The Czech
president recently approved an amendment to the Czech Foreign
Exchange Act. The amendment sets out new rules for foreigners
acquiring real estate in the Czech Republic. The major change
concerns EU nationals.
According to
the amendment it will be now possible for an EU national, who holds
a Czech residence permit granted under the new visa legislation
applicable to EU nationals, to acquire real estate in the Czech
Republic in his/her own name.
Existing
provisions of Czech law, allowing the acquisition of real estate by
foreign companies having their duly licensed and registered branch
on the territory of the Czech Republic will remain in
effect.
The acquisition
of real estate by those foreigners who are not EU nationals holding
a Czech residence permit or by foreign companies not having their
branch registered in the Czech Commercial Registry remains
restricted. Such persons or entities may still acquire real estate
only in the exceptional cases specified in the Foreign Exchange
Act.
It must be also
noted that the law still sets out special conditions which must be
fulfilled for acquisition of agricultural and forest
land.
For further information please
contact Lukas Janicek at lukas.janicek@cms-cmck.com or on +420 221 098
833