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non-publicized real estate law change for Americans..

jeff
Posted by: jeff
Date posted: Mon 5th Feb, 2007
Category: Real Estate
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Sometime last year a law changed that allows Americans to purchase real estate under their own name if they are staying here with a longterm visa.

No one talks about this. It seems that even some banks aren't aware (or at least are not pushing this option).

It's a significant development. It means it's not necessary to purchase through an SRO. It also means Americans can qualify for much more interesting loans. 100% financing, lower rates, etc. There are some other benefits as well.

Ask around if interested - it's a relatively unused option at the moment.

COMMENTS:
todd todd - [profile] Tue Feb 6th 09:52 2007 / #1
Here's a VERY important element to that law. Americans, Norwegians, Lichtensteinians and Icelanders who have long term visas in the Czech Republic (long-term meaning the 1 yr or 2 yr visas) can now purchase on their residency HOWEVER, if they do not have a residency they still must purchase on an s.r.o. thus if you are simply investing in the Czech Republic and you are from these countries you will need to create a limited liability company which will then be able to purchase the property.

Of course all people with a Trvaly Pobyt (permanent residency i.e. 10 years visa) can purchase property without need for an s.r.o.
Letnan Tue Feb 6th 11:39 2007 / #2
So for an American to buy property in the Czech Republic, they need an SRO? Isn't a Zivnostensky List sufficient? Are not both of these statuses somehow within the rubric of a "limited liability company?"
BlackMagicAmbassador - [profile] Tue Feb 6th 20:16 2007 / #3
Useful information. Thank You. Well done!
Troy - [profile] Mon Feb 26th 10:49 2007 / #4
Actually as I understand it the s.r.o is not the factor here, it is the residency, correct? So whether its a zivno or a s.r.o or even a job with another company, the person in question can purchase the property.
jeff jeff Tue Feb 27th 17:09 2007 / #5
That's right troy -

Letnan, if you have a long term visa, you do not have to have either...-- you can purchase under your own name now..

(This is a very new change, so look into it yourself before taking as law..)
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