Real estate in the Czech Republic
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Czech Republic
Capital:
Prague
Languages: Czech
Currency: Euro
Population: 10 mln.
Time zone: (GTM+1 +2)
HDI: 0.888
Weather in Prague
2°
Clouds
Wind: 7 m/s, south
Pressure: 1022 mm Hg
Humidity: 82%
Average price
for apartment: €204,735
for house: €279,457
FAQ
Citizenship of which countries gives the right to purchase property in the Czech Republic? Is it permitted to close a real estate deal with a legal entity?
Citizens of all countries can purchase any amount of property in the country. Registration of real estate to a legal entity is allowed (if the company is registered in the Czech Republic).
What types of real estate property can be purchased by a foreigner? What are the forms of ownership?
Foreigners have the right to purchase both residential and commercial real estate. Foreign citizens can also purchase agricultural and forest land. In the Czech Republic, there are two forms of ownership: cooperative and personal.
Do I need to open an account with a local bank to close a transaction?
To close a real estate transaction, a foreigner does not need to open an account in a Czech bank.
Can a foreigner get a loan to purchase property? On what conditions?
Czech banks issue loans for the purchase of real estate to both local residents and foreigners. The conditions for obtaining a mortgage are considered very favourable since the Czech Republic offers borrowers fairly low interest rates.
How does the real estate transaction procedure work?
The procedure of the real estate transaction works as follows:
- reservation of the object;
- prepayment;
- conclusion of the purchase and sale agreement;
- payment transaction;
- registration of a new owner.
How long does the real estate transaction process take?
If the buyer purchases the property immediately, it may take only a few days to close the transaction. If a foreigner takes out a mortgage for the purchase of real estate, the transaction period can reach one and a half months.
Can I close the transaction without a realtor? How do I find a realtor and real estate developer?
To purchase real estate, a foreigner is recommended (but not required) to cooperate with a realtor. When choosing an agency, you should know that real estate activities do not need a license. Therefore, when you look for an intermediary, you should be very careful and study the feedbacks on the company.
Is it possible to close a deal remotely?
In the Czech Republic, it is allowed to close real estate transactions in a remote format. For this purpose, the buyer needs to issue a power of attorney to their representative (for example, a realtor) and notarize it. In addition, the country allows issuing a mortgage without a personal presence.
The applicant is required to send a package of documents to their authorized representative. All documents for submission to the bank must be translated into Czech.
What are the additional expenses of purchasing a property in the Czech Republic?
In addition to paying for the property itself, the buyer also needs to pay property purchase tax, realtor services, state fees, mortgage fees and pay for translation services, insurance, property valuation, etc.
What rights are foreigners entitled to after purchasing real estate? Is it possible to get a residence permit, permanent residence, or citizenship after purchasing real estate?
The purchase of housing in the Czech Republic is not a basis for obtaining permanent residence, residence permit, or citizenship. The property owner can only apply for a simplified multi-entry visa process.
What types of long-term visas are there in Chech Republic?
Types of long-term visas depend on the purpose of the foreigner’s relocation. There are a few types of them:
- long-term business visa;
- long-term visa for family reunification;
- work visa;
- blue Card;
- student visa;
- visa for scientific research;
- sports visa;
- investment visa.
More information: https://realting.com/news/czech-residence-permit-and-permanent-residence
What are the privileges of a Czech residence permit?
Long-term visas and residence permits gives foreigners the following opportunities:
- to stay in the country 365 days a year;
- to enter the Czech Republic an unlimited number of times;
- to renew a residence permit every two years;
- to travel with no restrictions in the Schengen area and stay in the EU countries for 3 out of 6 months;
- to use social insurance and medical services having insurance;
- to educate children in state kindergartens, schools, and universities for free.
More information: https://realting.com/news/czech-residence-permit-and-permanent-residence
How long does it take for a long-term visa holder to apply for permanent residence?
Foreigners who have lived in the country for at least 5 years can apply for permanent residence in the Czech Republic.
More information: https://realting.com/news/czech-residence-permit-and-permanent-residence
What conditions must a foreigner meet to obtain a residence permit?
To obtain permanent residence, one must meet two conditions: successfully pass the Czech language proficiency exams and confirm sufficient income to support living.
More information: https://realting.com/news/czech-residence-permit-and-permanent-residence
