The Lower Chamber of Parliament has approved an amendment which
would formally remove the remaining restrictions for foreigners
buying property in the Czech Republic. The bill reflects the expiry
of the transition period applicable to agricultural land and
forestry areas that the Czech Republic negotiated upon their
accession to the EU.
Since joining the EU, the Czech Republic had been allowed to
apply a 5-year transition period for residential properties and a
7-year period for agricultural land and forests. As the latter
transitional period has not been extended, the general EU principle
of free movement of capital shall prevail. Consequently, as of 1
May 2011 there shall effectively be no legal obstacle for a foreign
investor to buy any kind of real estate in the Czech Republic. This
change will open new opportunities for foreigners to acquire
agricultural and forest land, which is still significantly cheaper
than in Western European countries.
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