Considering that Bohemia is the border between Eastern and Central Europe you get the best of both world. High quality of life and affordable prices. Outsied of Prague cost of living in Czech Republic is surprisingly low.
Buying a House in Czech Republic
A residency permit will enable you to buy property in the Czech Republic. These are the steps you need to take:
- Find the property.
- Commission a report on the title and quality of the property.
- Your attorney and estate agent will draw up “an intent to purchase contract”, and “contract of deposit” — once you have agreed a price and made a deposit (10-30% of the price). Make sure this is checked by an independent lawyer before you sign it. (Sometimes the agreements drawn up by the estate agent may even be designed for the buyer to lose their deposit.)
- The purchase agreement is signed by both parties — and you pay the rest of the price which remains in escrow.
- Make sure the property is insured, as once the purchase agreement is signed you will be responsible for it.
Apply to the property register for transfer of title. (This usually takes about three weeks.)
It takes an average of 24 days to complete all three procedures needed to register a property in the Czech Republic, though procedures are now faster than they were in the past.
The costs come to around 6.7-9.21% of the purchase price. Prices range from for a one-bedroom house in Prague around 5 077 870 CZK (£149 792) to 100 000 000 CZK (£2 949 900) for a beautiful 4-story renovated apartment. This website will give you some idea of prices — and they will be cheaper in rural areas: Prague Real Estate.
Working in Czech Republic
You can live and work in the Czech Republic without a visa or work permit. That’s thanks to The European Free Movement of Workers agreement. Your ability to find work depends upon your language skills. English is a bonus, but it helps to be fairly fluent in Czech. If you are moving for employment, the administrative details may be handled by the employer. It is wise to get a written contract if possible. A verbal contract gives little protection. Your employer has to complete a form reporting your presence to the relevant regional office of the Public Employment Service. You can find samples of various forms, most of which will be irrelevant to you, at the Czech Foreign Employment Centre.
Pensions in Czechia
If you are a pensioner, you need to inform the IPC (International Pension Centre) to prevent problems with your pension payments (tel: 0191 218 7777). The Czech Republic has double taxation agreements with the UK so you will not be taxed twice, provided you ensure that the tax offices are aware of your circumstances. You can arrange to have your pension paid directly into your Czech bank account. This way you still benefit from the increases as if you still lived in Britain. Contact HMRC and your pension providers well before you leave the UK. If you’ve only worked, lived or are working abroad then you must claim the state pension through the relevant authority of the country where you currently live and have worked in.