Q. I don’t speak Czech - is this likely to be a problem?
A. No. English is very widely spoken throughout Prague.
Q. Can I buy more than one property?
A. Yes. The SRO allows you to buy an unlimited amount of properties.
Q. What is the stamp Duty and VAT costs?
A. Currently there is no stamp duty due on purchases and a relatively small 3% charge on resale properties. VAT on new build properties is currently 5% but this is set to rise to 19% for properties not registered before 1 January 2008.
Q. Why is there such demand in Prague?
A. Approx one third of Prague’s population need re housing due to poor quality housing from the communist era. It is estimated that 50,000 new homes need to be finished annually until 2010 to meet this housing need.
Q. What are the Capital Gains Tax implications?
A. Should you own a property in your own name for more than 5 years no tax is payable. Otherwise corporation tax is currently 26%.
Q. What are the service charges for apartments?
A. Normally just a few Czech Crowns per square metre per month to cover communal areas is payable. On average 50p per sq/mtr.
Q. Can I resell my investment?
A. Yes. You can resell your investment at any time even before completion as all the contracts are fully assignable.
Q. How do I get to look at the properties?
A. We offer 2 day accompanied visits to clients at £199 per person including flights and 5 star luxury hotel accommodation. The accompanied visits are not compulsory.
