1. 🧩 What the product is
Timepass is not the purchase of an apartment or a house. It is a model where an investor buys the right to use a certain number of accommodation days in resort real estate. One “timepass” equals one day of stay, and seven timepasses provide one week of vacation per year. The first project using this model is the resort project Kryla Karpaty by Edemnear Bukovel.
The Kryla Karpaty by Edem project is a mountain resort village in the village of Lazeshchyna, Zakarpattia region, at an altitude of 895 meters, approximately 10 minutes from Bukovel. According to LUN, the project status is “under construction”, and sales are open.
2. 💰 Minimum entry threshold
The estimated entry point for Timepass starts from €6,500 for a one-time package that provides a long-term right to use the property.
For comparison, a traditional purchase of real estate in the same project is significantly more expensive. On LUN, cottages start at approximately $350,000, chalets from $798,000, and villas from $1.37 million.
3. 📈 Promised return / economics
In open sources, I did not find a fixed guaranteed return rate, such as “10% per year” or “15% per year.” The model is more similar to saving money on vacations plus potential income from renting out unused days.
The project team estimates the market rental price of a cottage at approximately €225 per night, while the service fee for a timepass owner is around €35 per night. The theoretical savings for seven days would be:
€225 – €35 = €190 per day; €190 × 7 = €1,330 per year.
If the entry cost is €6,500, the simple payback period through savings is approximately 4.9 years, but this only works if you actually use the vacation days and if the market price of €225 per night is confirmed in practice.
4. ⚠️ Income guarantee
Based on open sources, I do not see any guaranteed cash income. Unused days can be transferred to other people, rented out, or delegated to a management company, but this is not the same as a guaranteed payment to the investor.
📌 In simple terms:
This is not a bank deposit, not a bond, and not a loan with interest. The investor buys access to accommodation time. Money can only be earned if the days are actually rented out, if there is demand, if there are no vacancies, and if the agreement allows such rental activity.
5. 🧾 Legal structure
The open description states that Timepass operates through a cooperative structure: the investor becomes a member of a cooperative that owns the property.
Identified related legal entities:
Development Cooperative “Kryla”, EDRPOU code 45328440, registered on October 19, 2023. The head is Andrii Stetsevych. The main business activity is the organization of building construction. The authorized capital is UAH 0.
Tourism Cooperative “Kryla”, EDRPOU code 45439517, registered on July 19, 2024. The head is Svitlana Novozhenova. The main business activity is comprehensive property maintenance. The authorized capital is UAH 0.
Recreational Cooperative “Kryla”, EDRPOU code 45645655, registered on July 19, 2024. The head is Mykhailo Podletskyi. The founders are listed as individuals and legal entities — cooperative members according to the register.
6. 📄 What agreement should regulate the relationship
Most likely, the relationship should be regulated through:
an agreement on joining / participating in the cooperative,
a share or membership contribution,
rules for using timepasses,
a service maintenance agreement,
terms for transferring, renting out, or selling timepasses.
However, I did not find a full standard Timepass agreement in open access, so before making any payment, it is essential to request the cooperative’s charter, the agreement, usage rules, exit procedure, timepass resale procedure, inheritance conditions, refund procedure, and liability of the parties.
7. 🏗️ How investor funds will be used
Publicly available information indicates that the funds are directed toward the development of resort real estate and the infrastructure of Kryla Karpaty by Edem: cottages, chalets, villas, apartments, SPA facilities, restaurants, a market, an amphitheater, an observatory, and related infrastructure. The project is positioned as a large-scale alpine village. Media reports mention an estimated investment volume of around €200 million.
⚠️ However, I did not find an exact financial plan in open sources showing “where exactly your €6,500 contribution will go.” This must be requested directly from the project.
8. 💸 How interest should be paid to investors
In the classic sense, interest is not paid to the investor, because Timepass does not appear to be a debt instrument. Possible income may come from:
savings on personal vacations;
renting out unused days to other people;
delegating unused days to the management company;
potential growth in the value of the timepasses themselves.
📌 Critically important: if there is no rental demand or no transparent mechanism for selling days, the investor may receive no cash income at all.
