Where to invest money in Ukraine: every option on one board.
Ukrainian government bonds, deposits, gold, funds, property and cash side by side: what each pays now, what is left after Ukrainian tax and inflation, who guarantees it and how quickly you can get out.
Compare on your own terms
The filter hides what does not fit your time frame or amount and ranks the rest by real return in your currency.
Time frame
Your currency
Amount
Hryvnia against the dollar
12-month inflation: 10.0% in hryvnias, 3.7% in dollars · NBU rate UAH 45.05 per dollar on Oct 25, 2026
- Guaranteed by
- No one
- Now
- −14.9% … 42.2%historical, 3-year periods 2000–2026 · NBU, gold reference price · Sep 2026
- After tax
- −16.9% … 38.7%no income tax or military levy · less 7.1% lost on buying and selling over the whole term (АТ КБ «ПриватБанк», Oct 24, 2026)
- Real, in ₴
- −19.9% … +33.7%a range, not a point
- How fast you can exit
- Within daysminus the buy–sell spread
- Minimum
- from UAH 66,450
- Guaranteed by
- The state
- Now
- 16.5%term 3 years · NBU, OVDP auctions · Sep 29, 2026
- After tax
- 16.5%no income tax or military levy
- Real, in ₴
- +5.9%faster than inflation
- How fast you can exit
- Within dayssale on the secondary market
- Minimum
- from UAH 1,000
- Guaranteed by
- No one
- Now
- −14.6% … 30.7%historical, 3-year periods 1961–2025 · after a 0.12% fund fee · S&P 500 history · Dec 31, 2025
- After tax
- −14.6% … 24.1%−23% on the hryvnia gain at sale
- Real, in ₴
- −17.7% … +19.6%a range, not a point
- How fast you can exit
- Within daysplus the transfer to Ukraine
- Minimum
- from $763.23
- Guaranteed by
- DGF
- Now
- 13.3%term 1 to 2 years · NBU, average rates · Aug 2026
- After tax
- 10.2%−23% on the income
- Real, in ₴
- +0.2%faster than inflation
- How fast you can exit
- At the end of the termearly withdrawal usually forfeits the interest
- Minimum
- varies by provider
- Guaranteed by
- The state
- Now
- 3.1%term 2 years · NBU, OVDP auctions · May 5, 2026
- After tax
- 3.1%no income tax or military levy
- Real, in ₴
- −0.7%slower than inflation
- How fast you can exit
- Within dayssale on the secondary market
- Minimum
- from $1,000
- Guaranteed by
- DGF
- Now
- 1.3%term 1 to 2 years · NBU, average rates · Aug 2026
- After tax
- 1.0%−23% on the income
- Real, in ₴
- −2.7%slower than inflation
- How fast you can exit
- At the end of the termearly withdrawal usually forfeits the interest
- Minimum
- varies by provider
- Guaranteed by
- No one
- Now
- depends on the issuePFTS bond list · Oct 23, 2026
- After tax
- —−23% on the income
- Real, in ₴
- —depends on the issue
- How fast you can exit
- At redemption or the put dateearlier only if a buyer turns up
- Minimum
- from UAH 1,000
- Ukrainian investment funds (unit and corporate)Funds, as a class · UAH
- Guaranteed by
- No one
- Now
- no public returnsNSSMC fund register · Oct 24, 2026
- After tax
- —−23% on the hryvnia gain at sale
- Real, in ₴
- —no public returns
- How fast you can exit
- From days to yearsdepends on the type of fund
- Minimum
- varies by provider
- Cash in hryvniasBaseline · UAH
- Guaranteed by
- —
- Now
- 0.0%Inflation, CPI · Sep 2026
- After tax
- 0.0%no tax
- Real, in ₴
- −9.1%slower than inflation
- How fast you can exit
- Immediatelythe money is already in hand
- Minimum
- no minimum
Do not fit the filter · 1
- Rental property — needs a time frame of 5 years or more
Show them on the boardHide
- Guaranteed by
- No one
- Now
- 7.2–8.2%rent 6.2–7.2% + USD price change +1.0%/year (assumption, Oct 26, 2026) · LUN, flat prices and rents · Oct 22, 2026
- After tax
- 4.8–5.7%tax already included
- Real, in ₴
- +1.0–1.8%a range, not a point
- How fast you can exit
- Monthssale through a property deal
- Minimum
- from $57,000
Real return = (1 + after tax) / (1 + inflation) − 1, in the chosen currency. A range is shown where there is no single honest figure. The bar: to the right of zero the money grows faster than prices, to the left it grows slower.
