real estate legislative exceptions - 2 of them
Foreigners are free to buy real estate in
the Czech Republic with two exceptions:
The Czech Republic has negotiated a transition
period for two types of real estate.
agricultural real estate (farmland
secondary residences (second apartments,
weekend houses and cottages).
These limitations do not effect all foreigners
and are temporary.
In the first case they may remain in force
a maximum of 7 years, and in the second, no longer than 5 years
after the Czech Republic has entered the EU which it did in May
Czech parliament is debating on these and changes may occur sooner
then the above stated timelines.
The basic point of these restrictions -
in theory - is not to allow rich EU member state member countries'
investors to buy up cheaply the whole of the Czech Republic.
In practice - who had the money has already
bought up what was to be bought up by or through S.R.O companies
set up in the Czech Republic so the general view on these exceptions
is that they should be done away with as soon as possible to allow
sincere small investors to either buy their retirement home or
even buy small lots of farmland bringing in their expert know-how
and possibly creating new jobs.
Other EU member
Prior to the accession of the Czech Republic into the EU, several
other EU member countries went through transition periods.
However, the periods that were negotiated for those countries
have already run out.
Among the older EU member countries, only
Denmark still has an exception but several of the new EU member
countries have transition periods, (Hungary and Poland).
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