9. 🔁 How the investment principal is returned
In open materials, I did not find any guarantee of the return of the investment principal. It appears that recovery of the invested amount is possible only through using the days, renting them out, or reselling the right to another person, if this is allowed by the agreement.
This is one of the main risks: if the secondary market for timepasses is weak, exiting the investment may be difficult. The FTC, in its materials about timeshares, warns that the resale market for such rights may be overcrowded, and that selling them can sometimes be very difficult or nearly impossible. Guarantees of quick resale or high profits should be treated as warning signs.
10. 📍 Key locations
The main location is Lazeshchyna village, Zakarpattia region, Repehiv area, near Bukovel and close to tourist routes to Mount Petros and Mount Hoverla. The project is located on 14 hectares, at an altitude of 895 meters.
This is a strong tourism location: Bukovel and the Carpathians have stable demand. In 2025, Ukraine’s tourist tax increased to UAH 359 million, which is 31.5% more than in 2024. Ivano-Frankivsk and Zakarpattia regions were among the leaders.
🧑💼 Who is behind the project
Andrii Stetsevych is the founder and ideologist of Kryla Karpaty, a former deputy chairman of the management board of Universal Bank and Oschadbank. LIGA.net states that in 2024 he and his partners launched Kryla Karpaty by Edem.
Edem Family acts as the management / hotel expertise partner of the project. Delo.ua writes that Edem Family Group LLC belongs to Lviv businessman Ihor Kryvetskyi. His assets include Edem Resort Medical & Spa and premium leisure complexes.
🔍 Reviews and reputation
I did not find many independent reviews specifically from Timepass investors who have already received income or exited the investment. Most publicly available information consists of news articles, PR publications, the project’s social media, and materials about raising more than $1 million through the Timepass model.
There is a reputational risk due to the public background around Ihor Kryvetskyi and Edem Resort. Media outlets have published materials about land-related court disputes regarding a lake near Edem Resort. In 2024, it was reported that the Supreme Court overturned decisions of previous courts and left the land plot in the company’s ownership.
📌 This does not prove there are problems specifically with Timepass, but it is important for an investor: if the brand, owners, or related structures have reputational or land-related legal disputes, the documents, land rights, permits, cooperative structure, and financial model must be checked more deeply.
🚨 Main risks through which an investor may lose money
1. There is no guaranteed income.
The project talks about the possibility of monetizing days, but I do not see a fixed rate or payment guarantee.
2. There is no clear guarantee of returning the investment principal.
If you want to exit, everything will depend on the agreement, demand in the secondary market, and the cooperative’s rules.
3. The property is still under construction.
LUN shows the status as “under construction,” which means there are risks of delays, budget changes, infrastructure problems, or failure to reach the promised service level.
4. The cooperative structure requires very careful legal review.
Several cooperatives have authorized capital of UAH 0, and the investor’s rights depend not on a beautiful presentation, but on the charter, agreement, member register, and exit rules.
5. The timeshare model has liquidity problems globally.
Such rights are often difficult to resell, and any promises of guaranteed resale or high profits should be checked extremely carefully.
✅ My conclusion
Timepass looks interesting for a person who genuinely wants to vacation regularly in the Carpathians and treats the contribution as the purchase of future accommodation days. As an investment for passive income, the model currently looks risky, because there is no publicly confirmed guaranteed return, no clear mechanism for returning the investment principal, and no publicly available standard agreement.
🟡 My critical conclusion: one should enter only after a legal review of the agreement. I would not treat Timepass as “passive income” until the project provides written confirmation of: who exactly owns the property, how your days are legally secured, how you can sell them, who guarantees management, what happens in case of construction delays, and whether there is a real exit mechanism.
📞 Project contact details
Kryla Karpaty by Edem / Timepass
📧 Email: sales@kryla.land
📱 Phone: +38 (050) 776 5930
📍 Sales office: Ivano-Frankivsk, 23 Zh Akademika Sakharova Street, Promprylad Innovation Center, 3rd floor
🌐 The official website and social media are listed on the project’s website.