Every option has its own page
The same questions in the same order: what it is, what it pays now, after Ukrainian tax and inflation, who guarantees it, how to get out, the minimum, the main risk and how to buy it from Ukraine.
Ukrainian government bonds
OVDP and war bonds in hryvnias, dollars and euros, bought through a Ukrainian bank or a broker.
The stateOct 20, 2026Bank deposits
Term deposits in hryvnias and dollars at Ukrainian banks. The bank withholds the tax.
DGFOct 24, 2026Bank gold
Bars and metal accounts at Ukrainian banks. No interest: the only return is the gold price.
No oneOct 25, 2026Corporate bonds
Debt of Ukrainian companies: each issue sets its own rate, the market is thin and nothing is guaranteed.
No oneOct 23, 2026Ukrainian investment funds (unit and corporate)
Unit and corporate funds as a class, with no names: open, interval and venture funds, tax and how to get out.
No oneOct 24, 2026Foreign ETFs through a broker
Dollar index funds: what they have returned historically and how to buy them from Ukraine.
No oneOct 24, 2026Rental property
A flat to let in Ukraine: the yield as a range and the method behind it.
No oneOct 26, 2026Cash
The baseline: what doing nothing with your money costs.
—Oct 12, 2026
Try an option on your own plan
Krokfolio is a free financial plan that runs on your device: add an amount and see how it would affect your goals. No account, and your data never leaves the browser.
Where the figures come from and how we calculate
Calculated, not typed in: the inflation series is the one the KrokFin calculators use, the tax rules and market history are the ones Krokfolio applies, and Krokfolio can use these figures in your plan.
Calculated, not typed in
After tax means under Ukrainian rules. Deposit interest pays 18% personal income tax and a 5% military levy, 23% in all; corporate bond coupons pay 23%. OVDP and war bonds pay no tax. A gain on selling foreign ETFs is taxed at 23% on the whole gain in hryvnias, including the exchange-rate difference; a gain on redeeming units or shares of investment funds is taxed at 23%. Selling bank gold is not taxed. Rent from a private individual who is not a sole proprietor or otherwise self-employed pays 10%; a company, sole proprietor or other self-employed tenant withholds the tax at the general rate. The first sale in a year of a home owned for more than 3 years is tax-free; a second such sale in the year, or the sale of a home owned for 3 years or less, is taxed at 10%.
A one-off loss on buying and selling, such as the gap between the price at which a bank sells a gold bar and the price at which it buys it back, is taken off the return and spread over the years of the term. That is why the After tax column for gold is lower than Now although there is no tax. The ETF fund fee is already taken off in the Now column.
Real return = (1 + after tax) / (1 + inflation) − 1, in the chosen currency. Dollars are converted at the NBU rate and the devaluation assumption.
Inflation is the change in prices over the last 12 months: 10.0% in hryvnias (State Statistics Service of Ukraine CPI, Sep 2026) and 3.7% in dollars (CPI-U, BLS, Sep 2026). There is no forecast: we use the latest published figure.
The hryvnia exchange-rate assumption
From Dec 2015 to Sep 2026 the hryvnia lost on average 6.0% a year against the dollar (official NBU rate at month end). For comparison: since Dec 2004 it lost 10.3% a year, and the gap between Ukrainian and US inflation since Dec 2015 is 7.0% a year.
How the board is ranked
Rows are ranked by the middle of their real-return range in the chosen currency, highest first. For gold and foreign ETFs the range covers every period in history, from the worst to the best, so a high middle does not promise that return: look at the lower end too. Options with no single figure come last, and cash stands apart as the baseline.
Update schedule
- OVDP auction rates
- weekly
- NBU average new-deposit rates
- monthly
- Official NBU exchange rate
- monthly
- NBU official gold price and PrivatBank bar prices
- monthly
- Corporate bonds on the PFTS exchange
- monthly
- Inflation, CPI
- monthly
- Flat prices and rents, LUN report
- quarterly
- NSSMC fund register and UAIB review
- quarterly
- US stock market history
- yearly
- Tax rules
- when the rules change
What you will not find here
- Ads, affiliate or credit links
- Advice on individual banks, issuers or funds: a name appears only as the source of a dated figure
- Live quotes: we update the figures by hand and date them
- Paid access to the facts