July 31st, 2007 by Ines
General Information about Property Taxes in the Czech Republic
Property tax returns (daň z nemovitosti) are due January 31st. The Czech Republic doesn’t calculate property according to the market value, but rather according to the size of the property. Consequently, property taxes here are very inexpensive in comparison to other countries. The base property tax rates are different depending on the purpose of the property.
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July 31st, 2007 by Ines
Negotiation has rightly been called an art. It is a vital skill in life, although some are naturally better at it than others. One can continue to improve however, and the proof of mastery is in the results achieved.
Let’s go through four critical points related to negotiating the purchase of property in the Czech Republic:
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July 31st, 2007 by Ines
Changes after the fall of the Communist regime
After the fall of the Communist regime in 1989, then Czechoslovakia returned to the community of European countries with market economies. After 40 years of totalitarianism, real estate and property was mostly in the hands of the state and cooperative organizations. Private ownership existed in only a limited fashion.
One of the first changes after 1989 was the widespread privatization of state property. Privatization was of the utmost importance for further development of Czechoslovakia, later the Czech Republic. It brought with it the necessary impulse for development of private ownership. On the other hand, the legal framework of privatization was underestimated. Many economists saw developments as some type of “escaping from lawyers (and the law)”.
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July 31st, 2007 by Ines
Tax aspects for companies buying and selling property
Taxation is an important evaluation factor to be considered by foreign companies when deciding under what aspect and purpose to acquire Czech real estate and even more so when evaluating how to dispose of the property - the so called ‘exit-route’.
The general principle of international taxation also applies to the Czech Republic being: that any gain or profit from real estate is taxed in the country where the real estate is located.
So taxes for real estate on Czech soil are paid in the Czech Republic
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July 31st, 2007 by Ines
Czech Republic Real Estate Market Information and Guide to Czech Real Estate Buying, tips, helpful information and advice for anyone wanting to buy property in the Czech Republic, searching for Czech Republic homes for sale and wanting to invest in real estate in Prague, or in Czech towns, countryside and villages.
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July 27th, 2007 by Ines
According to Law No. 357/1992 Coll., transfer against payment for or change of ownership of real estate is subject to real estate transfer tax. The financial office in whose district the transferred real estate is located is the local relevant tax administrator for filing a return for this tax. In general, the real estate transfer taxpayer is the transferor (seller), who also files the tax return. However, there are cases set forth in the law for which the transferee is the payer.
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July 24th, 2007 by Ines
Prague, CZECH REPUBLIC — GE Real Estate Central & Eastern Europe, along with Crestyl and Cheyne Capital, have acquired a ICKM Real Estate portfolio of residential developments in the Czech Republic in a € 100-million transaction.
As part of the transaction, Crestyl, a Czech development firm, will wholly acquire ICKM, a development management company. Since its creation in 1996, ICKM has built approximately 1,000 residential units in Prague.
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July 24th, 2007 by Ines
The London-based Global Property Guide (GPG), a respected consultancy group preparing analyses and research on global property markets, determined recently that Turkey has one of the most attractive property markets in Europe.
The GPG published its research in June to assess the property markets across the European continent. Topping the list was Slovakia, followed by Turkey, Bulgaria, Romania and Hungary. The recent reforms in Turkey have revitalized its economy with the property sector in particular performing well enough to demonstrate astonishing potential. The study noted that interest rates for home loans have started to decrease recently as a consequence of the mortgage law.The report added that it seems likely Turkey’s position near the head of the list will be strengthened in the coming years. The report expressed that İstanbul and coastal areas in southern Anatolia are especially in demand by foreign investors. The last two years witnessed a considerable flow of money into these places, it said.
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July 22nd, 2007 by Dino
Major investors plan to construct residential complexes in the northern suburbs of Sofia.
Sofia chief architect (the equivalent of a city planner) Petar Dikov was to present the idea to the Sofia Municipal Council (SMC), 24 Chassa daily reported.
Dikov said that his idea was that SMC define the territories for long-term development. Companies that build in the selected areas would have to undertake to construct infrastructure there, he said.
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July 22nd, 2007 by Dino
Expatriates living in Hungary prefer properties in downtown Budapest, according to one expert.
British-run Hungarian property firm Gateway Properties has claimed that the central area of the capital city is handy for local entertainment areas and multi-national businesses.
Dave Goedhals, Property Consultant at the firm, said that expats, students and those who retire to Hungary “prefer to be downtown”.
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