LIVING IN THE CZECH REPUBLIC
The Czech Republic is a country with a long history and tradition, which today is considered one of the most successful in Central Europe. The industrial sector of the economy is steadily developing in the state and the income of the population is growing. The authorities are actively supporting local entrepreneurs and create favorable conditions for attracting foreign investment. Life in the Czech Republic in 2024 is attractive not only economically but also culturally.
Modern Czech Republic takes its history since 1993, that is, after the collapse of the Soviet Union and the peaceful division of Czechoslovakia. At present more than 400 thousand foreigners live in the country, which is about 4% of the total population (10.5 million in 2024). Immediately in the capital of the Czech Republic – Prague share of immigrants reaches 13%. They are mainly Ukrainians, Slovaks, Vietnamese, Russians, Germans and Poles.
Further, learn about the general standard of living, employment prospects, income, prices, taxes, pros and cons for immigration and living in the Czech Republic in 2024.
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Pros and cons of living in the Czech Republic
Ideal country can be only in science fiction novels. Even in the most prosperous countries of the world there are positive and negative aspects of life. The Czech Republic is no exception. Potential immigrant must make a balanced decision about moving to any country, based on specific facts and local features. Let's highlight the main pros and cons of living in the Czech Republic in 2024.
Pros of living in the Czech Republic
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Since 2004, the country is a member of the European Union (hereinafter the EU). Accordingly, permanent residents or foreigners with a residence permit in the Czech Republic may freely travel within the Schengen area and, depending on the status of enjoy other benefits of this association.
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Property prices in the Czech Republic, including the capital, are much lower than in many other countries and major EU cities. This applies equally to the prices of food and basic necessities.
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Relatively low level of street crime and corruption in public authorities.
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Comfortable climate, rich culture and developed tourism. In Czech Republic there are many museums, historical monuments and architectural buildings, often hosts music events and film festivals. Lack of the sea makes up for the beautiful forests, rivers and lakes. Night clubs, bars and restaurants abound with delicious cuisine and world famous Czech beer.
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The diverse economy makes it possible to find jobs in the Czech Republic for foreign professionals in a wide range of professions.
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Access to European credit and the lack of serious administrative restrictions on doing business in the Czech Republic. Foreign entrepreneurs have virtually equal rights with local businessmen.
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Good infrastructure and a developed network of public transport. Passes are widely distributed, stops and subway stations are well maintained.
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Affordable and quality health care.
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Diplomas of Czech universities are quoted in many countries around the world. Plus there is an opportunity to study for free.
Cons of living in the Czech Republic
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Fans of seashores will have to overcome a considerable distance to the resorts of the nearest countries, such as Croatia or Montenegro.
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In comparison with many other European countries, the spread of English is at a lower level. Definitely have to learn Czech.
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Bureaucracy in public institutions is still present.
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There are cases of ignorant treatment of people in local health institutions, police, social services and so on. In addition, you have to stand in line to visit some of the institutions.
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Many Europeans consider Czech citizens to be very reserved and secretive people. The attitude to immigrants is often negative.
Prices and cost of living in the Czech Republic in 2024
To begin with, the Czech Republic is currently not part of the Euro zone and the country uses the national currency – the Czech crown. For convenience, the prices will be given in euros at the current exchange rate (1 euro = 25 crown). The Czech banking system is quite modern, so foreigners have no problems with opening an account and getting a card in a Czech bank. Payment for goods and services, with few exceptions, is made in local currency.
The first thing most immigrants, planning to live in the Czech Republic – is the situation on the real estate market. In the local newspapers or special sites offer quite a lot of options for renting housing in the Czech Republic. You can also contact a Czech agency. Of course, foreigners rent real estate very reluctantly, and often require payment immediately for 2-3 months. Sometimes they ask to confirm the source of income.
The average cost of renting an apartment in Prague in 2024:
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3 rooms – 1000-1200 euros per month.
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2 rooms – 700-800 euros per month.
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1 room – 400-600 euros per month.
According to official data from the Czech Statistical Office, property prices in the country over the past few years has increased by more than 11%, and in the capital by 13%. The cost of most apartments ranges from 1,620 to 1,980 euros per square meter. In the case of purchase of housing by foreigners, prices may be inflated by 15-20%.
Of course, the cost varies in different regions of the Czech Republic. Much depends on the condition of the property, the presence of furniture, balcony, parking space, and so on. If you buy a studio apartment in Prague, you need to count on at least 100-150 thousand euros.
