• Maryna LUTSENKO|EY Ukraine

    After the introduction of electronic licensing in Ukraine in the summer of 2017, Ukrainian citizens were given an opportunity to invest legally in the instruments of the global capital market. It enables one to figure out how the market works, better understand its working principles, main participants, and variety of investment tools. As a result, wealthy individuals, whose profile and preferences change gradually, gain important investment experience.

    According to 2018 Private Banking Survey carried out by EY People Advisory Services, high net worth individuals are becoming more interested in opening bank accounts and investing abroad. It is proof of the trend that wealthy individuals from Ukraine are willing to work with foreign banks with established private banking services, or with traditional private banks focused on working with large private capital and providing a full range of classic wealth management services. Most Ukrainian HNWI address foreign private banks as they want to preserve their capital in a reliable bank with a long history and solid reputation, receive in-depth expertise, minimize risks and get targeted investment decisions for each client.

    Among the most required services for HNWI are tax planning and legal advice, particularly in international structuring of private capital, tax residency, inheritance, establishment of holding and corporate structures. Most of these services are provided in the main by international consulting and law firms.

    Such concepts as “the center of vital interests of the beneficiary” and “the origin of capital” are becoming increasingly important in international law. EY Ukraine understands the basic needs of Ukrainian HNWI and is ready to provide a range of services to satisfy their personal and business interests.

AVELLUM has a combined private client practice presented by wealth management, tax, immigration and family law issues. The team, as guided by two partners, Mykola Stetsenko and Vadim Medvedev, has experience of advising on succession instruments governed by the laws of England, Cyprus, BVI, Isle of Man, Jersey, Seychelles, Panama, etc. The firm is increasingly often instructed for inheritance structuring issues and establishment of family offices. This team is known for supporting unprecedented establishment of a blind trust by a politically exposed person in Ukraine, as well as Eastern Europe. The renowned public case is advising Mr. Petro Poroshenko on the transfer of Roshen group into a blind trust of Rothschild Trust (Schweiz) AG. The practice has been strengthened in combination with AGA Partners, respected for recognized strength in family law, especially in family dispute resolution. Aminat Suleymanova and Iryna Moroz acted in a number of complex cases supporting private clients in divorce proceedings and division of joint common property in different jurisdictions.

Sayenko Kharenko established its private clients practice in 2013 and developed a full-circle private wealth management offering. The firm provided legal support involving paintings and other works of art, wine collections, jewellery, elite horses, private jets, yachts, football clubs, classic cars and property abroad. In 2018 the team carried out instructions with respect to international business structuring and investment, creating trust structures, obtaining foreign citizenship, tax residency and residence permits, assisting Ukrainian beneficiaries to satisfy the compliance requirements of foreign service providers (banks and service providers) connected with international reporting standards (CRS, FATCA). Public highlights include assisting the owner of the group of companies carrying their business under the “WHIRL” brand, in the international structuring of business, ownership structuring and fund-raising, including personal wealth structuring. The practice is led by a partner who is well-known in this practice, Alina Plyushch. Dmitriy Riabikin is another important team member.

As the largest full-service law firm in Ukraine, Asters has a multidisciplinary private client and wealth management practice advising entrepreneurs and their family members with regard to structuring, investing, accumulating, inheriting, transferring and protecting wealth and business assets. During the research period the firm was involved in advising on related family law matters, foreign investment activity and wealth management issues, taxation, restructuring of ownership, obtaining investment visas or residence permits. The practice is co-led by two partners, Constantin Solyar and Oleksandr Onufrienko, who joined the firm this past year. Talina Kravtsova, co-head of the family law practice, has solid practice of advising private clients.

The private client practice team at Vasil Kisil & Partners regularly advises high net worth individuals and families on matters of international capital structuring, as well as domestic and international tax planning. The firm is known for its strong dispute resolution practice, being often involved in protecting and conserving the personal assets and businesses of clients. The firm advised shareholders of a major pharma business in Ukraine on choosing jurisdiction, tax and corporate structuring and establishing a family foundation. The team is also known for its extensive track record of family law matters, and special focus on contentious matters related to conflicts in the area of family relations. Recent examples include representing a high net worth businessman in divorce and division of property cases involving substantial business and property interests. The private clients practice group is led by three partners: Oksana Voynarovska represents clients in family law matters; Alexander Borodkin leads corporate structuring issues; Oleg Makarov adds his valuable experience in complex litigation.

The multi-disciplined wealth management team of Baker McKenzie is a point of choice by high net worth individuals seeking advice on personal tax residence, structuring of personal wealth. International network is an edge for cross-border instructions. With an established tradition of private wealth advice globally, the firm often acts on assignments of managing and transferring wealth in core investment centers. Hennadiy Voytsitskyi, partner of the tax practice group, leads the practice.

ADER HABER is rapidly growing its private client practice, and is enlisted for structuring private assets and solving contentious matters. The scope of the firm’s practice includes structuring of investments in real estate and opening bank accounts abroad, recognition and enforcement of legal judgments of courts of various jurisdictions. The firm expands its client profile with wealthy individuals, businessmen, beneficiaries and top managers of Ukrainian and foreign companies. The practice was launched in 2016 with the arrival of Tetyana Ivanovych, counsel, focusing on domestic and international wealth structuring, management and succession.

The private client service is part of the people advisory services of EY Ukraine. The company acts for high net worth individuals, including top executives and beneficial owners. The Kyiv office is traditionally strong in tax advisory, structuring of business assets and compliance issues. The practice leaders are Olga Gorbanovskaya and Halyna Khomenko.

GOLAW advises on structuring family business and taxation of revenues, transfer of family business and possessions to successors, establishment of trusts and funds. The firm also acts to resolve corporate conflicts. Advising foreigners and citizens of Ukraine on residence status is another area of recent focus. The team most recently advised a high net worth individual, the owner of an art gallery, on the structuring of international business of artworks trading and development of corporate structures in various jurisdictions. Partner Max Lebedev advised on the establishment of family offices for several wealthy families in Ukraine. Sergiy Oberkovych is another responsible partner. The firm has an office in Berlin.

Ilyashev & Partners is primarily focused on representing private clients (shareholders, businessmen, high net worth individuals) in complex litigation matters, including asset disputes, inheritance matters, as well as tax, sanctions, asset acquisitions. The recent representation is acting for a private client — a non-resident in courts of UK and other jurisdictions in connection with alienation of corporate rights in Fenix Capital. The firm benefits from its network of offices, being often enlisted to render advice on foreign law. Both partners Mikhail Ilyashev and Roman Marchenko lead this category of cases.

Based in Odesa, Ukrainian law firm Jurline is primarily enlisted for capital structuring, tax planning, wealth management in Ukraine and abroad, and protection of assets. The firm’s offering encompasses establishing charitable foundations and organizations, personal matters related to the acquisition of real estate in Ukraine and abroad, as well as tax residence matters. Volodymyr Zubar, managing partner, leads the practice.

MITRAX, a Ukrainian dispute-focused law firm that has become increasingly visible over the past year, develops its family law practice rapidly. The team acts a lot on divorces and property division, supporting clients in subsequent litigation proceedings. Oleg Golubnychyi is in charge of this practice.

Other established practices
Listed in alphabetical order