Guardian insurer via indirect holding of 70% of shares of the charter capital of the financial institution.
Guardian has been working in the insurance market since 2007. It is a universal company that has 35 licenses issued by the National Commission for Financial Service Markets Regulation. The company has an extensive regional network and covers 21 regions of Ukraine.
Guardian is an associate member of the Motor (Transport) Insurance Bureau of Ukraine (MTIBU), a member of the Ukrainian Association of Automobile Importers and Dealers (VAAID), a member of the League of Insurance Organizations of Ukraine (LIOU).