Prices in the Czech Republic in 2024
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Bread (500 gr) – 34.88 CZK
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Milk (1 liter) – 23.03 CZK
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Eggs (12 eggs) – 61.48 CZK
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Chicken fillets (1 kg) – 190.84 CZK
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Potatoes (1 kg) – 19.62 CZK
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Czech cheese (1 kg) – 259.10 CZK
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Bananas (1 kg) – 37.58 CZK
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Apples (1 kg) – 36.95 CZK
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Petrol (1 liter) – 38.75 CZK
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Cab (1 km) – 30 CZK
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Public transport tickets – 30 CZK
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Monthly ticket – 550 CZK
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Utilities (85 square meters) – 6,572.63 CZK per month
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Mobile telephone (per month) – CZK 634.51
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Internet – CZK 484.34 per month
Note. Prices are in local currency – Czech crown (CZK). The exchange rate of one CZK is now 0,04 €. These are average prices in different Czech cities. In Prague, the cost of living is slightly higher.
Taxes in Czech Republic
The Czech tax system was reformed 10 years ago and today is close to European standards. Therefore the tax burden is quite high. To understand all the subtleties you can only get help from Czech specialists. All people living in the country for at least 183 days per year are subject to taxation in the Czech Republic.
The tax rates in the Czech Republic in 2024
Income tax – 19%. A reduced rate of 5% is provided for investment and pension funds.
VAT. The standard rate is 21%. Companies with an annual turnover of more than 1 million crowns (about 42,1 thousand euros) are taxed.
Reduced rates of VAT:
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15% – production of food, printing products, medical equipment and medicines, heating systems, construction of social housing.
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10% – food products (selected baby food and gluten-free food); newspapers and periodicals; selected pharmaceutical products and books (except for electronic).
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0% – export of goods within the EU and provision of international transportation services. In addition, the tax is not imposed on financial services and real estate transactions.
Income tax – a progressive rate – 15% (income up to 1,582,812 CZK) and 23% (income over 1,582,812 CZK). Entrepreneurs whose annual income exceeds the average wage in the Czech Republic more than 48 times are charged an additional tax at the rate of 7%.
Property tax (sale) – 4%
Social taxes:
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From employees (general rate) – 11%, including 6.5% for health insurance and 4.5% for social insurance contribution.
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From employers – 33.8%, including 24.8% for health insurance and 9% for the social security contribution.
Dividends, interest, royalties (for non-residents) – 15%. If agreements on avoidance of double taxation with the Czech Republic are not signed, the rate rises to 35%.
In some cases, taxpayers of the Czech Republic are provided with special incentives. For example, for students or persons with disabilities.
Jobs and wages in the Czech Republic
The employment situation in the Czech Republic is quite acceptable. Unemployment in the country does not exceed 3%. The minimum wage is 745 euros per month (18,900 CZK from January 1, 2024). The official average wage in the Czech Republic in 2024 is 1,820 euros. After paying taxes, this leaves about 1,435 euros. In the capital these figures reach 1,000-1,100 euros. Experienced foreign specialists with a scarce profession for the country earn more than 1.5 thousand euros. Workers of unskilled labor can count on 400-700 euros.
It is IT-specialists, bankers and engineers earn the most in the Czech Republic. There is an increase in income in the tourism industry. The highest salaries in the regions are recorded in Prague and Brno, and the lowest in Pardubice and Karlovy Vary. In general, jobs in the Czech Republic for foreigners in 2024 are available in information technology, construction and medicine. In addition, there is a need for holders of working professions. Other categories of professionals to open a work visa to the Czech Republic and get a work card is quite difficult.
Salary in Czech Republic by profession (euro per month):
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Doctors – 1,500-2,500 (nurses, orderlies – 500-800)
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Programmers – 1,600-1,800 (project managers over 2,000)
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Marketers – 1,400-1,700
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Accountants and financial analysts – 1,300-1,800
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Engineers – 1,100-1,500 (experienced specialists - over 2,000)
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Sales and logistics – 1,000-1,500
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Teachers – 1,050
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Journalists and editors – 900-1,100
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Builders – 950-1,050
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Unskilled workers – 400-700
As of 2024 the standard of living in the Czech Republic lags far behind that of more successful European countries such as Switzerland, Austria, Germany, France, etc. Nevertheless, the country is moving in the right direction both economically and socially. If you start from such an indicator as price and quality, then life in the Czech Republic is one of the most affordable and best options.
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