MPs reject unlimited access to real estate for foreigners

19-06-2009

The lower house of the Czech Parliament refused on Friday to grant foreigners unlimited rights to buy Czech real estate. The limitations were imposed on foreign nationals for the period of five years as part of the accession agreement between the Czech Republic and the EU in 2004. The limits expired on May 1 but are still part of the Foreign Exchange Act. However, Social Democrat and Communist MPs voted against the government’s amendment to alter the act. Finance Minister Edvard Janota told reporters the rejection was a “scandal” as the Czech Republic will now risk sanctions from the EU. Mr Janota said he will submit the amendment to the Chamber of Deputies again.